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Toyota Prices Have Increased 19% In 5 Years
Toyota prices have risen 19% since 2018. Today, Toyota MSRPs are $6,124 higher on average. It’s true that Toyota prices haven’t climbed as drastically as other car brands (notably Jeep), but the price hikes still exceed historical norms for car price inflation. Overall, new car prices in America have risen 28% over the same period.
Could Toyota’s rising prices be to blame for the brand’s declining sales? Is the brand pricing for a market that’s simply too premium for Toyota’s reputation? Which Toyota prices have risen the most? We’ll answer these questions and more. Plus, we’ll take a closer look at Toyota’s best-selling models.
Jeep’s Sales Fall 34% As Prices Rise
I think most automotive analysts would agree that Toyota Motor North America (TMNA) is doing just fine these days. Revenue and profits were both higher in 2023. But it’s not all good news, even as the brand has reached record market share.
Toyota’s US sales have been struggling to climb for most of the past five years. Yes, there was the pandemic and the ensuing parts shortage. Japanese automakers were hit particularly hard by the semiconductor chip shortage of 2021-early 2022. But even in 2023, the closest year we’ve had to a ‘normal’ year in a while, Toyota’s sales were essentially flat, and market share fell from 2022’s highs.
Toyota reported sales dropping from 2,128,263 in 2018 to 1,928,228 cars sold in 2023. For the first time in several years, Toyota’s market share in America fell in 2023.
Over the same period, Toyota’s average transaction price rose from $32,168 in 2018 to $38,298 in 2023, a price increase of 19 percent.
Toyota’s U.S. market share was steadily climbing as the brand conquered competitors like Chevrolet, Ford, and even Honda to an extent. That all ended in 2023, when Toyota’s market share took a slight dip. The leading theory for why this happened is that Hyundai and Kia’s rising popularity are a force to be reckoned with.
Could rising prices be to blame for stagnant sales, or is Toyota facing more competition from the likes of Kia and Hyundai? It’s likely a combination of these and other factors. Let’s take a look at Toyota’s average selling prices over time. We’ve also included the overall market trends for comparison’s sake.
Inflation is hitting everyone, including OEMs like Toyota. Clearly, Toyota has shielded their customers from the worst of car price inflation when compared to the industry average. Nevertheless, Toyota prices are climbing.
There’s another reality that has undoubtedly played into Toyota’s rising prices. As more buyers choose SUVs, crossovers, and even trucks (as is the trend these days), naturally, average transaction prices will rise. Larger vehicles almost always cost more than sedans.
Now, let’s look at how Toyota’s five best-selling models in America have fared when it comes to sales and price trends.
Toyota RAV4
Last year, Toyota sold 434,943 RAV4’s in America. That’s up 8.8% from 2022. However, RAV4 prices have risen 11% in the past five years. Here’s a look at RAV4 price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Toyota RAV4 is $37,053.
Browse Toyota RAV4 listings with the power of local market data.
Toyota Camry
Last year, Toyota sold 290,649 Camry’s in America. That’s up 1.5% from 2022. However, Camry prices have risen 6% in just five years. Here’s a look at Camry price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Toyota Camry is $32,256.
Browse Toyota Camry listings with the power of local market data.
Toyota Corolla
Last year, Toyota sold 232,370 Corolla’s in America. US Corolla sales were up 4.5% year-over-year in 2023. However, Corolla prices have risen 12% in just five years. Here’s a look at Corolla price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Toyota Corolla is $25,169.
Browse Toyota Corolla listings with the power of local market data.
Toyota Tacoma
Last year, Toyota sold 234,768 Tacoma’s in America. Tacoma sales were DOWN 1.1% year-over-year in 2023. However, rising prices could be to blame. Tacoma prices have risen 20.6% in five years. Here’s a look at Tacoma price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Toyota Tacoma is $41,196.
Browse Toyota Tacoma listings with the power of local market data.
Toyota Tundra
Last year, Toyota sold 125,185 Tundra’s in America. Tundra sales were up 20% year-over-year in 2023. Tundra prices have risen 26.3% in just five years, the biggest price increase of any Toyota model. Looking at sales stats, truck buyers don’t seem to mind. Here’s a look at Toyota Tundra price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
In 2024, CarEdge Data shows that the average transaction price for a new Toyota Tundra is $64,191.
Browse Toyota Tundra listings with the power of local market data.
Be sure to check back for the latest Toyota price data next month. In 2024, it’s a buyer’s market for the first time since the pandemic.
Looking to Save Thousands On Your Toyota Purchase? We Can Help.
Who is CarEdge? Simply put, we’re a team of real people saving drivers serious money. How do we do it? We offer car buying help for every price point. From 100% free resources to an all-inclusive car buying concierge, and everything in between, CarEdge is taking the pain out of car buying.
How about some free car buying help…
Ready to outsmart the dealerships? Download your 100% free car buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
Jeep Prices Have Increased 61% In 5 Years
Jeep prices have risen 61% since 2018. Overall, new car prices in America climbed 28% over the same period. Could Jeep’s price inflation be to blame for the brand’s falling sales? Which Jeep prices have risen the most? Are all trim levels seeing equal price hikes? We’ll answer these questions and more. Plus, we’ll take a closer look at Jeep’s best-selling models. But first, let’s dive into Jeep’s overall sales and price trends in the U.S. market.
Jeep’s Sales Fall 34% As Prices Rise
Is Jeep okay? The beloved brand has millions of diehard fans worldwide, but it seems that’s not enough to keep sales climbing. There’s no hiding the fact that Jeep is losing market share rather quickly. Looking at the numbers, Jeep’s parent company Stellantis reported sales dropping from 973,227 in 2018 to 642,924 cars sold in 2023. In the blink of an eye, Jeep sales fell 34%. For the first time in many years, Jeep’s market share in America has fallen below 5% of new car sales.
