Toyota Corolla has one of the longest production runs in history, with the first generation introduced in 1966. Corolla also holds the title of the best-selling car in the world, with over 44 million sold by 2016.
It’s not surprising when you consider Toyota’s paradigms: production quality, practicality, and affordability. The charming economy car took a whole new turn in the late ’80s and ’90s with the fabled Trueno and Levin models becoming an icon of the newfound street sport of drifting.
Modern Corollas have front-wheel-drive, more high-tech features than other cars in their class, and retain the reliability they’re known for. With regular maintenance and necessary repairs, Corolla can run nearly indefinitely, but from a financial standpoint, there are a few periods in its life when it’s better to upgrade.
Vehicle components wear out with use, and the best way to track their condition is through mileage. This applies to tires, brake and suspension systems, exhaust systems, electrical components, and the engine itself. Some components require a change after 5,000 miles, some after 50,000, and some won’t break down before crossing a couple hundred thousand miles.
Determining the lifespan of a vehicle in mileage is very difficult, and different for every owner. The most common figure for Toyota Corolla is 200,000 to 300,000 miles or around 10 years. This estimate takes into account the moment when repairs will exceed, or at the very least significantly impact resale profit. To make this point clear, I’ll break down the mileages of common maintenance and failures, to create a timeline of expenses.
Every 5,000-7,000 miles, you’ll need to change the air & oil filters, and pour in brand new oil. During the warranty period, this will likely be free, but after that, you can choose to either do it yourself or continue with the mechanic. Your shopping list will be around $50-100 while the labor cost is roughly $50. This means that once or twice a year, you’ll have to put away $100 for minor maintenance.
The timing chain is a critical component in engine operation, and letting it wear out past a certain point can lead to catastrophic engine failure. To avoid this from happening, every 40,000 to 100,000 miles you’ll need to change the timing chain, but also belt rollers, water pump, spark plugs, etc.
These parts might not be worn out to the point of replacement, but it’s worth replacing them at the same time and save money on costs of labor. With all parts and labor, the cost of maintenance can reach $1,000. The troubling part is that during the warranty period, the timing chain is most likely not going to be replaced to cut the costs of maintenance. This means that as soon as the vehicle leaves the warranty period, Corolla is at risk of timing chain failure, so you’ll have to address it immediately.
Tire wear depends on driving habits, weather conditions, and age. In terms of mileage, they can cross around 50,000 miles, and cost $50-200 apiece to replace, without labor. No matter when you’re planning on selling your Corolla, you should always have tires in great condition, so do not count this as an expense, but an investment into safety.
Some components show signs of warning signs before failing, such as brake pads and discs, wheel bearings, shocks, and the battery. None of the expenses mentioned is cheaper than $200, whether it’s in labor or component costs. Brake discs and shocks in particular can really ramp up the price.
At a certain point in any vehicle’s lifespan, parts will start breaking more often, and usually something new and expensive to replace. It could be the turbocharger, one of the engine sensors, ECU unit, remote door locks, ventilation/climate control compressor, exhaust system filters, etc. You can get a couple of months or a couple of years without anything failing, but new issues are bound to emerge.
Now that you’re familiarized with maintenance costs, we can discuss the value depreciation of the Toyota Corolla. Every vehicle loses its value over time, regardless of maintenance and mileage. Yearly mileage has some influence on resale value, but not nearly as much as people assume.
The difference between 6,000 miles and 15,000 miles annually over 5 years can result in a 5-10% difference in value. When you consider that by that point, the vehicle has already lost 45% of its value just through aging, you can see why preserving a low mileage isn’t as important.
Toyota Corolla is one of the best cars in terms of value retention. Even so, a new Corolla will lose 20% of its value by the end of the first year, but only an additional 10% by the 4th year, down to 70% of its original value. From there, the decline is linear and reduces the value to 50% after 10 years.
If you have bought your Corolla brand new, I would advise keeping it for at least 3 years, up to 5. It will retain 74% to 64% of its value, and trade-in nicely for the latest model. Keeping it long-term is not a bad idea either. Between years 5 and 10, Corolla is projected to lose only 15% of its value, down to half the original cost.
