The Car That Conquered the Globe
We travel the world to marvel at its diversity, yet no matter where you go, one constant remains — the Toyota Corolla. Whether it's the narrow streets of Rome or the wide boulevards of LA, the Corolla is a common sight. As the best-selling badge in the car industry, the Toyota Corolla has sold over 50 million models since its launch in 1966 and become a mainstay on the roads of every country in the world.
But as it seems, not all Corollas were created equally, or at least that's what the prices would suggest. Just like your morning coffee or weekly groceries, the price for the same product can change drastically from country to country. Does this make the product different? Not necessarily. Depending on where you live, a range of governmental and economic factors can turn that affordable Corolla into a big-ticket purchase.
So, are Kiwis getting a bargain on their Corollas or getting sent to the cleaners? As experts on selling your car, AutoFlip knows a thing or two about vehicle pricing, and we’ve created our very own Toyota Corolla Price Index to help you understand the true affordability of a Corolla. Borrowing from The Economist's Big Mac Index, we've gathered data on the average prices of a Toyota Corolla worldwide to find out how the value shapes up for Kiwis.
Toyota Corolla Prices Around the World
To source our data on Toyota Corolla prices, we turned to Numbeo, the world’s largest user-contributed database. We chose Numbeo due to its comprehensive and accurate data sets and rock-solid reputation, having been cited in global publications such as Time Magazine, BBC, and The Economist.
Here’s our complete list of prices for the 2023 Toyota Corolla Sedan 1.6L 97kW or equivalent new model from around the globe, spanning 95 countries:
Toyota Corolla Prices Worldwide
Which Countries are Getting the Best and Worst Deals on Their Corollas?
Let’s take a closer look at where you’ll find the best and worst deals on a Toyota Corolla around the world. We’ll examine the price points that have you picking your jaw up off the floor or reaching for your wallet. We’ll also cover where New Zealand sits amongst it all before getting into the nitty gritty of why there’s such a drastic difference in these prices.
The Cost of a Corolla in New Zealand
Here at home, you can grab a Toyota Corolla for $34,955.52, placing us at 82nd on our list, making it a steal compared to many other countries. The cheap cost boils down to lower import duties, favourable exchange rates, and a hassle-free regulatory environment.
Another key factor is New Zealand's strong trade ties with Japan, bolstered by deals like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which cut tariffs on Japanese vehicles. All these factors combined make the Corolla a hit among Kiwis who appreciate affordability, efficiency, and reliability.
The Cost of a Corolla in Australia
In Australia, a Corolla will cost an average of $36,571.54, which gives them the 75th place on our list. Like New Zealand, Australia has incredibly strict import regulations and safety and emission standards that can increase the cost of imported vehicles like Corollas. However, Corolla's advanced emissions technology skirts standards easily, avoiding extra compliance costs.
On top of that, free trade agreements like the Japan-Australia Economic Partnership Agreement (JAEPA) help by reducing tariffs on Japanese imports. These elements combine to make the Corolla an incredibly affordable option in Australia compared to most other nations.
The Cost of a Corolla in Singapore
If you're ever hit with sticker shock, consider the car prices in Singapore for some perspective. A Toyota Corolla here will set you back a whopping $191,089.38, the highest in the world. This sky-high cost is largely due to the Certificate of Entitlement (COE), a government measure introduced in 1990 to control the number of vehicles in the country and reduce road congestion. The cost of a COE can nearly match the car's price, averaging $106,000 last year. Add import duties, GST, and various fees, and you get the hefty price tag attached to owning a Corolla in Singapore.
The Cost of a Corolla in Cuba
Cuba has one of the most unique automotive landscapes in the world, making it the second priciest place to buy a Corolla, with an average cost of $126,201.20. The Cuban government's strict control over car imports and a ban on new foreign vehicle purchases severely limit availability. Despite some reforms, these restrictions persist and continue to drive up the prices of foreign cars like Corollas. Add long-standing trade embargoes with the U.S. and hefty taxes, and prices skyrocket. This scarcity forces Cubans to rely on vintage cars instead of new ones, largely pricing locals out of Toyota Corollas.
The Cost of a Corolla in Japan
As many would have expected, Japan is the cheapest place in the world to buy a Corolla, costing only $26,116.11. Domestic manufacturing keeps production and logistics costs low. The Japanese government also offers incentives and tax breaks for locally produced vehicles, further slashing prices. High competition in the local market further drives down costs. With an efficient supply chain and advanced manufacturing technology, Japan ensures the Corolla remains an affordable, reliable choice for consumers.
