Toyota raises prices from $150 to $900 across its 2024 lineup

Cars Direct says it saw a Toyota dealer bulletin earlier this month laying out price changes on 20 Toyota models from the Corolla to the Highlander Hybrid. The MSRP changes came in almost entirely below $400; the only models hitting that mark or going higher were the GR Corolla and Sequoia listed as rising by $400, the Sienna minivan costing $500 more, and the Supra that would add $900 to its MSRP.

The bulletin also claimed that price changes would commence with January or February production depending on the model, so end-of-year buyers trying to get in before the inflationary bell could score lower prices on 2024 models. It’s possible the situation changed between that bulletin going out and Toyota updating its U.S. configurator, because price changes are already in effect, they can vary by trim, and they’re slightly different from the numbers in the bulletin.

This isn’t every model Cars Direct listed, but enough to make the point about MSRPs and their changes:

  • Highlander Hybrid: $42,115 ($100 to $250)
  • Highlander: $40,515 ($100 to $250)
  • Corolla: $22,995 ($150 to $200)
  • Toyota Crown: $41,145 ($100 to $730)
  • Prius: $28,745 ($200)
  • RAV4: $29,285 ($200)
  • Corolla Hybrid: $24,395 ($200 to $250)
  • GR Corolla: $37,195 ($200 to $1,840)
  • RAV4 Hybrid: $34,225 ($250)
  • Grand Highlander: $44,465 ($250)
  • 4Runner: $42,350 ($300 to $700)
  • Grand Highlander Hybrid: $46,065 ($350)
  • Toyota Supra: $46,635 ($900)

As we’ve seen with a few other automakers, some of these increases come on top of MSRP jumps levied a few months ago. The 2024 Highlander’s MSRP increased by $100 to $250 in September, which, combined with the Toyota dropping the base L trim, effectively raised the cost of entry $2,500 compared to 2023. That’s now $2,600 to $2,750 over 2023.

There are trim-dependent details with a few models as well. The 2023 GR Corolla lineup, for instance, counted the Core, Circuit, and limited-edition Morizo Edition trims. For 2024, Core continues as the base, Circuit takes the top spot vacated by the Morizo Edition, a new Premium trim slipping in between. The Core is up $200, the Circuit is up $1,840, the Premium is a new model starting at $41,015, a sum less than last year’s Core that cost $43,995. 

Some models haven’t changed, the 2024 Toyota Tacoma and Tundra Hybrid pickups holding steady, and the carryover 2024 Toyota Camry.

Because some of the differences on the configurator are lower than those listed in the dealer bulletin Cars Direct saw, like on the Toyota Prius, and because the bulletin specified January and February production, it’s possible that January and February will see the increases outlined in the memo.

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