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If you plan to keep the car for a while, I would replace rather than rebuild the transmission. I'll had first hand bad experience and have heard tons of stories about poorly rebuilt transmissions. While I'm sure there are some great transmission repair shops out there, I just haven't crossed paths with them.
However, I would replace the transmission with a used one rather than new. You should be able to get a tranny with 50K or less miles on it for $500 or less at a local salvage yard. Most will give you a 90 day warranty. If you can't find one local, there's a bunch of them offered on Ebay for $300-400. However, you'll incur a $150-200 shipping charge unless you can pick it up.
You should be able to find an independent mechanic who will install the tranny for $500-$750. Just realized the guy's not going to give you any warranty on the tranny.
So you are looking at about $1000-1500 to have a used tranny put into your Corolla.
The reason I would go the used rather than rebuilt route is that I have more confidence in the quality of a used factory built Toyota tranny than a rebuilt one. Most Corolla trannys are usually good for 150-200k miles. Some even longer. My 2003 has about 175K and the tranny is working fine.
I realize there's a risk in buying a used tranny. However, I've had good luck with low mileage used parts. Much better than rebuilt.
Last edited by aspen007; 12-23-2010 at 11:33 AM.
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