Toyota Corolla’s trim levels are base, LE, S, XLE and XRS. Base models are reasonably well-equipped but lack power accessories, which the LE model adds. The S model has only the base model's convenience features as standard but gains various sporty touches. The XLE is the most luxurious Corolla, while the XRS is less luxurious but features a larger engine and a sport-tuned suspension.

Fuel economy has always been a Corolla hallmark. To this end, all Corollas but the XRS model employ an updated version of Toyota's venerable 1.8-liter four-cylinder engine, which is renowned for its efficiency. This 132-horsepower power plant manages to make the current Corolla a hair faster than its predecessor while still returning comparable gas mileage. The XRS employs a 158-hp, 2.4-liter inline-4, which makes the car reasonably quick, with a predictable penalty at the pump.