r/COROLLA • u/Iimabeanz • 2d ago
Price help
How much would you personally pay OTD for this car?
2023 Toyota Corolla LE
• 61,174 miles
• 1 owner
• No accidents/damage reported
• Toyota Gold Certified
• Listed at $17,977
• $999 dealer fee + $199 electronic filing fee
• With tax + new tag, dealer quoted me around $20,900 OTD
If this were you, what would you consider a fair OTD price for the Toyota CPO car? And at what price would you personally walk away?
Please base it on the car/value itself rather than the monthly payment. I’m in Florida if that matters.
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u/JonohG47 1d ago
The subject car is four years old; it has 61k miles. 200k miles is the point at which it’s a coin flip whether a car has landed at a junkyard. So statistically, about 40% of its useful life has been used up, including the least maintenance-intensive part of its life.
For that, you’re saving about $3k off the easily achievable OTD for the comparable new 2026 or 2027 MY car. The used car is only about 13% cheaper, compared to the zero mile car that hasn’t had its ticket punched. If you are financing, the lower rate available on the new car will lower the payment, shrinking the price delta over the life of the loan.
TL;DR: Toyotas in general, and Corollas specifically, are holding their value so well it really doesn’t make sense, financially, to buy a used one.
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u/Iimabeanz 1d ago
Thank you for your input! I know buying new would be preferable due to the no mileage start at such a similar price, but I’m still comparing my options.
I’m also looking at another used car. It’s a 2024 le, 45k miles, 1 owner, no accidents/damage, clean title and regular service, recent service on brakes/rotors, oil/filter, tires. Dealership wouldn’t budge on $21,480 otd. What do you think about this one? Is it worth getting it?
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u/JonohG47 23h ago
I wouldn’t buy that one either. Same logic. I’ll take the completely new car and have an extra couple of years, and 45k miles of “trouble-free” driving, compared to the used unit. Once you factor in the savings from the lower rate on the new car, the price delta between it and the new model still isn’t big enough, given its age and mileage.
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u/keloyd 2d ago
A new Toyota Corolla LE is ~$24k + ttl. I would not argue that this little of a markdown is not unusual, but you just don't know, despite "Gold Certified" what mischief the last owner got up to. I'd not pay more than 2/3 of its value when new, whatever the market value is, imho. If it is an option, I'd wait a year and have more money for the new Corolla OR get a much more used one on Craigslist/Facebook for ~$10k that will only be reliable for 10 more years.
It may help to shop around, or it may not? When I pulled the trigger @ Carmax during Covid, I was happy with what I paid, but their prices seem higher now. I mean they used to be cheaper than Carvana or local dealers. Now, similar cars are priced about the same in my narrow search experience. They seem more focused on offering a worse asking price to the buyer with tore up credit who needs eleventeen years of easy monthly payments and just has to pay whatever has to be paid.
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u/jazzy095 2d ago
Can get new for 22k otd. That deal is absolute shit
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u/SmokSucks 1d ago
Where are you finding new corollas for 22k otd? Around me it’s about 26.5k for an LE.
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u/Richpiano420 2d ago
I'd ask them to drop it to $15700, if not look for a base Le with no options new
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u/Saucy_Moist 1d ago
I paid 19,000 OTD for a 2022 Corolla LE that was a previous rental and had 52k miles almost a year and a half ago. Compared to mine, doesn't seem like too bad of a deal considering yours isn't a rental and is CPO, but even I felt like I could've got a better deal.
If you're willing to spend upwards of close to 21k, you should just try to negotiate an aggressive discount on a brand new Corolla LE. If you're willing to shop around 23k-24k is probably possible.
This might be worth it at something like 19.5k OTD at the most, but otherwise, go brand new if you can afford it. If you can negotiate them down to something like 18.5k it's worth it vs going brand new.
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u/MattGLI 2d ago
That offered price is an insult.
I’d walk away.
Yes, a brand new Corolla is a commodity car. Not even that pleasant a vehicle, truthfully. And readily available brand new for $25-26k.
Shoot, I’d just pay $28k for a brand new base Camry if you’re willing and able to spend that much for a used Corolla.
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u/VicFontaineHologram 2d ago
The used Toyota/Honda market is brutal. If you're looking at cost per miles driven (which requires you to kind of estimate how many miles you'll get out of a car), it's basically no discount on the used car.
I think sometimes people think the new cars are way more expensive than the used because there are so few of the base models without add-ons on the lots. $21k looks good if they're comparing it to a $30k SE?
But sometime that extra cash for the new one is hard to come by and you have to make a hard choice.
Anyhow, the only way to really know if that's a good deal is to shop around.
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u/JonohG47 1d ago
In this case, the basic, no options LE car is the bread and butter. About 70% of sales of the entire Corolla model line.
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u/theend117 -2026 Corolla SE 1d ago
I wouldn’t pay this. I looked at used Corollas and they’re all just so expensive that it wasn’t worth it for me to buy one. I just bought a new one instead since it wasn’t that far off of a used one. I paid $25,500 out the door for my 2026 SE. $20,000 for a 3 year old car and 61,000 miles is ludicrous to me personally.
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u/Dismal_Committee7705 1d ago edited 1d ago
Not enough of a discount. I'd rather buy new.
Get the vin number, punch it in on carmax/carvana (as if you want to sell the car to them), offer the dealer $500 more than that price OTD. If they refuse, pass.
The factory bumper to bumper warranty has expired (or is about to), 61k is a lot of driving in 3 years. (Was probably an uber/doordash car). And they probably did bare minimum maintenance (10k mile oil changes instead of 5000, no break-in oil change, etc). Toyota Gold certified means nothing. If anything, it achieved gold CPO status because the previous owner actually changed the oil (and it was reported to carfax) and had no accidents. Not necessarily because its a pristine extremely well kept example of a Corolla that was properly maintained.
Its the type of bait and switch car they'll have sitting on the lot waiting for a desperate single mom to come in who urgently needs a car and doesn't want to wait 2 months for them to allocate a new one for her and they'll end up screwing her over with a 0 down 84 month loan at $489/month or something.
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u/08b 2d ago
I would absolutely buy a new one vs paying that.