Looking Beyond the Numbers – How Affordable is a Corolla Really?
Just looking at the price of a Toyota Corolla in different countries doesn't tell the whole story. To truly understand the affordability of a Corolla across countries, we need to consider consumer purchasing power. Consumer purchasing power is all about how much people can buy with the money they earn, factoring in their income and the cost of living. By comparing the Corolla's cost as a percentage of the average annual income, we get a clearer picture of its true affordability.
To calculate the affordability of Corollas in various countries, we have collected data on the average annual income in these countries from OECD and WorldData.info. We then divided the Corolla cost by this figure and expressed the answer as a percentage.
So, our affordability calculation is Corolla cost / average annual income = affordability.
*All figures are expressed in NZD, which was converted using exchange rates current as of 6/06/2024.
Affordability of a Corolla in New Zealand
- Price: $34,955.52 (average)
- Average Annual Income: $79,034.90
- Affordability: 44.22%
Through this affordability calculation, buying a Corolla in New Zealand goes from a good deal to a great one, costing only 44.22% of the average annual income. Take into account their renowned reliability and this shocking low affordability stat, and it’s no wonder there’s a Corolla parked down a driveway on just about every street in New Zealand.
Affordability of a Corolla in Australia
- Price: $36,571.54 (average)
- Average Annual Income: $97,952.40
- Affordability: 37.33%
Australia's strict regulations don't make the Corolla a budget buster. It's still quite accessible, thanks to strong demand and favourable trade deals. On top of that, Australia’s high average annual income means it costs a surprisingly low 37.33% of your annual income.
Affordability of a Corolla in Singapore
- Price: $191,089.38
- Average Annual Income: $108,192
- Affordability: 176.62%
Even with a decent average income, the cost of a Corolla in Singapore is jaw-droppingly high. Thanks to the hefty COE and import duties, owning a Corolla here is a far cry from affordable, costing about 176.62% of your annual income.
Affordability of a Corolla in Cuba
- Price: $126,201.20.
- Average Annual Income: $3,393.36
- Affordability: 3719.1%
In Cuba, owning a Corolla is a luxury most can't afford, costing 3719.1% of the average annual income. The astronomical price reflects the country's tough market conditions and economic policies. Couple that with a low average annual income, and it puts owning a Corolla out of reach for the average Cuban.
Affordability of a Corolla in Japan
- Price: $26,116.11 (average)
- Average Annual Income: $68,505.50
- Affordability: 38.12%
In Japan, the Corolla is much easier on the wallet. With local production and government perks, it's much more affordable compared to other countries. However, this affordability calculation would suggest it loses its top spot as the cheapest place on our list, as it requires 38.12% of your annual income to purchase one, a touch higher than countries like Australia.
Understanding the Story Behind the Numbers
These affordability percentages tell a compelling story about economic disparity and how government policies impact car ownership. In wealthy nations like New Zealand and Australia, the average worker can likely afford a brand-new Corolla without going broke. However, in Cuba and Singapore, the percentage of annual income needed is staggering. Suddenly, that humble car seems like an unattainable luxury.
Why the stark divide? Developed markets, strong economies, competitive car industries, and supportive government policies make owning a car more achievable. On the flip side, stringent regulations and high import duties turn a modest car into a heavy financial burden on families.
This disparity isn't just about personal car-buying choices. It shapes the entire automotive market: what companies sell where, how new technologies get adopted, and who can participate in vehicle ownership at all. For automakers expanding globally, understanding these nuances is mission-critical for serving diverse populations. And for consumers, getting clarity on what that car price tag really means in the context of their country puts the true costs into perspective.
The Toyota Corolla Price Index - Driving Affordability
We may baulk at the price of most things these days, not the least of which is a new car. But, as it turns out, we don't have it so bad down here in New Zealand. Through our Toyota Corolla Price Index, something as simple as a car has become an economic lens into inequality across the world, a set of wheels that reveals just how uneven the road remains for far too many.
Whether you’re selling a Corolla, a Camry or something entirely different, we can help you get a deal that makes Singapore’s prices look like a bargain. Explore how AutoFlip works and step into the future of car selling in New Zealand.
