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Cost to Own

2024 Toyota Corolla Cost to Own

A 2024 Toyota Corolla will depreciate $9,833 after 5 years and have a 5-year residual value of $13,312. With out of pocket expenses at $27,308, the total Cost to Own of the 2024 Toyota Corolla is $37,141.

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Among the Best

The 2024 Toyota Corolla is in the top 10% for Cost to Own among all Compact Cars.

5-Year Cost to Own: $37,141

What Does Cost to Own Include?

Out of Pocket Expenses $27,308

5-year operating expenses like gas, insurance, interest, maintenance, repairs, and state fees.

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Depreciation (Loss in Value) $9,833

The car's estimated loss in value from the purchase date over 5 years.

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Out of Pocket + Depreciation = Cost to Own

When considering the cost of a car, it's important to look beyond the sticker price. Expenses like fuel, maintenance and insurance can add up quickly.

Sometimes a car with a higher initial price tag can actually save you money over the first five years of ownership. Understanding these differences can help you make a smarter financial decision and keep more money in your pocket.

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Cost to Own Comparison

5-Year Cost to Own includes out-of-pocket expenses like fuel, insurance, service & financing, plus the car's loss in value over time (depreciation).

2024 Toyota Corolla

Cost to Own: $37,141

MSRP: $23,145

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	New 2024 1 of 3 Toyota Corolla	Add a car to compare cost to own data	Add a car to compare cost to own data
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Total Out of Pocket Expenses	$27,308	-	-
Fuel	$3,963	-	-
Maintenance	$3,650	-	-
Insurance	$13,080	-	-
Repairs	$1,711	-	-
Financing	$2,777	-	-
State Fees	$2,127	-	-

Compare 5-Year Depreciation

2024 Toyota Corolla

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5-year Cost to Own Breakdown

2024 Toyota Corolla

	Year 1	Year 2	Year 3	Year 4	Year 5	Total
Fuel	$842	$799	$777	$774	$771	$3,963
Insurance	$2,616	$2,616	$2,616	$2,616	$2,616	$13,080
Financing	$963	$770	$566	$352	$126	$2,777
State Fees	$1,831	$74	$74	$74	$74	$2,127
Maintenance	-	$1,000	$484	$1,675	$491	$3,650
Repairs	-	-	$395	$658	$658	$1,711
Depreciation	$3,995	$1,759	$1,863	$1,458	$758	$9,833
Cost To Own	$10,247	$7,018	$6,775	$7,607	$5,494	$37,141

2024 Toyota Corolla Cost to Own

5-Year Cost to Own includes out of pocket expenses like fuel, insurance, service & financing, plus the car’s loss in value over time (depreciation).

5-Year Depreciation:$9,833

5-Year Out of Pocket Expenses:$27,308

5-Year Cost to Own:$37,141

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FAQs

As of May 2025 insuring a Toyota Corolla 2024 will cost approximately $13,080 dollars to insure per year, or $1,090 dollars per month. This amount can vary depending on factors like the age of the driver, driving record, credit rating, location of insured vehicle, vehicle trim and the company providing the insurance. For more information on insuring your vehicle, check out Kelley Blue Book.

As of May 2025 average annual maintenance costs for a Toyota Corolla 2024 run about $730 dollars, totaling approximately $3,650 dollars over five years.

As of May 2025 average annual depreciation for a Toyota Corolla 2024 runs about $1,966 dollars, totaling approximately $9,833 dollars over five years. It's worth noting that new vehicles depreciate most rapidly in the first couple years after purchase and that rate slows over time.

A Toyota Corolla 2024 can be expected to depreciate around $9,833 dollars over the course of 5 years, averaging $1,966 dollars per year, with the most dramatic depreciation occurring in the first 2-3 years and tapering off thereafter. Factors impacting the depreciation value of the 2024 Toyota include vehicle age, mileage, make and model, accident history, market demand, service history, and external market factors like gas prices. For a more detailed breakdown of vehicle value, check with the experts at Kelley Blue Book.

Average annual maintenance costs for a Toyota Corolla 2024 run about $730 dollars or $3,650 dollars over the span of 5 years. For a more detailed cost breakdown, check out Kelley Blue Book's car maintenance pages for the 2024 Toyota.

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