New Toyota Corolla 2015 vs CPO Toyota Corolla 2011-2013?

androasc

I am on the market for my first car, and I am an anti new car person, but all of my analysis points me to the fact that getting a new Toyota Corolla is better. Please look at my analysis and tell me if I have forgotten to account for something.

Basically, my absolute requirements are Electronic Stability Control (ESC) which limits me to cars that are relatively new, circa 2010 or later. I also absolutely need cruise control as I regularly drive long distances (>200 miles), so I cannot take the base L model. My preferred requirements will be a backup camera.

I have been comparing New vs CPO Toyota Corolla:

New
- Truecar.com price around my area is about $18,000. Is this inclusive of all fees, registration and taxes?
- The LE models come with backup camera as standard for the 2015 models.
- The fuel efficiency is much better at 29/38 for LE or 30/42 for LE Eco, and the LE Eco is also about $18,000 according to Truecar.

CPO
- The CPO cars range from 2011 to 2013 models and have a listed price on cars.com from $12,000-14,000. Is this inclusive of all fees, registration and taxes?
- Mileage is about 20-50k miles
- The models before 2013 have terrible fuel efficiency at 26/34.

Currently there is about a $4k price difference ($18k vs $14k) between New vs CPO.

With the increased fuel efficiency of the LE Eco 2015 model, assuming I drive the car for 12,000 miles over a 10 year period, and with an average gas price of $3.0-4.0/gal, I save $2000-2666 on gas. That closes the price difference to $2k.

Then, for a CPO car, I have to get a mechanic to check it out, I have to anticipate costs of fixing up the car, and also installing an aftermarket backup camera, because models prior to 2014 do not have backup camera. That might cost another $1k conservatively.

The last thing I am unsure of is if Truecar.com prices are all inclusive, and whether or not I need to add more to the cars.com price. Of course, one could argue that the cars.com price can be negotiated down. How do I adjust these prices to reflect the total price paid? Will it make a difference in the end?

So, we are down to a $1k difference between New vs CPO. Since I have to add another $2k for fuel costs (over 10 years) for the CPO car, and another $1k for fixing it up.

Can anyone explain to me why would they take the CPO option when the overall cost of ownership over a 10-year period is only $1000?

freetimeod

Not to mention you get 2 year/25,000 mile full maintenance and roadside assistance with any new Toyota vehicle.

Michaell

Can anyone explain to me why would they take the CPO option when the overall cost of ownership over a 10-year period is only $1000?

Nope. I think new is the way to go, especially with a Corolla.

gunbunnysoulja

My LE was $16,100 before Tax/Title/Tag, and dealer has lifetime powertrain warranty ($100 deductible). Also had tint and car mats thrown in. I also considered slightly used because I'm typically anti-new car due to depreciation but I am so glad I went new. I am also glad I got the LE over the L. For the very little in price difference, you get the CVT trans, cruise, intermittent wipers, bigger wheels, touch screen, backup camera, automatic climate control, etc..

nocho

Nope. I think new is the way to go, especially with a Corolla.

Completely agree - it is the new way.

texases

Agree, I'd go new. And shop hard on price, compact 4-doors aren't selling as well as they used to be, what with lower gas prices and the popularity of smaller CUVs.

nocho

texases said:

Agree, I'd go new. And shop hard on price, compact 4-doors aren't selling as well as they used to be, what with lower gas prices and the popularity of smaller CUVs.

Amen to that! Gotta shop hard, otherwise those dealers will rip you off! Been there, done that,