The Corolla is carried over from the previous model year, but an updated version is expected to arrive in late 2007.  There are three Corolla trims offered, and each is available with both manual and automatic transmissions.   The LE is categorized as the most upscale model, but it is comparable in price to the sporty Corolla S series.  Opting for the LE adds Optitron gauges, keyless entry, power windows and locks, and a faux wood trim.  Options like an upgraded sound system, cruise control, and a sunroof are available on this trim.
The Corolla LE is powered by a 1.8 liter DOHC inline four cylinder engine, mated here to a four speed automatic transmission.  The small engine is supported by Toyota's Variable Valve Timing + intelligence system, which helps draw out a bit of additional engine power.  The 2550 pound sedan is supplied with 126 horsepower and 122 pound-feet of torque.  
Price and fuel economy have historically been the Corolla's most desirable features.  A fully loaded Corolla offers Toyota reliability and build quality in the same price bracket as the Honda Civic, Mazda 3, Hyundai Elantra, and Nissan Sentra.  Toyota's VVT-i technology complements the low curb weight and small engine, to produce exceptional 30/38 mpg fuel economy.