Some automobiles are distinctive due to their design. Others make an impression with their driving prowess. Some cars have amazing technological features. Others are dependable, secure, and enjoyable to drive. The best part is when one of these amazing cars is even available at a reasonable price. However, let's face it—quality costs money. With the Corolla, Toyota defied the price convention and produced a dependable, durable, and fun to drive car, which came at a competitive price. Naturally, customers rewarded Toyota with astronomical sales and steadfast devotion.
Consumers weren't the only ones who adored the Corolla, though. The Corolla has received numerous prizes and plaudits from industry professionals and specialized publications because they have also grown to love it. Since 1966, when Toyota debuted the Corolla, this vehicle has little by little conquered the entire globe. Unsurprisingly, Toyota sold over 50 million units from the Corolla through twelve generations. In its long history, the Corolla has won several awards for safety, value, and reliability. So, this is why the Toyota Corolla is one of the best-selling cars of all time.
The Toyota Corolla Is A Very Reliable Vehicle
The Toyota Corolla is rated extremely well by RepairPal with a score of 4.5/5, placing it first out of 36 compact cars. The average compact car, in contrast, has a rating of 4.0/5. Also, the average annual repair cost is very reasonable at $362. Just for context, the average repair cost for compact cars is $526, while the cost for all vehicle models surged to $652.
RepairPal also notes that the likelihood of a major repair is only 7 percent, compared to 12 percent for all vehicle models and 11 percent for compact automobiles. Meanwhile, Classic Toyota Tyler emphasizes the reliability of Corolla when it says: “If we were to put the phrase Toyota Corolla in a dictionary, we may just list a one-word definition: reliable.”
The Toyota Corolla Has A Good Resale Value
Luxury cars should have a higher resale value, whilst more economical cars should be on the other end of the spectrum. This isn't always the case, though. The BMW-7 Series, for instance, lost 56.9 percent of its value in 5 years, according to iSeeCars. Meanwhile, the Maserati Ghibli lost 56.3 percent in 5 years and Jaguar XF lost 54.0 percent during the same period. By contrast, iSeeCars ranked the Toyota Corolla in the top 10 cars with the lowest 5 year depreciation. The Corolla lost only 19.8 percent of its value or $4,617 in five years.
Basically, consumers can rest assured that their investment is safe when they decide to buy a Corolla. This situation makes it understandable why Toyota sold a Corolla every 37 seconds from 1966 to 2013. “The rate of purchase has been even higher since 2013, with a new Corolla driving off the lot somewhere in the world every 27 seconds. In 2016 alone, nearly 300,000 Corollas were sold worldwide,” says Scott’s Fort Collins Auto.
In Corolla, Toyota Built A Very Safe Model
Most gearheads and auto enthusiasts recognize the Corolla as a pioneer in the field of safety. The 2022 model, for example, received the highest safety rating from the Insurance Institute for Highway Safety (IIHS) and 5/5 ratings from NHTSA for passenger protection. Evidently, it’s not just the 2022 model that impressed experts and the audience. The 2019 model, for instance, also received a 5-star overall safety rating from the NHTSA and a 2019 Top Safety Pick from the IIHS.
The Corolla's interesting technology and safety features have led numerous magazines to rank it as one of the top vehicles for teenagers. The good news is that Toyota doesn't seem interested in skimping on Corolla's amenities and technology, so its best-selling car will continue to be outfitted with the most advanced safety features and gadgetry.
The Toyota Corolla Remains A Very Affordable Vehicle
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The Corolla has maintained its affordability over the course of its history, despite its commercial success. Right from the get-go, the Japanese car manufacturer wanted to keep costs down and sell an affordable vehicle because it designed the Corolla as a daily vehicle for the middle class. The 2023 Corolla sedan has an MSRP of $21,550 for the LE trim, $23,950 for the SE trim, and $26,700 for the top XSE model. The Corolla, however, is a wise long-term investment for reasons more than just its reasonably low MSRP.
In fact, maintenance and repair expenses are also minimal. Furthermore, the vehicle has good fuel efficiency. Given that the national average gas price has climbed to $3.267 for Regular and $3.686 for Mid-Grade, having a fuel-efficient vehicle is a pleasant improvement.
Sources: Toyota, RepairPal, Classic Toyota Tyler, Andy Mohr Toyota