2023 Toyota GR Corolla Owner Tries to Flip It, Loses Money Instead
We can’t blame this 2023 Toyota GR Corolla owner for trying to make a quick buck, but it seems as if the market is cooling off a touch.
Over the past few years, both new and used car values have soared to new record highs, making it more expensive than ever to own, well, anything. At the same time, collector cars and vehicles that appeal to enthusiasts are also being snatched up en masse and flipped for hefty profits from desperate folks that either tried to acquire one and couldn’t, or perhaps just didn’t want to wait months or even years to take delivery. However, the tides are beginning to turn a bit, as we can see from this 2023 Toyota GR Corolla that recently sold on Cars & Bids.
Produced in limited quantities and universally lauded by everyone from enthusiasts to critics, it isn’t a surprise that the 2023 Toyota GR Corolla is a red hot product. As such, it also isn’t surprising to see someone try and take advantage of that slanted supply/demand curve, which is precisely the case here. With just 200 miles on the clock, this particular car is essentially brand new, out of the wrapper, and ready to rack up a hefty profit for the seller at auction – but that’s not exactly what happened at all.
This GR Corolla had an original sticker price of $40,073 thanks to the addition of some optional goodies including the Performance, Cold Weather, and Technology packages. With a hammer price of $48,550, one might assume that the seller made a tidy profit here, even after paying applicable fees, but that isn’t the case at all. In fact, according to Carscoops, the owner actually paid a markup for the privilege of bringing this hot hatch home in the first place, nullifying his profit.
Unfortunately, the seller didn’t disclose how much money he lost on this sale, but noted that even at the previous high bid of $47k, he was set to “lose a substantial amount of money on the car.” Making matters worse, he also secured another GR Corolla allocation, meaning that he’s essentially paying for both cars at the same time. “This is not breaking even sadly,” he added. “I’ll enjoy the new car but my payment on that one will be higher as the down payment is now lower. Oh well.”
While many will laud this as a triumph over the “evil” flippers that people like to bash for their transgressions, we certainly can’t blame the seller for trying to make a quick buck in a hot market. However, the fact that he failed spectacularly, well, that’s likely just a sign of things to come as the market inevitably cools off at some point in the future – good news for the average person that just wants to buy vehicles at or below MSRP like the good old days.
Photos: Cars & Bids
Join the Club Lexus forums now!
