2023 Toyota GR Corolla prices in Japan point to $90,000 flagship

The 2023 Toyota GR Corolla could cost between $65,000 and $90,000 when it arrives in Australia early next year in limited numbers, based on the latest price estimates for the Japanese market.

According to Japanese website Creative Trend – yet to be confirmed by Toyota – the GR Corolla will be priced from 5,250,000 Yen in standard 'RZ' form in Japan, or 7,150,000 Yen for the two-seat Morizo edition, when orders there open today via an online lottery.

Those prices equate to $AU57,000 and $AU77,600 based on a currency conversion using today's exchange rates.

However, compared to Japanese and Australian benchmark pricing for other Toyota GR cars – taking into account shipping, local vehicle certification and other costs – the basic Toyota GR Corolla variant equates to approximately $AU65,000 before on-road costs.

When Luxury Car Tax is applied to the price of the lightweight, two-seat Morizo edition – as it would be above the $71,849 threshold for LCT – the flagship model could cost as much as $95,000 plus on-road costs in Australia.

Japanese prices are broadly similar to those of the US, where the Toyota GR Corolla Circuit Edition variant – similarly equipped to Japan's RZ – retails for $US43,995 ($AU65,500, via a currency conversion), and the Morizo Edition is $US50,995 ($AU75,900 converted).

For context, the Toyota GR Corolla RZ and Circuit Edition variants are priced similarly to a 2.0-litre GR Supra in Japan and the US, while the GR Corolla Morizo is cheaper than a 3.0-litre GR Supra – pointing to Australian-equivalent prices of about $65,000 and $95,000 respectively.

Meanwhile, the smaller Toyota GR Yaris hot hatch in Japan is priced from 3,960,000 Yen in 'RZ' trim, or 4,560,000 yen in 'RZ High Performance' guise – or $AU43,000 and $AU49,500 respectively.

The same cars in Australia – branded as the GR Yaris and GR Yaris Rallye – cost $49,500 and $54,500 plus on-road costs.

Toyota Australia is yet to confirm prices and model variants for the GR Corolla ahead of its launch next year – and it's unclear if there will be two models, as per Japan, or it will also offer a 'base' model such as the GR Corolla Core in the US.

So far, Toyota Australia has confirmed showroom arrivals are due to commence between January and March 2023 – and only 500 examples will be available over the first 12 months, equating to two cars per dealership.

The Toyota GR Corolla has similar restrictions in Japan – 500 GR Corolla RZs and 70 Morizo editions in the first batch – while the US will be allocated 6600 examples for Model Year 2023 given the North American new-car market 15 times larger than Australia.

Despite the limited allocation of vehicles initially, over time Toyota Australia forecasts the GR Corolla to outsell the GR Yaris – approximately 2300 of which were sold between November 2021 and June 2022, in addition to a further 160 that became available last month.

Toyota Australia has hinted at at least two variants of the GR Corolla could be headed our way: a standard five-seat model on Yokohama tyres, and the two-seat Morizo edition, which runs on Michelin high-performance tyres and gains additional track-oriented enhancements.

This would be a similar strategy to the Toyota GR Yaris, which is offered locally in a standard form on Dunlop tyres, and the more expensive Rallye edition with sticky Michelin tyres and limited-slip differentials.

Australia's standard GR Corolla model could mirror Japan's, which is fitted with 18-inch forged alloy wheels, Yokohama Advan Apex tyres, a vented bonnet, forged carbon-fibre roof, red brake calipers, and Torsen front and rear limited-slip differentials.

The US-market Circuit Edition – the middle of its range, above the base Core – also scores a taller rear spoiler, but lacks the Japanese-market RZ's forged wheels (featuring 18-inch black non-forged alloys).

Standard features on Australia's GR Corolla confirmed by Toyota thus far include "large 18-inch black alloy wheels", Yokohama tyres, an 8.0-inch touchscreen, wireless Apple CarPlay, wired Android Auto, and satellite navigation.

It has also confirmed a 12.3-inch digital instrument cluster, head-up display, wireless phone charger, heated front seats, heated leather steering wheel, dual-zone auto climate control, keyless entry and start, "illuminated entry", and a full suite of advanced safety features.

As reported, the Morizo edition overseas removes the rear seats, and adds wider Michelin Pilot Sport Cup 2 track tyres (with 18-inch forged wheels, if applicable), revised gear ratios and suspension, an extra 30Nm (for 220kW/400Nm in total), suede-trimmed front bucket seats, and more.

The head of sales and marketing for Toyota Australia, Sean Hanley, told Australian media in September: “Pricing has not been set for Australia, it doesn’t go on sale until [early] next year.

“Any speculation on pricing in the meantime is exactly that, it is speculation. We haven’t locked in a price position at all. We won’t do that until we are closer to launch.”