I Took My 2009 Toyota Corolla With 268K Miles To the Dealer, At First I Was Excited, But I Left Disappointed, I Didn’t Buy A 2025 Toyota RAV4 Or a Corolla Cross
"I love my 2009 Toyota Corolla. It has over 268,000 miles and I'm going to the Toyota dealer to check out the new RAV4 and the Corolla Cross."
That's what Liz (@fitnessadventureswithliz) says in her TikTok clip as she talks about her car-buying journey. You'll find the revealing story here if you didn't read my previous report on Liz checking out the new Subaru Crosstrek and why she walked away.
Liz is ready to buy a new Toyota vehicle.
Liz lives near Toronto, Canada, has a heart for the outdoors, fitness, and nutrition, and she's looking for an adventure in her new vehicle. She took her 2009 Corolla sedan, which was over 268,000 miles, to the Toyota dealer, and she was excited to look at the automaker's new vehicles.
She needs something bigger than her Corolla to go camping with her bulldog "Rosie." She's looking for a small SUV, and the new RAV4 or the 2025 Corolla Cross could be a great choice. However, she left disappointed.
Liz says, "Well, it has been a great adventure with my Toyota Corolla. I have had her since 2010. 15 years of memories, 15 years of road trips, and just over 431,000 km (268,000 miles) driven!"
Imagine going into the Toyota dealer and you want to trade in your Corolla, a great vehicle. You are ready to buy a new Toyota that day and drive away in a new small SUV. You love the new Corolla Cross. However, they don't have the trim level and color that you want.
She expresses her disappointment, saying, "I went to the Toyota dealer to trade in my 2009 Corolla with 268,000 miles, and I left totally disappointed. Toyota, where is the inventory, and why are your interest rates higher than everyone else's?"
The Toyota dealer tells Liz she must wait three to six months for the exact Corolla Cross model with the desired features that she wants. She can't believe it.
What's up with Toyota's inventory?
A report from CarEdge says that Toyota and Honda now have the tightest supply of new cars on dealer's lots than any automaker. They say, "Toyota and Honda have the least inventory, and as a result, the least negotiable prices."
Because Toyota's customers don't have many new cars to choose from, customers are competing with other new car shoppers, which drives the price up. Then, if customers order a new car from the factory and have to wait to have it shipped to the dealer, Toyota typically doesn't give many incentives.
This is what Liz found on her Toyota car-buying journey.
Liz continues, "I went to the Toyota dealer and was excited to get my next car. I took out the RAV4 and didn't love it. I also took out a Corolla Cross, which I loved. It was absolutely amazing."
"However, Toyota, what is going on? Where is the inventory? The dealer told me it would take three to six months to get the car I wanted. My Corolla has over 268,000 miles on it, and it won't make it another three to six months."
"What happened to the days of being able to go into a car dealership and buy a car?" she says in disbelief, highlighting her frustration at the current car-buying process.
Wait, there's more.
She further questions, "Not only that, why are Toyota's interest rates higher than everyone else? It's a new car, and your interest rate is 6.49%. And a pre-owned car is 7.99%? Toyota's interest rates alone are absolutely crazy compared with every other car brand out there."
Are Toyota's financing rates higher than those of other automakers?
Some recent reports from Reddit users indicate that Toyota's finding rates are higher than the national average, especially compared to some luxury brands. Still, Toyota does offer deals if you know where to look.
Higher than Average
Some analysis suggests that Toyota financing rates can be higher than the national average for new car loans, which is currently around 7.40%.
Here is what other Toyota buyers are saying
Reddit user planefan001 says, You should go to a credit union. Toyota Financial Services rates are insane right now. I financed my 2022 Corolla SE for 2.99% for 72 months back in May 2022 (780 FICO). If I did it now, their best rate would be around 8%.
MadManAndrew says, "I have an 800 credit score, and Toyota Financial still gave me 11% on a Sequoia. And the dealership wouldn't let me use outside financing."
Where Should Customers Go to Get the Best Financing?
Bankrate says credit unions are generally able to offer lower car loan rates because they are member-owned and not-for-profit. In the last quarter of 2024, the average rate on a five-year new car loan from a credit union was 6.03 percent, according to data from the NCUA. At banks, it was 7.53 percent.
"Typically, the rate of lending (at credit unions) is very competitive compared to other lenders under most circumstances," says Bill Meyer, AVP of Communications at Nuvision Federal Credit Union.
Liz concludes, "So, what's going on, Toyota? I'm a little disappointed."
Conclusion and Questions for Toyota Owners
Because she can't wait for the new Toyota Corolla Cross, which she loves, Liz is left with having to leave the Toyota brand and look for another new small SUV.
She will test drive a Honda CR-V, Honda HR-V, Mazda CX-5, Volkswagen Tiguan, and a Volkswagen Taos. What will she end up buying? Come back tomorrow for my report when she takes out a 2025 Nissan Rogue. It also doesn't go well.
Have you recently purchased a new Toyota Corolla Cross or another Toyota model? What was your car-buying experience like? Click the red Add New Comment link below and let us know.
Check out my Toyota RAV4 story: I Would Buy a 2025 Toyota RAV4 Hybrid, But The Toyota Dealer Is Telling Me My 2018 Mercedes-Benz E300 Is Only Worth $9K
I am Denis Flierl, a Senior Torque News Reporter since 2012. My 30+ year tenure in the automotive industry, initially in a consulting role with every major car brand and later as a freelance journalist test-driving new vehicles, has equipped me with a wealth of knowledge. I specialize in reporting the latest automotive news and providing expert analysis on Subaru, which you'll find here, ensuring that you, as a reader, are always well-informed and up-to-date. Follow me on my X SubaruReport, All Subaru, WRXSTI, @DenisFlierl, Facebook, and Instagram.
Photo credit: Denis Flierl via Toyota dealer