After the first five years or 100,000 miles, there’s no exact time to sell a Corolla. You need to pay attention to part wear and upcoming problems. From the perspective of someone who bought the vehicle new or within the first five years since release, if you let the vehicle get the perpetual maintenance stage, you’ve already missed the sale window.
Buying rules are completely different from selling. The best moment to buy a Corolla is when it is one or two years old, as you’ll avoid the steep value decline the first owner had to endure. While you can’t pick and choose the trim level and features, you’re basically getting a brand new car with a 20% discount. By the fourth year, you can find a Corolla for 65% of its original value, and still in warranty period to cover any unexpected problems.
Beyond the first five years, there’s no real certainty in what you’re buying. While the current owner has to worry about the lost value through frequent repairs, you don’t have that problem. By buying a 10-year-old Corolla with a detailed service book, and a few major parts already replaced, you can take on future repairs as you’ll pay less than 50% of the vehicle’s original value.
The previous analysis is based on vehicles that were properly maintained, stored, and accident-free. When you add rust or collision into the equation, the viable lifespan of a Toyota Corolla significantly decreases.
One of the worst things you can do to a vehicle is neglect maintenance. Nobody denies how expensive maintenance can be, but you need to factor it in before purchasing any car. Toyota Corolla is one of the most budget-friendly cars, both in terms of component cost and reliability.
From the most trivial to the more expensive repairs, each one needs to be performed to avoid more serious problems. As an example, missing a few $100 oil services is guaranteed to result in complete engine failure and several thousand dollars worth of damage.
Most Corolla owners live in cities, where at the very least they can park it on a paved surface. However, the parking expenses can make it very difficult to get an enclosed garage which is the best method of storing any vehicle. The elements, moisture, and salted roads are some of the main reasons why cars corrode, no matter how well they were protected. A high-quality car cover is an inexpensive way of getting some protection during cold and wet days.
Cars are most susceptible to rust during the rainy season and winter, but in the scorching hot days of summer, the sun can do a lot of damage to the interior. Fabric upholstery and seats can fade, while those made out of leather crack. Plastic pieces deform ever so slightly, causing a very annoying noise when you’re steering and when the car is moving.
The same car cover you’d use in the winter will protect the interior from sunlight damage, so you should definitely invest in one. However, on a day-to-day basis, a simple windshield sunshade will only take a minute to install and remove, but it’ll make a big difference.
Modern unibody vehicle construction brings many merits, like significantly decreased weight, better structural integrity, and handling properties, but what it doesn’t tolerate is significant collision damage. When crumpling zones collapse, an experienced metal worker can get them back into their original shape, or weld a replacement piece.
The vehicle will appear as if no damage ever happened, but its structural integrity and safety will be seriously compromised. A serious collision with Toyota Corolla should effectively end its usability, although some choose to repair them and continue driving, despite the risks.
Considering the construction quality and Toyota brand’s reliability, Corolla will only enter high mileage after 200,000 miles, but you can expect a properly maintained model to cross 300,000 miles without failing.
The 2009 and 2010 model years were particularly troubling, with the highest number of NHTSA and consumer complaints. The problems with the 2009 model included serious engine issues and safety concerns, while 2010 also presented with safety concerns, problematic steering, and issues with the paint.
Toyota Corolla is one the most reliable compact cars on the market and has received numerous awards, and the highest user ratings.
If you’re looking for a more powerful engine and an option to get a manual transmission, SE is the better choice. It also comes with premium sport seats, a leather-wrapped steering wheel, and 18-inch alloy wheels among many other extras. However, it does come at an increased price, so you’ll need to adjust your budget accordingly and gauge whether these features are worth getting.
Corolla XSE is the best trim level available, featuring a full range of premium LED lights. Tilt and slide roof, heated power seats, and Entune Premium Audio system are just a few of the features available with the XSE trim.
Models made before 1998 had timing belts, while all Corollas after 1998 have timing chains. Timing chains are generally more durable than timing belts, but this is offset by an increased cost of replacement.
Toyota Corolla is one of the best compact cars ever made and continues to retain its popularity through low purchase and service cost and incredible reliability. Whether you’re looking to sell or buy a Corolla, we hope this guide has helped you make an informed decision. For more Toyota guides and useful info, keep reading our articles!
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