Cheapest Used Toyota Cars - Yaris, Matrix, Corolla

Toyota has carved out a considerable niche for themselves in the economy car market. Whereas some car companies have either farmed out their entry-level car production to foreign subsidiaries or limited their offerings to a single hatch or sedan, Toyota has instead invested the same amount of technology and care into their least expensive vehicles as they have into their fully featured luxury vehicles. This is in part due to the fact that the automaker’s Japanese operations serve a strong market at home for city and commuter cars, allowing them to spread development costs over a wider number of potential buyers.

As a result, Toyota’s low-priced offerings are stratified across a full range of entry-level options. With two hatchbacks, a compact wagon and two small sedans all priced well under $20,000, Toyota provides an option for almost anyone looking to step into a new car for the first time. However, given that Toyota consistently ranks near the top of vehicle reliability and consumer satisfaction ratings, there is also a deep pool of used compact Toyotas on the market which are still in great shape and which offer excellent value thanks to their affordable pricing.

When thinking about buying a new car, it is always instructive to make sure to scout out the previous model years of a particular vehicle in order to take advantage of the great deals that can be found on vehicles 2 to 5 years old. Most of the time, it is possible to score not only a cheaper car, but one that has more standard equipment and a few extra options when compared to a brand new base model. This article takes a look at the low end of Toyota’s car lineup and compares them to the features, prices and value of their used equivalents. While it is normal for used car prices to display some variance from region to region, especially when taking vehicle condition into account, the numbers quoted here provide a good starting point for anyone trying to decide if they really need to pay more for a brand new car.

2007 Toyota Yaris versus 2009 Toyota Yaris

The Yaris came out in 2007 in order to replace the Echo, which had been a great experiment for Toyota to see how North Americans would react to the introduction of a more modern Japanese approach to the economy car template. Like the Echo before it, the 2009 Yaris is the least expensive vehicle in Toyota’s American portfolio, coming in at around $12,000 for the three-door hatchback. A 4-door sedan and range-topping 5-door hatch are also available, but at a $1000 premium. With a 106 horsepower, 1.5 liter 4-cylinder engine and a 5-speed manual transmission, the Yaris gets 36 miles per gallon on the highway and 29 in city driving.

In an interesting reversal of the general rule of thumb for used car pricing, the 2007 Toyota Yaris has held its value rather well in the two years since its debut. In fact, at best buyers will be able to save around a maximum of $3000 on the sedan edition with less than 20,000 miles. While this represents around 25% of the price of a new vehicle, most used Yaris’ sell for much closer to the sticker price of a 2009, making it necessary to shop around in order to get the best deal.

There are very few differences between the 2006 Toyota Yaris and the brand new model. Both share the same austere interior which values function over form, but which doesn’t feel completely gutted like some of the cheapest econo-hatches on the market. Given the very similar pricing, it is difficult to recommend a used Yaris over a new one, particularly given the fact that the newer vehicle will most likely also display strong resale value after the first few years of ownership. The market for cheap, fuel-efficient cars has been driven up by the rising costs of fuel, and Toyota’s excellent reputation in the small car field has lead to used buyers paying a premium for well-maintained examples of the company’s economical vehicles.

2005 Toyota Matrix versus 2009 Toyota Matrix

Instead of releasing a hatchback version of their popular Corolla sedan, as was Toyota’s custom, a joint engineering project was undertaken with General Motors to create the Toyota Matrix compact wagon. Priced at just over $16,000, the 2009 Toyota Matrix seats five passengers in on a small platform that it shares with the Pontiac Vibe.

Both the 2005 and most recent base model Matrix use the same 130 horsepower, 1.8 liter 4-cylinder engine matched with a 5-speed manual transmission. At 26 miles per gallon in city driving and 32 on the highway, the Matrix is a little less efficient than other compact vehicles but makes up for it with great cargo space (53 cubic feet with the rear seats folded down) and a high roofline that provides decent interior room.

Where the 2005 Matrix clearly gains the advantage is with regards to pricing. Looking carefully, buyers can often end up paying just over half the new retail price when choosing to purchase a 4-year old vehicle with less than 50,000 miles. It is even possible to pick up a 2005 Matrix XRS, which comes with a more potent 180 horsepower version of the 1.8 liter 4-cylinder engine with slightly higher mileage for around $12,000. While not all buyers are interested in paying a premium for a somewhat sportier version of what is essentially basic transportation, it is hard to deny the strong draw of paying more than $7,000 less than a 2009 model for the virtually identical base model.

The 2005 Toyota Matrix is a good, cheap Toyota wagon that retails for much less than new. Given the fact that most of these wagons will be pressed into family use, it makes more sense to go used than it does to expose a pristine version of the vehicle to the wear and tear generated by small children and countless trips to the lake, the soccer field or the after-school activities.

2005 Corolla versus 2009 Toyota Corolla

Sometimes when a vehicle undergoes a significant re-design, used car buyers can take advantage of the buzz generated by the newest model to knock a few dollars off of the price of the car it is replacing. Unfortunately, this is not the case with the Toyota Corolla. The 2009 model is of the same generation that first went on sale in 2006, and while over the past few years the prices of 2005 Corollas have dropped down a considerable amount, they are still priced very competitively with the new models. This is largely thanks to the fact that the previous edition of the Corolla is one of the best compact sedans ever manufactured by Toyota.

The 2009 Corolla starts out at $15,350 and comes with the same 132 horsepower, 1.8 liter 4-cylinder engine found in the Toyota Matrix. A 5-speed transmission is standard equipment, and the rest of the vehicle’s features list is fairly spartan: intermittent wipers and a vehicle information display round out the highlights, along with manual windows and door locks. In contrast, a 2005 Toyota Corolla equipped with an automatic transmission and power door locks and displaying 50,000 miles on the clock can be had for around $12,000 – a rebate of $3,000 dollars. If this seems like a paltry savings, it looks even worse when considering the fact that a well-equipped 2009 Corolla LE can be ordered for $16,950 with favorable financing terms.

While it might seem strange that the 4-year old Corolla has remained in the same ballpark as its newer cousin in terms of price, it helps to consider the fact that many faithful buyers considered the new edition of the Corolla to be a step down in terms of interior quality and a lateral move at best when it comes to the exterior styling. Adding to this is the fact that the Corolla enjoys an excellent reputation among those looking for a reasonably-sized sedan with great fuel economy. There is still a vibrant market for used Toyota Corollas, meaning that buyers will have to search long and hard in order to find a deal compelling enough to make them reconsider their decision to pick up the latest model.