If you drive a lot, then you should plan on keeping your Corolla for a long time. For grins, I took my 2014 Corolla with 68K miles in to a Toyota dealer to see what they would appraise my car at. Keep in mind, I bought mine as a certified pre-owned in January of 2015 for $14,400 with 34K miles. Their appraisal of my car was astonishingly low. They offered me a whopping 7 to 7.5K for my car. Literally, half of what I paid for it less than a year ago! Good thing this car has the reliability, because I'm going to need to drive it for 8 more years to get my money out of it.
Trade In Value
- Thread starter crazy_corolla
- Start date
Assuming it's an LE, if a dealer said 7.5k, they're expecting to sell it for about $11,000. If you were selling it yourself you could ask that, assuming it's not all busted up. It's why I bought a new 2014 last year.... the used 2 or 3-year old cars on the dealer lot were selling for only a few thousand less.
That said, I intend to run my 2014 Corolla until the wheels fall off. I expect 200k at least.
That said, I intend to run my 2014 Corolla until the wheels fall off. I expect 200k at least.
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Respectfully disagree on this one... A CPO has to pass a rigorous inspection and any worn or suspect parts replaced. Vehicle must never have been in an accident and all service records verifiable and done by dealership. These vehicles will often carry a warranty that rival a new car from that manufacturer... A used car from the corner lot does not require much more than working lights and tires with minimal tread - just enough to pass a state inspection. No regard for previous accidents, service history, etc. Heck, the tires might have tread but they don't have to match!
For my money, a CPO is a great alternative to new and can mean the difference between driving a quality used vs. someone else's headache.
For my money, a CPO is a great alternative to new and can mean the difference between driving a quality used vs. someone else's headache.
Granted I'm new to the car-buying experience, but weren't these the same standards that name-brand dealerships used to apply to their used cars before this "pre-owned" labelling craze took off? Is there any verifiable sources that back your claim, or are you brainwashed by their marketing (I don't mean that in a bad way, see below)?
(Companies have been successfully brainwashing 99+% of the population for decades. Diamond rings is the most notable instance. There is nothing inherently valuable about diamonds. In the early 1900's, a company just paid a marking firm to convince everyone that they are valuable. Try selling a diamond ring.)
(Companies have been successfully brainwashing 99+% of the population for decades. Diamond rings is the most notable instance. There is nothing inherently valuable about diamonds. In the early 1900's, a company just paid a marking firm to convince everyone that they are valuable. Try selling a diamond ring.)
You are absolutely correct. CPO means a lot and there is a reason why the market rewards a CPO vehicle with higher prices. Many CPO programs also come with limited warranties for various components that could add increased peace of mind. It basically increases your chances of buying a decent used car as it had to pass a rigorous inspection of many components.
With petrol being so cheap right now, sadly there is very little demand for small cars which is likely putting downward pressure on Corolla trade in prices. Trucks and SUV's are all the rage lately as I am seeing people splurging on big vehicles again. It surprises me how short sighted many people are as oil is not going to be at <$40 a barral forever.
With petrol being so cheap right now, sadly there is very little demand for small cars which is likely putting downward pressure on Corolla trade in prices. Trucks and SUV's are all the rage lately as I am seeing people splurging on big vehicles again. It surprises me how short sighted many people are as oil is not going to be at <$40 a barral forever.