Automotive

Looking for some opinion on a new Toyota Corolla Hybrid 2020 prices

  • Last Updated:
  • May 20th, 2020 10:53 pm
[OP]
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Mar 17, 2006
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Looking for some opinion on a new Toyota Corolla Hybrid 2020 prices

Hey all,

I've been looking around my city and other cities near by.

So far I have only had luck with one, they are offering me these rates for financing (with an applied 1.5% off loyalty program for a Toyota owners):

5 years $242.21 at 2.49%
6 years $207.40 at 2.99%
7 years $189.74 at 4.49%


A friend told me to ask for 0% or walk away, especially now due to covid-19. But I have heard the Hybrids are hard to get as is, should I be pushing for a further finance rate to drop?

I am supposed to be getting a better price as I have asked if they matched my work's discount we get from Dealerships in my city with certain percentage over dealer cost (i.e. %3.5 - %4.0).
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19 replies
Deal Fanatic
Sep 1, 2004
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When stock is low, there is 0 incentives to be had. The rate is set by Toyota and not the dealer, there is nothing a dealer can do.

Assuming you are in Ontario:
A $25K SE @ 0% = $510/mth for 60 months tax in

A $25K Hybrid @ 2.5% = 533/mth for 60 months tax in.


So in the end, it's only $23/mth @ $1/L = 23L of fuel. Difference between Hybrid vs non-hybrid is about 2L/100km. So if you drive more than 1200km/mth, especially in the city stop and go, that's your break even point. Otherwise, there is no point buying hybrid.

If anything dealers are probably overstocked with non-hybrid models that make them easier to be negotiated down from MSRP anyway.
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Aug 22, 2011
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Center of Universe
Demand suprases supply...if not you, someone else will pay MSRP.
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Nov 4, 2008
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Richmond Hill
Your friend doesn't know much about buying cars
When given enough time, all threads on RFD can and will go off on a tangent.
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Dec 27, 2006
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Canada
There’s no such thing as pushing for 0% financing. Toyota Canada sets the financing rates. No dealer will want to buy down the rate from 4.99% or 2.49% to 0%, that would cost thousands.
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mario-rock wrote: There’s no such thing as pushing for 0% financing. Toyota Canada sets the financing rates. No dealer will want to buy down the rate from 4.99% or 2.49% to 0%, that would cost thousands.
Exactly, hence if the dealer would REALLY want to make the sale happen, they can buydown the rate to 0%.
The hybrid version is very popular because it's not much more expensive than the ICE equivalent.

In a metropolitan environment, in a flat where charging would be a headache, I think right now the corolla hybrid sits best positioned. While combined might be a difference of only 2L/100km, when mostly used in urban area, it can be as high as 4, even 5 if a DT gridlock.
Newbie
Jul 31, 2009
11 posts
Ottawa
Work on the price. There are deals to be had. I haggled dealer cost + 1.9% before taxes for a 2021 order (includes premium package and all fees). Even low supply high demand cars have huge negotiation room.
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Nov 21, 2013
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Do not expect deals on financing rate because of COVID. Dealers having a hard time making sales, but hybrid/electric vehicles are in demande, and most of the manufacturers stopped production because of the COVID. Best thing to do, if you want to buy, and you are disciplined, buy at dealer's rate, and put it on HELOP if you already have one opened.
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TheWelf wrote: Work on the price. There are deals to be had. I haggled dealer cost + 1.9% before taxes for a 2021 order (includes premium package and all fees). Even low supply high demand cars have huge negotiation room.
For a corolla hybrid? How did you find out dealer cost?
Newbie
Jul 31, 2009
11 posts
Ottawa
Yes - 2021 Corolla Hybrid premium package. Start with Unhaggle and go from there. Unhaggle seems pretty accurate, although dealers get other incentives/kickbacks to make up for it in the end.

Many dealers will push MSRP due to supply and demand on these, but if you shop around you may get lucky.
[OP]
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Xtrema wrote: When stock is low, there is 0 incentives to be had. The rate is set by Toyota and not the dealer, there is nothing a dealer can do.

Assuming you are in Ontario:
A $25K SE @ 0% = $510/mth for 60 months tax in

A $25K Hybrid @ 2.5% = 533/mth for 60 months tax in.


So in the end, it's only $23/mth @ $1/L = 23L of fuel. Difference between Hybrid vs non-hybrid is about 2L/100km. So if you drive more than 1200km/mth, especially in the city stop and go, that's your break even point. Otherwise, there is no point buying hybrid.

If anything dealers are probably overstocked with non-hybrid models that make them easier to be negotiated down from MSRP anyway.
First of, I’d love to know where and how you’re getting a Base Corolla Hybrid 2020 @ 25K with taxes included. That’s nuts!

