Attempting to boost it's position in the price sensitive compact car market, Toyota is cutting it's lease rates on the newly redesigned 2014 Corolla, and boosting the car's residual value.
Considered a gamble in the automotive industry, Toyota is trying to regain it's market share in the competitive segment. The move is not without controversy though. Skeptics are questioning Toyota's new residual values for the Corolla, which have been set significantly higher than in the past. For Toyota's strategy to work, the lease-end value of the Corolla must be much higher than those of it's competition, many of which have produced higher residual values than the Corolla for some time.
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The Toyota Corolla is one of the best selling cars of all time. Since it's introduction in the 1960s, nearly 40 million copies have been sold. In Canada, more than 1.3 million Corollas have been sold. Suddenly facing competition, Toyota knew that they could no longer rely on people's perception of the Corolla's reliability and resale value to sell cars. For the first time since 2002, it's not the best selling compact car in Canada, dropping to third behind the Hyundai Elantra and the Honda Civic. The last time the Corolla had a makeover was in 2009. The long awaited eleventh generation will be available in dealerships this fall. It's dynamic styling seems to be inspired by Toyota's Furia concept that we saw in Detroit, as well as the Camry and the Avalon. It's bigger than it's predecessor too. The platform is four inches longer than that of the current version, making for a roomier interior and improved handling. The 2014 Toyota Corolla saves weight by using lighter, high strength steel, and improved the ride by stiffening the body with reinforcements.
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To date, the very best concept we have of exactly what the 2014 Toyota Corolla will appear like is the shape and styling of the Furia Principle from this year's Detroit International Auto Show. Yet there is now another glimpse at what the future Corolla will look like. Released on Toyota's official Facebook page, the image bellow plainly reveals the back side of the 2014 Corolla S. Though the reduced angle is a bit wonky, we can clearly see that the shape of the taillight cluster is really just like that of the Furia, albeit without the exact same LED usage. You can also notice a bit of a trunk-lid spoiler which is also following the Furia's lead.
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The finalists in each of the six 2023 World Vehicle of the Year categories have been announced. Once again this year, there is a very strong Korean presence in several of the categories. The winners will be announced at the New York Auto Show in early April.
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