2023 Toyota GR Corolla Monthly Payment Costs $666
Toyota’s powerful GR Corolla may be a striking value on paper, but could be incredibly expensive to buy. Our analysis of Toyota’s latest incentives revealed that 2023 Corolla GR interest rates can approach 9%. That’s the highest rate we’ve ever seen from Toyota and it can add thousands to the cost of a new GR Corolla.
Toyota’s website lists an estimated monthly payment of $630 per month on the 2023 Corolla Core GR. It’s the cheapest version you can buy, with an MSRP of $36,995. This may sound relatively simple, but a closer look reveals that this is based on a 6-year loan at 8.96% APR with a down payment of $2,000.
At that price, the cheapest 2023 Corolla GR would cost $10,373 in interest and return to $45,368 before taxes and fees. And that’s assuming you’ll manage to avoid a dealer markup on the limited-production car. Without a down payment, the payment increases to $666 per month with an estimated total cost of just under $48,000.
So why is the GR Corolla such a bad deal? Unsurprisingly, Toyota does not offer a financing offer on the GR Corolla and this is a non-promotional rate. It’s the same story with other sporty 2023 models like the GR86 and Supra, though even mainstream Toyotas like the RAV4 Prime and Venza suffer from the same high rate.
On the high end, the GR Corolla Morizo Edition has an MSRP of $51,420 and comes in at $926 per month with an estimated total cost of $66,661 based on no down payment. That’s over $15,200 in interest charges alone. Earlier this year, Toyota’s interest rates hit 7.44% and only rose with the Fed’s recent rate hikes.
If you can’t get a better rate from your dealership or a credit union, there are alternatives. For example, prices for the 2023 Honda Civic Type R start at $43,990 but have a 6-year interest rate of 5.49% APR and a Honda-estimated monthly payment of $719. In theory, this could give some car buyers more bang for their buck.
We recommend exploring your options to get the best deal possible. Given the continued shortage of chips and the limited production run of the car, buyers should expect to see some sort of GR Corolla markup. There is no advertised rental estimate, so it remains to be seen if the GR Corolla will be a good rental car.
Discover the prices and offers of the Toyota Corolla