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New Toyota Corolla Priced 3.5% Higher

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Recently, media sources revealed that Toyota Motor Corporation’s (TM - Analyst Report) redesigned 2014 Corolla’s base price will be 3.5% higher than the previous version. The six-speed manual transmission version will be available at $16,800, compared to $16,230 for the 2013 version.

Toyota Corolla 2014 will have a 4-speed automatic transmission version priced 2% higher at $17,400 and a variable transmission version costing $18,300. Additionally, a shipping charge of $810 will be applicable.

However, the increased price of the 2014 Toyota Corolla is lower than Honda Motor Co., Ltd.’s (HMC - Analyst Report) Civic, which starts at a base price of $18,165 for a 5-speed manual version and $18,965 for the 5-speed automatic version. Additionally, Honda charges $790 for shipping.

Honda Civic is the largest-selling compact car in the U.S., while Toyota Corolla ranks second despite lower pricing. 183,000 Toyota Corolla units were sold in the first seven months of 2013 against 191,000 Honda Civic units.

Toyota aims to beat Honda Civic by incorporating gadgets in the remodeled Corolla to draw the young crowd. Moreover, Toyota has lent a sporty touch to the car by making it longer and lower than the 2013 version.

The 2014 Toyota Corolla, which was unveiled in June, is expected to be available from the first week of September. It is equipped with a 1.8-liter all-aluminum four-cylinder engine while its Eco version offers a 1.8-liter engine with Valvematic – a valve train technology introduced on Corolla for the first time in North America. It has also adopted the new “Iconic Dynamism” design theme, seen in Toyota’s latest Avalon sedan.

Other compact cars popular in the U.S. are Ford Motor Co.’s (F - Analyst Report) Focus and General Motors Company’s (GM - Analyst Report) Chevrolet Cruze.

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