Used 2023 Toyota Corolla for Sale nearWaterloo, ON

How much does the 2023 Toyota Corolla cost?

Prices have softened 7.28% compared to this time last year, making it a favourable time to shop this model year.

There are 564 listings available, which gives you a reasonable amount of inventory to compare.

Is the 2023 Toyota Corolla a good car?

Generally — 4.3/5 is a strong user rating for a compact car that focuses on practicality, efficiency, and low-stress ownership. The 2023 Corolla is available as a sedan or hatchback, with the sedan offering the lowest entry price and the hatchback reserved for sportier trim levels. For 2023, it also gained a facelift with fresh bumper designs, an eight-inch touchscreen, wireless Apple CarPlay and Android Auto, and added convenience features across the range. That makes it an easy car to recommend if you want a sensible daily driver with broad appeal.

32.1% of listings are priced as good or great deals, which suggests there are still worthwhile opportunities if you shop carefully.

Is the 2023 Toyota Corolla reliable?

Owners rate it 4.3/5, a solid signal of long-term satisfaction.

The 2023 Corolla’s appeal is built around efficiency, reliability, and low-stress ownership, and the overview also points to a strong dependability record. It is designed to be practical rather than exciting, but that usually works in your favour if you want a car that should be straightforward to live with. For used buyers, the main long-term ownership risk is less about complexity and more about choosing the right version for your needs and condition.

Is now a good time to buy a used 2023 Toyota Corolla?

This looks like a moderate, selective buyer’s market, so you can shop patiently and still find decent value.

• Deal availability: 32.1% of listings are priced as good or great deals.
• Inventory: There are 564 listings available.
• Price trend: Prices have softened 7.28% compared with last year.

If you find a listing below $24,170 CAD, that's toward the low end of the year-round range and worth acting on quickly.

What is the 2023 Toyota Corolla's resale value?

The current average of $24,198 CAD sits slightly below last year's $26,099 CAD.

That softer pricing can help you buy more confidently now, but it also means future resale values may depend on how well the market stabilises. If prices recover, owners who bought near the current average could see less depreciation pressure than buyers who paid closer to the year-round high. The Corolla’s broad appeal should continue to support demand, especially for well-kept examples with desirable equipment.

Vehicles with solid owner satisfaction ratings, like this model year's 4.3/5, tend to retain buyer demand, which supports resale value over time.

Should I buy a 2023 Toyota Corolla or consider a different year?

If you're weighing the 2023 against nearby model years, here's how to think about it:

Choose the 2023 if:

• 32.1% of listings are priced as good or great deals.
• Price trend: Prices have softened 7.28% compared with last year.
• Owners rate it 4.3/5 — a solid satisfaction signal.

Consider the 2022 if:

• At $22,320 CAD, the 2022 costs less than the current year's $24,198 CAD average.
• It offers broad choice across body styles, transmissions, and powertrains.

The bottom line:
Choose the 2023 if you want the newer model-year updates, stronger feature content, and a still-reasonable used price. If your priority is saving money first, the 2022 is the better value path, especially if you find a clean example with the configuration you want.

How does the 2023 Toyota Corolla compare to the 2023 Honda Civic?

Read our full side-by-side expert comparison here.

These recommendations are based on CarGurus' proprietary market data from October 27, 2026, CarGurus experts' opinions, and generative AI.