Why is the 2023 Toyota Corolla Hybrid So Cheap?
It’s no surprise that hybrid cars are pretty pricey. From the extra moving parts to the innovation costs to the Rare-earth elements in the battery, they are more expensive to produce. Manufacturers do their best to ensure their vehicles are reasonably priced, but production costs aren’t getting any cheaper. But some hybrid cars seem to defy expectations and their presumed MSRP. One is the 2023 Toyota Corolla Hybrid and its weirdly-low price tag.
The 2023 Toyota Corolla Hybrid vs the traditional Corolla
Considering many more mechanical components make up a hybrid drivetrain, most can expect the Corolla Hybrid to be a bit more expensive than the standard Corolla. And it is. The 2023 Toyota Corolla Hybrid starts at $22,800, and its fossil-fuel-only sibling is $21,550. The difference between the two Corollas is just $1,250. This is after Toyota decided not to increase the price of its entry-level sedan this year.
In a city setting, the combustion engine Corolla will achieve roughly 32 mpg, and the Corolla Hybrid gets 46 mpg. If one commutes to work in a built-up area every day, the fuel savings alone in one year will make up for the higher cost. But since it’s cheap, does that mean it has a lot of problems?
2023 Toyota Corolla Hybrid issues
Not much can be said about the brand-new model year’s reliability when it’s barely out of the gate. Owner reports on Edmunds seem to give the 2023 Toyota Corolla Hybrid’s reliability a five-star rating. But more can be surmised through the car’s four-year history.
There are no recalls on the 2023 Corolla Hybrid and none on the 2022 or 2021 model years. The National Highway Traffic and Safety Administration issued two on the 2020 Corolla Hybrid, though. The government agency asserts that the rear seat belt wouldn’t lock, and the sedan had a failing brake booster assembly. Otherwise, the Corolla Hybrid has a squeaky-clean bill of health.
How much does the 2023 Toyota Corolla Hybrid cost?
As mentioned above, the base LE fetches just under $23,000. As such, it’s the second-cheapest car in the Toyota lineup. The mid-range SE gains a wealth of safety features and creature comforts for an MSRP of $25,240. For $26,600, the range-topping XLE has everything one could want in a compact sedan but also leaves room for potential customers to option out the Corolla Hybrid. All-wheel drive can be put on any trim level, and it’s just $1,400 extra.
Why is it so cheap?
Taking out the Prius, the nearest competitor to the 2023 Toyota Corolla Hybrid is the Hyundai Sonata Hybrid. It has a bit more power than the Corolla Hybrid, a more spacious interior, and more engaging driving dynamics. However, it’s almost $6,000 more—roughly the cost of a suitable down payment. The Corolla Hybrid isn’t any less well-built than the Sonata Hybrid, so what’s the deal?
The reason the 2023 Toyota Corolla Hybrid is so cheap could be because it simply can be. The mass-market heft of global powerhouse Toyota may consider the price difference just a rounding error for the accountants to take care of.
