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The car as appliance. The Corolla is as close to white goods as a car can get and none the worse for it. If you wish to buy a car that merely fulfills it's functions with the bare minimum of hassle then this really is the car for you.
Underneath the bland exterior and functional interior the Corolla is actually quite a fun car to drive. The handling and ride are good, the steering and brakes ditto. The range of engines are great and the reliability truly excellent.
Prices for the 1.6 petrol and 1.4 diesel are equivalent but the mileage on the diesel is likely to be around 10,000 miles more. Insurance for the 1.6 petrol is 2 groups higher but servicing will be less. The £1000 premium for the 2.0 diesel is too much.
Go for the 1.6 petrol with this car. The engine is refined and more than adequate power wise. It's also a byword for reliability. Don't worry to much about spec as all the cars are well equipped. T2 spec has air-con and should have all the toys you need.
The optimum T2 spec 1.6 petrol Corolla will cost around £6000 at 5 years old and should have around 40,000 miles on the clock. By way of comparison a 2.0 litre diesel car with 10,000 miles more showing will cost £1100 more.
Depreciation is likely to be steady on these cars and highly affected by specification and mileage. There is no best time to buy.