The Toyota Camry remains a dominant force in the American midsize sedan market, even as SUVs and crossovers surge in popularity. Despite the industry’s shift toward larger vehicles, the Camry’s affordability, reliability, and practicality continue to attract buyers. This analysis breaks down the real cost of owning a used 2023 Toyota Camry, factoring in depreciation, maintenance, repairs, and fuel expenses.
Why the Camry Still Matters
The Camry’s enduring appeal lies in its reputation for longevity and low ownership costs. While newer models start around $29,000, a well-maintained 2023 Camry offers significant savings without sacrificing reliability. The previous generation, while mechanically similar to the current one, can be acquired at a lower price point, making it an attractive option for budget-conscious buyers.
Ownership Costs: A Five-Year Breakdown
According to Edmunds’ True Cost to Own calculator, a base 2023 Toyota Camry SE will cost approximately $43,821 over five years. This includes $10,313 in depreciation, $5,329 for maintenance, and $1,685 for repairs. Owner reviews consistently rate the Camry highly, with an average of 4.5/5 stars, praising its dependability.
Market Pricing: What to Expect
Kelley Blue Book estimates a used 2023 Camry can be found for as little as $27,084, depending on condition and trim level. J.D. Power lists prices ranging from $23,196 to $38,070, with some examples on Edmunds selling for around $22,000. Considering the 2023 model started at $26,320 new, the Camry holds its value exceptionally well, outperforming many competitors. iSeeCars data shows a 62.3% value retention, with an average loss of $10,829 since new.
The V-6 Option: Higher Costs, More Performance
The Camry V-6, available in XSE, XLE, and TRD trims, carries a higher ownership cost. Edmunds estimates $52,616 over five years, including $5,793 in maintenance, $1,685 in repairs, $13,149 in depreciation, and $14,153 in fuel. Toyota discontinued the V-6 option in the current generation due to low demand, shifting focus toward electrification.
Reliability and Long-Term Value
The 2023 Toyota Camry boasts an impressive reputation for reliability. J.D. Power gives it an 88/100 quality and reliability rating, with an 81/100 driving experience and 83/100 resale value, resulting in an overall score of 84/100. iSeeCars ranks it as the highest-rated used midsize sedan under $30,000, predicting it will last 12.9 years with minimal mechanical issues and has a 31.3% probability of reaching 200,000 miles.
Beyond Reliability: Real-World Pros and Cons
Reviewers highlight the Camry’s fuel efficiency, standard safety features, comfortable ride, and spacious trunk as key strengths. However, potential buyers should note its poor braking performance on wet surfaces, limited accessibility due to its low ride height, and finicky phone pairing software. The V-6 offers more performance but at the expense of fuel economy.
The Camry’s Enduring Legacy
The Toyota Camry’s success in the U.S. market stems from decades of consistent reliability, affordability, and comfort. Introduced in the 1980s, it quickly became the benchmark for midsize sedans, combining efficient performance with exceptional longevity. While the Camry is no longer sold in some global markets due to the SUV craze, it remains a staple in the U.S.
Performance Specs: Four-Cylinder vs. V-6
The base 2.5-liter four-cylinder engine delivers 203 horsepower and 184 pound-feet, achieving 0-60 mph in eight seconds and a top speed of 115 mph. The optional 3.5-liter V-6 produces 301 horsepower and 267 pound-feet, accelerating to 60 mph in 5.8 seconds and reaching a limited top speed of 130 mph.
Fuel Economy: Cost Savings Over Time
The four-cylinder Camry achieves an estimated 28/39/32 mpg (city/highway/combined), covering 506 miles on a 15.8-gallon tank. Owners can expect to save $1,000 in fuel costs over five years, spending $1,400 annually and $2.36 for a 25-mile trip. Refueling costs approximately $48. The all-wheel-drive version returns 25/34/29 mpg with a 418-mile range, saving $250 over five years, costing $1,550 annually, and $2.60 per 25 miles with a $43 refill cost. The V-6 returns 22/33/26 mpg with a 411-mile range, costing $750 more in fuel over five years, $1,750 annually, and $2.90 per 25 miles.
Conclusion
The 2023 Toyota Camry represents a smart, cost-effective choice for buyers seeking a reliable midsize sedan. Its strong resale value, low maintenance costs, and proven durability make it an excellent long-term investment. While newer models offer updated features, a well-maintained 2023 Camry provides exceptional value without compromising on quality or dependability
