Toyota has released prices on the all-new 2009 Corolla Sedan (see details and images here) that will begin arriving at dealerships in February. Available in five grades – Standard, LE, XLE, the sporty S, and the performance-driven XRS, the Corolla is offered with a pair of 4-cylinder engines, a 132 HP 1.8-liter and a 158 HP 2.4-liter, each of which can be combined with a five-speed manual transmission. The 1.8L engine can be matted to a 4-speed automatic transmission while the 2.4L engine with a 5-speed automatic. The Corolla base MSRP will range from $15,250 to $19,950. -Details after the jump

PRESS RELEASE 2009 COROLLA

Nearly 40 years after the Corolla was introduced to American drivers, an all-new, 10th generation 2009 Corolla will continue to offer the quality and value for which the brand has long been known. The new Corolla with an all-new body that delivers increased interior and luggage room, more power, more economical engines and an all-new chassis and suspension.

The Corolla will come in five grades – Standard, LE, XLE, the sporty S, and the performance-driven XRS. A standard body kit on S and XRS models helps to modify aerodynamics and enhance the Corolla's sporty look – these include a front spoiler, rocker moldings, upper and lower rear spoilers, and for improved air management under the car, engine undercovers.

The Standard, LE and XLE will be equipped with one of the all-new engines. The 1.8-liter 16-valve, DOHC four-cylinder engine, will produce 132 hp at 6,000 rpm and 128 lb.-ft. of torque at 4,400 rpm. One of the engine's most important features is its use of Dual Variable Valve Timing with intelligence (VVT-i) on both the intake and exhaust camshafts that helps it achieve outstanding performance and economy.

For those who desire just a bit more horsepower and torque, there is the 2.4-liter engine which produces 158 hp at 6,000 rpm and 162 lb.-ft. of torque at 4,000 rpm. This engine is completely redesigned for use in the new Corolla XRS grade. The 2.4-liter engine transmits its power through the five-speed manual transmission, but is available with a five-speed automatic. The automatic transmission can be manually shifted sequentially.

Airbags are installed in the steering wheel, instrument panel, front seats and side-roof. Side curtain airbags that help protect passengers in the front and rear seats in the event of a side impact are standard. Front seats employ active headrests as standard equipment. Toyota's Anti-lock Braking System (ABS) is standard on all grades of the Corolla. Vehicle Stability Control (VSC) with Traction Control (TRAC) and cut-off switch available is available as an option.

The all-new Corolla is equipped with an array of standard performance and convenience features. Among the many features on the Standard grade are P195/65 R15 tires, a heavy duty rear window defogger, AM/FM/CD audio with four speakers that is also XM® satellite capable, air conditioning with air filter, intermittent windshield wipers, two 12-volt power outlets, daytime running lights, black manual folding power mirrors, power steering, tilt and telescopic steering wheel, 60/40 split folding rear seats, and much more.

In addition to standard features on the Standard grade, the LE grade adds power windows with driver-side one-touch-down, shift-activated power doorlocks and color-keyed manual-folding power mirrors.

As well as the features on the LE grade, the XLE grade adds P205/55 R16 tires with full wheel covers, variable intermittent wipers, remote keyless entry, Optitron gauges, center console with sliding armrests, wood grain trim, and driver and passenger rear-seat pockets.

Besides the Standard grade features, the sporty S grade also features standard P205/55R16 tires with full wheel covers, color-keyed front and rear underbody spoilers, fog lamps, front sport seats, leather-wrapped steering wheel, black headlamp housing, chrome exhaust tip and AM/FM/CD XM® capable audio with six speakers.

In addition to S grade features, the XRS grade adds rear deck spoiler, P215/45 R17 tires with alloy wheels, sport strut tower brace, VSC with TRAC and cut-off switch, XRS scuff plate, leather-trimmed shift lever and knob, cruise control and interior chrome accent.

Additional standard equipment on the XLS grade includes VSC with TRAC and cut-off switch, P205/55 R16 tires with 16-inch alloy wheels, a JBL audio system with AM/FM/six-disc CD changer with MP3/WMA playback capability, XM® satellite and eight speakers in six locations and navigation system with AM/FM CD with MP3/WMA playback capability.

The Corolla Standard grade will carry a base MSRP of $15,250 for models with a manual transmission and $16,050 for models with an automatic. The LE grade with automatic has a base MSRP of $16,650 and the XLE grade with an automatic a base MSRP of $17,550. The S grade will carry a base price of $16,320 for a manual transmission model and $17,150 for models with an automatic. The MSRP for the premium XRS grade will be $18,760 for a manual transmission and $19,950 for models with an automatic.