The old Corolla market is shit house. There is a very very small percentage of people who would consider paying decent money for a good condition early model Corolla. It's only worth as much as what people will pay.
We were offered $8,000 for our Ke11 unregistered and running like shit.
Also the term "overrated" is grossly over used these days. overrated to me now is brand new show room condition with no marks and original service stickers etc