Price gouging is a frustrating reality of life in 2022. From homes to GPUs and game consoles to cars, real-world transaction prices often exceed the numbers that got us excited about the item in the first place. But even if regular cars are selling at a higher price than the list, how much price do car enthusiasts face in the Toyota GR Corolla 2023, a car so drab that dealers rub their hands together manually like Scooby-Doo baddies?
After a thorough investigation of the triple exhaust pipe, Carscoops can now put an indicative number on the ingrained greed of dealers. As my colleague Stephen Rivers hinted when we asked Toyota how many GR Corollas will be made for the states in the first year of production, two of us here at Carscoops are interested/interested in the hot hatch and have reached out to dealers within each of our states.
READ: 2023 Toyota GR Corolla rocks the boat with 300 HP, 4WD, and 6-speed manual
Note here that we didn’t even see a fully production-ready Corolla GR Corolla as the cars in the presentation were assembled with any available parts, including EV buttons and standard Corolla dashboards. Toyota has not announced prices yet.
The $10,000 markup will guarantee you a 100% place (no less…)
I sent a bunch of emails to Toyota dealers in Massachusetts (plus a few to a few dealers out of state). Most of them told me they would be happy to put me on a ‘VIP’ waiting list (sic) and come back to me with more information as it becomes available. However, one of the welcoming salespeople in the Northeast Bloc was happy to secure me a place for a five-digit sign—oh, my gosh, how cute of them.
When asked if they had any indication on pricing, timing, customization and how I could get the listing, the salesperson replied, “They will bypass the MSRP for $10,000, and the waiting period will be about six months. We can put you on the waiting list with an agreement on price and a deposit Fully refundable for $500.
But will that definitely secure my place? “The deposit will secure you 100% on the list,” the salesperson answered with confidence and confidence from the veteran. “We don’t have an exact MSRP but a rough estimate would be around $31,000 plus a $10,000 market adjustment and taxes and fees. Six months wait from launch date which was last week. No custom listing at this time.”
If that $31,000 to start an MSRP is too accurate – to be fair, we don’t think it is, given our guess is $35,000-$40,000 for the base model and $40k to $45,000 for the winged version, It means bonkers 32.3% markup above MSRP! Regardless, that should give you an idea of what to expect from at least some of the thefts.
What can you do about greedy traders?
Here is the need. MSRP is not a fixed price set by manufacturers like many people mistakenly think it is, but it is an acronym for “Mthe creator sProposal sEtil srice,” the key word here is “suggested.” This is why on good days you can walk into a dealer and bargain with yourself at a price below the MSRP. When high demand meets low production numbers, it works in reverse.
However, this does not mean that we, as consumers, should accept it. You have options, from shopping until you find a merchant who respects the customer and their business, to shaming predatory practices and pressuring manufacturers to deal with these… merchants. And if nothing else works, well, just move to a different car. If we’re talking about the mid-1940s to mid-1950s for what is essentially a three-cylinder Corolla that may not live up to the hype its younger brother, the GR Yaris, has, there are plenty of other driver-oriented options that can easily scratch the performance itch.
Will Toyota take any measures against dealers’ profit margins?
When we reached out to Toyota last week to inquire about production numbers, (but before we contact local agents)their spokesperson told us they would be monitoring the situation, although they indicated there was a lot they could do.
“We know there is a lot of excitement about the GR Corolla and customers are keen to be among the first to own the new model,” said the press rep. “Toyota has established a Manufacturer’s Suggested Retail Price (MSRP), i.e., apparently, the manufacturer’s suggested retail price. Since our dealers are independent business owners, the final transaction price will be the result of interactions between the customer and the dealer. Our sales group has consulted with our offices regional authorities to ask them to know transaction prices and to consult with merchants as needed.”
READ: Toyota Will Make 6600 GR Corollas For The US, 2000 Globally For 2023MY Dealers Can Have Only 3 Cars Each
We’ll see how this is decoded in real life transactions. Thanks to pressure from consumers and the media, at least some automakers have publicly acknowledged the problem and are trying to find ways to tackle it. Whether this proves sufficient or insufficient and superficial remains to be seen.
Subaru from CEO America, for example, sent a message to dealers obtained by Jalopnik saying: “Taking advantage of the current imbalance in the market between supply and demand is something that an ‘auto dealer’ would do… It’s not something a Subaru retailer would think of. doing it “. Earlier this year, Ford President Jim Farley acknowledged that about 10 percent of the dealer network was charging MSRP and that provisions for breaching dealerships would be affected as a result, while according to Autonews, Hyundai and Genesis emailed dealers Saying that if they paid. Things are too far off for brands, they may be hit with penalties to discourage bad behaviour.
What else did we learn about the GR Corolla through our interactions with dealers?
Besides the sticky shock from a Toyota dealership in Massachusetts, we learned a few other things about the car that are worth sharing, even if it’s still a bit early to come to final conclusions.
One thing that seemed consistent is that dealers think they’ll get anywhere from one to three cars – at least here in MA, starting in the fall (October or November, to be exact).
“We are not sure how many Corolla GRs we will allocate. Toyota has stated it may be one per dealer this year. We have not received any pricing,” the dealer manager told us. “No pricing, no timing. I can say that about three are allocated to each trader. Another said.
One vendor told us that “For a Circuit version that will only be available in 2023, we won’t even see a few months until 2023 from what we’ve been told. We have no idea how many we’re getting.”
Have any of you reached out to local dealers for a GR Corolla and what did they tell you? You can tell us in the comments below or call us and share your experience with us via email.