I would pick a corolla.
It's a compact instead of a full size so it will get about 4 mpg better than the Camry. Depending on how often you plan to go home when in college this can add up to a lot of savings really fast.
Also its blue book value will be lower.
I would go for a 2006 or 2007. It will be less than half the original cost, but will not be too old (11 or 12 year old when you graduate college assuming your 16ish). You should try to find one with 70,000 miles or less since you plan on keeping it for a long time.
The only reason to choose a Camry would be if you plan to regularly transport 5 people (adults) around town because the middle seat will be a little wider and the trunk a little bigger.
www.cars.com
First car for a teenage driver - camry or corolla?
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