2021 Corolla is arriving:
The redesigned 2020 Corolla sedan, which boasts a design based on the Corolla hatchback and a more powerful 2.0-liter engine in the sporty SE and XSE trims, is still available alongside its hatchback sibling. The 2020 Corolla also includes a hybrid model that gets 53 miles per gallon city, 52 highway, and 52 combined.
This month, the 2020 Corolla's offers receive a few tweaks but mostly remain the same.
The carryover 2021 Toyota Corolla is hitting showrooms now and has a few offers too.
We expect to see some updated deals on the 2020 and 2021 Corolla around Labor Day.
Toyota's deals are regional and will expire August 31, 2020. All deals mentioned here are for Southern California unless specified otherwise.
Cash incentive boosted:
The 2020 Toyota Corolla features a $1,500 customer rebate. Buyers cannot stack this with the low APR below.
Buyers who want to stack cash and the low APR financing below can use the $500 special APR cash offer available with the Corolla Hatchback.
The 2021 Corolla features a $750 ($250 increase) customer cash rebate on the sedan and hatchback.
Finance from 0%:
Financing offers on the 2020 Corolla Sedan start at 0% for 60 months and 1.9% for 72. These replace last month's 1.9% for 60 months and 2.9% for 72 months APR offers.
The 2020 Corolla Hatchback's finance offers remain at 0% APR for 60 months and 2.9% APR for 72 months. The Hatchback also gets $500 in special APR cash when financing through Toyota.
Lease from $199/mo.:
The 2020 Corolla Sedan has two 36-month lease offers. Get the LE trim with the continuously variable transmission for $199 per month with $1,999 due at signing. The SE trim with the CVT is available at $209 per month with $1,999 due at signing.
With an effective monthly cost of $255 and $265, respectively, the Corolla SE and LE promotional leases are good values relative to their MSRPs.
Need the hatchback's extra cargo room? The 2020 Corolla SE Hatchback's 36-month lease is unchanged at $209 per month with $1,999 due at signing. With a $265 effective monthly cost, this lease is a good value for its MSRP.
The 2021 Corolla Sedan LE's 36-month promotional lease runs $239 ($10 reduction) per month with $1,999 due at signing. With an effective monthly cost of $295, this is a terrible value for its MSRP.
Opting for the thrifty 2021 Corolla Hybrid LE on a 36-month lease will set you back $269 per month with $1,999 due at signing. This adds up to a $325 monthly effective cost, which makes the Corolla Hybrid LE's lease a poor value relative to its MSRP.
All Corolla lease offers include an allowance of 12,000 miles per year.