Aside from leasing a car for myself, I’m planning to purchase a CPO 2020 Toyota Corolla LE. Understand this isn’t the main purpose of the forum, but hoped to find someone who can still offer their advice.
I’m seeing the Kelly Book Value as:
Fair Market Range: $18.3K - $21.2k
Fair Purchase Price: $19.8K
Is it unrealistic to push for a better deal than listed?
I saw a few listed on the Toyota website listed as $16K, I’m also seeing new 2021 Corollas roll in, so I figure the 2020 CPO inventory will grow, bringing prices down.
Let me know your thoughts. Tactics you would take or any advice you’d like to share.
I’ve seen CPO Corolla LE 2020 for 16K while a new one is closer to 20K. I thought it may be easier to negotiate for even a better price if CPO.
My thought was if a listed CPO Corolla is $16K there may be flexibility to get it down to $14-15K. Meaning I could be saving a few extra thousands if I go with CPO instead of new ($20K). But i dont know how realistic that is. I’m planning to keep it as long as it runs, and saving an extra $3K+ would be nice if it means getting a CPO car vs a new one.
If the fair market range is $18.3-$21.2k, why would a dealer mark it down to $14-$15k? Why don’t you negotiate with the dealer and see where they stand?
hey jon, even though the range on KBB is $18-21K, I am still seeing 2020 Corollas listed at $16-17K on the Toyota website under CPO. My understanding is that all listed prices are negotiable and dealers tend to leave a bit of room to come down. So wanted to get all your opinions, am i thinking about this correctly? or being unrealistic and there’s no way prices could go lower.
Also already sent out a few emails to local dealers and waiting to hear back on what they could do.
If the 2021s are rolling in, the NEW 2020s are what are going to be marked down.
For that money, you might as well find as much of a discount on a new 2020 Corolla Hybrid as possible. Prius powertrain with proven reliability and great MPGs.
You don’t need to get a CPO for a Toyota. You will paying for minimal if any repairs. What is the difference in price between CPO and non-CPO/used? Let’s say it’s around $1500, very small chance you will need $1500 worth of repairs in a corolla
If you want to get a real good deal, look into a 2016-2017, I bet they are another 2-3k cheaper. Also after a certain point prices of corolla and Camry start to converge. So u can get a Camry for Corolla money
Dealers don’t discount used car these days. It’s funny because CPOs usually adds onto the Internet price. It used to be $1,595 to have the certification put on until my GM realized it’s not worth to have CPOs.
When purchasing you have to think about eventual resale too. Not just the predicted value retention but how easy it may or may not be to sell it private party.
You ideally want something rarer than a homogeneous commodity product… so look into the Corolla hatchback and also the manual transmission if you can drive a stick.
If there was one car I would drive without warranty, it would be a Corolla. As more and more rentals hit the market and inventories on new start to come back up, I’d imagine the deals will improve in the next couple of months.
I don’t work at a dealer but I’m sure those manual corollas get a bigger discount (kinda like the manual accords). Much smaller pool of buyers for those. Of course they will have far fewer of those on lots.
