This Top-Selling Toyota Is Perfect For Retirees On Social Security

When it comes to best-selling cars, few are as iconic as the Toyota Corolla. Toyota reports that over 50 million Corollas have been sold worldwide, and it has steadily ranked among the best-selling cars in America for decades. In 2025, it placed third globally in Focus2Move's roundup of the best-selling vehicles, behind only the Tesla Model Y and Toyota RAV4.

Many sources have also touted the Toyota Corolla as one of the most budget-friendly and trusted cars out there. According to Toyota's official website, the 2026 Corolla starts at $23,125 — and that's just for the newest model. If you're open to used options, you may find a Corolla at an even more affordable price point. Older Corollas are counted among the cheap vehicles known to be reliable even at very high mileage, with iSeeCars estimating the average 2023 Corolla lists for about $21,000. Meanwhile 2021 models average around $18,600 and 2016 Corollas have an average price of about $13,200.

For retirees living mainly on the average retired-worker Social Security benefit of about $2,081 a month, the Corolla's price points make it easy to finance — or even buy outright if you have decent savings. Corollas are also famously reliable and affordable to repair, thus reducing the chances of expensive surprise breakdowns, which can be a common problem among the worst cars for retirees.

An income of less than $2,100 can lead to some pretty tight financial restrictions, but there are ways to fit both new and used Corollas into your retirement budget. Factoring in sales tax and dealer fees, a new 2026 Corolla LE can cost about $26,000 out the door. With no money down, a 60-month loan at Bankrate's reported 6.97% average new-car interest rate could command payments of around $500 per month. However, if you have another car to trade in or the means to make a down payment, those fees could go down considerably.

Meanwhile, used Corollas are even more financially accommodating. Kelley Blue Book (KBB) estimates the 2019 Corolla LE's fair market value to be around $14,200. Even at 11.26%, which Bankrate reports to be the average interest on used-car loans as of late 2025, you could expect to pay around $311 monthly for that model with nothing down. A $5,000 down payment or trade-in could bring those monthly payments down to around $200 — less than 20% of the average retired worker's Social Security income.

Additionally, Zebra finds that the Corolla is considerably cheaper to insure than other cars in its class, while typical maintenance and repair costs for Corollas come out to a manageable $30 to $50 a month over the first few years of ownership. Additionally, the Corolla is known to have a low depreciation rate, giving you extra flexibility if you plan to sell it down the line.