Toyota Corolla Lease
The average cost to lease a Toyota Corolla ranges from $250 to $500 a month.
Written by Melanie Johnson
Reviewed by Jessica Barrett
A Toyota Corolla lease costs between $250 and $500 a month, depending on your credit score, the negotiated sale price, your down payment, and the trim level of the vehicle.
The Toyota Corolla was introduced in 1966. It was the best-selling car worldwide by 1974 and has remained a top-selling car ever since. If you want to take advantage of Toyota’s dependability and comfort without the commitment of a
car loan
, leasing might be the perfect option for you. While leasing comes with more restrictions than a traditional auto loan, in return you get to enjoy a vehicle during its prime years—and often for a lower average monthly payment.
Ready to get into the nitty-gritty of Toyota Corolla leases? Here to answer all your questions is
Jerry
, the no. 1-rated car insurance
app. We’ll talk about how leases work, how much you can expect to pay for your Corolla lease, what to do at the end of your lease term, and how to save on your Toyota Corolla insurance cost
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How to lease a Toyota Corolla
Leasing a Toyota Corolla may seem like a fairly straightforward process—just visit a dealership, select your vehicle, and sign on the dotted line. However, it’s important to follow this checklist, to get the best lease deal possible.
- Check your credit score. Anything under 630 is considered poor, and if it’s under 520, you probably won’t qualify at all. A score above 650 puts you in a position for a great lease deal.
- Determine your leasing budget. A good rule of thumb is to aim for a monthly payment that’s no more than 15% of your income. For example, If you make $5,000 a month, a lease payment up to $750 is appropriate—better still if you can get closer to $500 (10%).
- Estimate your potential down payment. Also known as a capitalized cost reduction, your down payment can help bring down your monthly costs. If you can, it’s worth waiting a few months to save up and make a bigger down payment to get the best deal.
- Calculate your realistic annual mileage. You can opt to lease a Toyota Corolla with an annual mileage plan of 10,000, 12,000, or 15,000 miles. If you have a long commute or plan to take your Corolla on a cross-country trip, do the math to see which mileage limit will work best for you.
Once you’ve finished the checklist, it’s time to head to the Toyota dealership to
compare lease offers
. Pro Tip Having a budget before you go allows you to negotiate the best deal when it comes time to sign.
MORE: How does your credit score affect car insurance?
The final step: shop for insurance
Whether you own or lease, you’ll need to insure that snazzy new Corolla!
Let
Jerry
help you with that—just download the app, answer a couple of quick questions, and Jerry will generate personalized quotes sourced from over 50 name-brand insurance companies. How much does a Toyota Corolla lease cost?
The average cost to lease a Toyota Corolla ranges from about $250 to $500 a month.
But your exact cost will depend on various factors, like the trim level and options you select, your credit score, the term of your lease, and the money you pay up front.
Your costs may also vary based on where you live and the time of year since leasing offers change seasonally.
Let’s first talk about vehicle trim level options and packages. The trim level you choose is a determining factor in how much you’ll pay to lease a Corolla. If you’re looking to keep things cheap and cheerful, you’ll want to stick to the base model
L
. If you want something a little flashier, you may opt for the SE
or XSE
. Keep in mind that opting for a higher trim will make your monthly payment go up.
Let’s dig into that. To keep things easy, we’ll assume you have excellent credit (690-719), commit to a 36-month lease with 12,000 annual mileage, and put $2,000 down.
Trim level | Monthly payment |
|---|---|
L | $265 |
LE | $267 |
SE | $308 |
XSE | $401 |
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* checking your rate won’t affect your credit score
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* checking your rate won’t affect your credit score
The other defining factor in determining your 2022 Corolla lease payment is your credit score.
Again, let’s take a look at how your costs for the base model L could change based on your score. We’ll assume a 36-month lease and 10,500 annual mileage.
Credit score | Monthly payment |
|---|---|
520 to 579 | $524 |
580 to 609 | $485 |
610 to 629 | $465 |
630 to 649 | $438 |
650 to 669 | $373 |
670 to 689 | $343 |
690 to 719 | $328 |
720+ | $319 |
Pro Tip If you’re an active or retiredmilitary memberor arecent college graduate, you could qualify for a $500 rebate to reduce the cost of your Corolla lease.
Services included in a Toyota Corolla lease
Every leased Corolla comes with a
ToyotaCare
maintenance plan. This includes free routine maintenance for the first two years or 25,000 miles, as well as free 24-hour roadside assistance.Do keep in mind that ToyotaCare only covers routine maintenance. Repairs due to accidents will not be covered. Here’s what’s included:
- Multi-point inspections (checkups for your car)
- Tire rotations
- Engine oil and filter changes
- Fluid level adjustments
- Toyota Genuine Parts (no aftermarket parts will be used)
If you choose a 24-month lease, ToyotaCare will cover all routine maintenance for the full duration of your lease.
However, If you choose a longer lease term, you’ll be responsible for paying for any routine maintenance after two years or 25,000 miles.
What to do when your Toyota Corolla lease is up
When you reach the end of your Toyota lease, you’ll have three options:
- Return the car and lease a new one (a Corolla or a different model)
- Request a payoff quote to buy the car
MORE: How to prepare a car for inspection when returning a lease
How to return a leased Toyota Corolla
If you’re ready to return your Corolla or trade it in for another one, you’ll want to follow Toyota’s
return checklist
for a smooth return process. Start by examining your Corolla for wear and tear. Toyota’s
Lease-End Guide
breaks down the amount of damage that’s acceptable. In general, if there are any scratches, cracks, or dents larger than a credit card, you’ll have to pay for these damages.If you purchased
Excess Wear & Use Protection
, you may be covered for some extra wear. Visit Toyota Finance’s website for a full breakdown of program limits. Make any necessary repairs, then call AutoVin at (855) 40-MY-TFS to schedule a vehicle inspection.
Once your lease passes inspection, you may call the local dealer you leased from to make a return appointment. At turn-in, you’ll have to sign an odometer statement and pay a disposition fee up to $350. The disposition fee is waived if you lease another Toyota.
Pro Tip Schedule your inspection about 15 to 60 days before your lease is up.
How to purchase a leased Toyota Corolla
Toyotas are known for their reliability, so buying out your lease could be a wise investment. The Corolla has a life expectancy of up to 300,000 miles, so you can expect to enjoy your vehicle for many years to come.
If you decide to keep your Corolla, you may request a payoff quote through Toyota Financial Services or by calling 1-800-286-0652.
How to find the best car insurance for a Toyota Corolla lease
Finding insurance for your leased Toyota Corolla is easier than ever. Just download the
Jerry
app, answer a few quick questions, and Jerry will scan quotes from over 50 name-brand insurers in less than a minute, delivering the best deals straight to you.Once you make your pick, Jerry will help secure your new insurance straight through the app and can even help cancel your old policy. That way, you can get started saving right away.
But how do the numbers shake out? We’re glad you asked. On average, Jerry users save $887 a year on
car insurance
. “Jerrywas pretty amazing. They found me quotes with every company at the cheapest price possible! Then I decided which company and coverage I preferred. As a new, young driver, I had a great experience!.” —Sean E.
Find out if you can reduce your monthly car payments in minutes
* checking your rate won’t affect your credit score
Check your rate
* checking your rate won’t affect your credit score
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