Also, since hybrids have regenerative breaking, MPG is better within the city I thought?
DoorCrasher wrote: Do not expect deals on financing rate because of COVID. Dealers having a hard time making sales, but hybrid/electric vehicles are in demande, and most of the manufacturers stopped production because of the COVID. Best thing to do, if you want to buy, and you are disciplined, buy at dealer's rate, and put it on HELOP if you already have one opened.
What is HELOP?
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Sejad wrote: First of, I’d love to know where and how you’re getting a Base Corolla Hybrid 2020 @ 25K with taxes included. That’s nuts!

Also, since hybrids have regenerative breaking, MPG is better within the city I thought?



What is HELOP?
Typo. Meant HELOC Home Equity Line Of Credit

Many Banks offer this product like https://www.cibc.com/en/personal-bankin ... LwQAvD_BwE
[OP]
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DoorCrasher wrote: Typo. Meant HELOC Home Equity Line Of Credit

Many Banks offer this product like https://www.cibc.com/en/personal-bankin ... LwQAvD_BwE
Can you explain HELOC ? I’m just learning about it.

Like, what benefit would it be putting your car on this HELOC? I don’t own a home either.
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Sejad wrote: Can you explain HELOC ? I’m just learning about it.

Like, what benefit would it be putting your car on this HELOC? I don’t own a home either.
Then you just can't have a HELOC
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Sep 1, 2004
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Sejad wrote: First of, I’d love to know where and how you’re getting a Base Corolla Hybrid 2020 @ 25K with taxes included. That’s nuts!
No no no. I'm just pricing the model, not the full price. $510*60 = $30600. SE is when you start to have the better 2.0L engine and the starting price is within in $500 of base Hybrid model. That's why I use it as comparison.

Just an exercise why hybrid isn't worth it based on Toyota finance rates differential.

TLDR. If you are not driving for a living, Hybrid doesn't save you enough when non-hybrid has lower rate and more negotiation room/easier to lowball.
Sejad wrote: Can you explain HELOC ? I’m just learning about it.

Like, what benefit would it be putting your car on this HELOC? I don’t own a home either.

HELOC = home equity line of credit. If you don't own a home, you don't have and home equity to borrow from.

Don't worry about HELOC or LOC. They start at 3% and could be up to 5%. You only would use them if the manufacturer cash deal is sweeter than finance deal.... which is rare these days.
[OP]
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Xtrema wrote: No no no. I'm just pricing the model, not the full price. $510*60 = $30600. SE is when you start to have the better 2.0L engine and the starting price is within in $500 of base Hybrid model. That's why I use it as comparison.

Just an exercise why hybrid isn't worth it based on Toyota finance rates differential.

TLDR. If you are not driving for a living, Hybrid doesn't save you enough when non-hybrid has lower rate and more negotiation room/easier to lowball.




HELOC = home equity line of credit. If you don't own a home, you don't have and home equity to borrow from.

Don't worry about HELOC or LOC. They start at 3% and could be up to 5%. You only would use them if the manufacturer cash deal is sweeter than finance deal.... which is rare these days.
I’m seeing the SE model go for more then the Hybrid atm? Are you basing this off of using the website Unhaggle? I’m still unsure how that website works.
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Sejad wrote:
I’m seeing the SE model go for more then the Hybrid atm? Are you basing this off of using the website Unhaggle? I’m still unsure how that website works.
The monthly numbers are directly from Toyota website. The Toyota dealer I dealt with last year was very good at honoring price quoted on the website. I used the down payment field as discount I wanted from MSRP although the numbers I provided is based on no discount.

Yes SE is about $500 more if you check the $2000 option package than the base hybrid trim.

Unhaggle will tell you the invoice price but margin in this price range is usually around $1-$2k.

You have to ask yourself do you want hybrid for the badge only or if you drive over 20k km per year and actually save you $. Because choosing a hybrid puts you in a worse baragining position AND higher borrowing rate.
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Sejad wrote: Also, since hybrids have regenerative breaking, MPG is better within the city I thought
Yes, it is better.

Fuel economy (litres/100 km):
1.8-litre: 7.9 city, 6.1 highway, 7.1 combined; 2.0-litre: 7.6 city, 5.8 highway, 6.7 combined;
1.8-litre hybrid: 4.4 city, 4.5 highway, 4.5 combined

from https://www.theglobeandmail.com/drive/r ... tains-its/
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Soichiro wrote: Yes, it is better.

Fuel economy (litres/100 km):
1.8-litre: 7.9 city, 6.1 highway, 7.1 combined; 2.0-litre: 7.6 city, 5.8 highway, 6.7 combined;
1.8-litre hybrid: 4.4 city, 4.5 highway, 4.5 combined

from https://www.theglobeandmail.com/drive/r ... tains-its/
Thanks for the article, I believe I’ve read that one back when it came out.
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Dec 13, 2008
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Hamilton
Hybrids are not all about fuel economy.

Once you get past not revving the engine, you will learn how nice they are in contrast. They grow on you.
Commuted 100 km/day for three years in my 2014 Prius wagon. Then bought a 2019 RAV4 Hybrid. Soooo happy.

My advice is, buy a hybrid only if you like how it drives.

The Corolla Hybrid may just be the best auto bargain bang for your buck.

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