Toyota is raising prices for its most affordable car to $2,315, according to new order guidance data. While prices for popular trims will be relatively modest, a closer look reveals that some base trim prices for the 2023 Corolla will increase significantly because the optional manual transmission has been discontinued.
At the initial level, 2023 Corolla pricing will now start at $22,645 including a $1,095 destination charge for the LE sedan with the CVT. That’s $1,125 more than the cheapest 2022 Corolla, the L sedan with the CVT and its MSRP of $21,520. The Corolla L was dropped from the lineup for 2023, leading to an increase in the base price.
Compared to last year, the Corolla LE is up $675 from $21,970. This represents a 3% increase in prices and is taking place against a background of record high levels of inflation shortage of microcircuits affecting supply chains around the world. Unfortunately, manual transmission enthusiasts may face some bad news in 2023.
That’s why Toyota eliminated the manual transmission from the 2023 Corolla lineup. It was previously available in the SE sedan and the SE and XSE versions of the Corolla hatchback. All Corollas will now come with CVT only. Manual transmission options have been disappearing from a number of major car brands over the years.
In the case of the sportier-looking XSE hatchback, the base price is up $2,315 from last year’s MSRP of $25,210 with the manual transmission to a new price of $27,525 with the CVT. However, it is not just the loss of leadership that is to blame. Compared to the 2022 XSE with the CVT, the 2023 price has increased by $1,215.
Affordable cars are becoming increasingly difficult to find, although the Corolla’s price changes may not be so surprising given the fact that manufacturers are facing higher commodity prices. New car buyers also paid record high transaction prices dealer markups due to constant shortage of supplies.
Fortunately, 2023 Corolla buyers will get some new features for the extra money. All trims come standard with an audio system with an 8-inch display and Toyota Safety Sense 3.0, the brand’s latest driver assistance technology. The LE also comes with a larger engine with a 30 hp increase in power. with no loss in fuel economy compared to last year.