Over the same period, Jeep’s average transaction price rose from $33,954 in 2018 to $54,715 in 2023, a price increase of 61 percent.
Could worsening car price inflation be to blame for Jeep’s declining sales, or could it be concerns about reliability and high maintenance costs? It’s likely a combination of these and other factors. Let’s take a look at Jeep prices over time.
The launch of the Jeep Wagoneer and Grand Wagoneer was chief among the reasons for Jeep’s soaring prices. However, other factors were at play, too. In the next section, we’ll take a look at how much Jeep raised prices for their 5 best-selling models. We’ll even break it down by trim level.
Jeep Grand Cherokee
Last year, Stellantis sold 244,594 Jeep Grand Cherokee’s in America. That’s up 10% from 2022. However, Grand Cherokee prices are rising. Here’s a look at Grand Cherokee price trends over the past five model years, with a breakdown showing the base model, mid-spec, and top-trim prices over time.
As Jeep continues to seek out buyers in the premium market, they continue to introduce more expensive top-line trims. Prices for a top-of-the-line Grand Cherokee is approaching, and in some cases exceeding, $80,000.
In 2024, CarEdge Data shows that the average transaction price for a new Jeep Grand Cherokee is $53,570.
Browse Jeep Grand Cherokee listings with the power of local market data.
Jeep Wrangler Price Trends
The Jeep Wrangler has been on sale for nearly 40 years. In 2023, Jeep sold 156,581 Wranglers in America. Sales were down 14% from 2022. Here’s a look at Jeep Wrangler prices over time for three popular trim options.
The story is much the same for the Wrangler. While the Sport and Rubicon trim levels have slowly climbed higher, top trims have nearly doubled in price since 2020.
In 2024, CarEdge Data shows that the average transaction price for a new Jeep Wrangler is $59,457.
Browse Jeep Wrangler listings with the power of local market data.
Jeep Compass Price Trends
Last year, Jeep Compass sales totaled 96,173, an increase of 12% year-over-year. Here are Jeep Compass price trends over the past five years, showing car price inflation as it happened.
In 2024, CarEdge Data shows that the average transaction price for a new Jeep Compass is $34,688.
Browse Jeep Compass listings with the power of local market data.
Jeep Gladiator Price Trends
Gladiator sales fell sharply in 2023, down 29% from the year before. Could rising prices be to blame? It’s possible. Here’s a look at how rapidly Jeep Gladiator prices have climbed.
The Gladiator has seen significant price hikes every year since its release. The popular Rubicon has seen the steepest price increases.
Today in 2024, CarEdge Data shows that the average selling price of the new Jeep Gladiator is $52,401.
Browse Jeep Gladiator listings with the power of local market data.
Jeep Wagoneer Price Trends
After launching the Wagoneer for the 2022 model year, Jeep has had limited success selling the large SUV. The premium price tag sent Jeep’s average selling prices skyward, despite selling just 29,148 copies in 2023. The even larger and more luxurious Grand Wagoneer sold 10,618 units last year.
Being that this is a new model, we don’t have an extensive price history just yet. We can see that since 2022’s launch, Jeep has already raised the base price of the Wagoneer from $60,995 in 2022 to $64,945 for 2024.
Looking to Save Thousands On Your Jeep Purchase? We Can Help.
Who is CarEdge? Simply put, we’re a team of real people saving drivers serious money. How do we do it? We offer car buying help for every price point. From 100% free resources to an all-inclusive car buying concierge, and everything in between, CarEdge is taking the pain out of car buying.
How about some free car buying help…
Ready to outsmart the dealerships? Download your 100% free car buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
These 2024 New Cars and Trucks Just Aren’t Selling – That’s Good News For You
In February, smart car buyers can negotiate thousands of dollars off of brand-new 2024 models, but only if you know where to look. Several cars, trucks, and SUVs simply aren’t selling like OEMs and dealers expected. Normally, there’s between 45 and 65 days of supply for new cars. This means that if there were no new shipments, it would take that many days to sell the existing inventory and current selling rates. Right now, multiple models are above and beyond 100 days of supply, and in some cases, well north of 200 days of supply.
Calling this an oversupply would be an understatement. This surplus has turned the tables for potential buyers, who now find themselves in a unique position to leverage this abundance for potentially better deals. Utilizing the latest insights from CarEdge Data, we’ve pinpointed which 2024 cars and trucks are currently the most negotiable.
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2024 Ford F-150
Current Market Supply: 213 days
Total For Sale: 16,377
Today’s Best Offer: 1.9% APR for 72 months
What’s new for 2024?
For 2024, Ford has refreshed the exterior with updated headlights and a redesigned grille. A 2.7-liter turbocharged V-6 engine now sits as the standard powertrain, offering a fresh dynamic under the hood. Additionally, the previous Platinum Plus variant has been replaced by a newly introduced Limited trim, marking a significant update in the model’s lineup.
See Ford F-150 listings with local market data.
2024 Ford Explorer
Current Market Supply: 119 days
Total For Sale: 16,344
Today’s Best Offer: 4.9% APR for 60 months
What’s new for 2024?
The 2024 Explorer largely mirrors the 2023 model. Minor updates include newly integrated air vents and rearranged components to accommodate a bigger infotainment screen and a new smartphone shelf.
See Ford Explorer listings with local market data.
2024 Jeep Grand Cherokee
Current Market Supply: 215 days
Total For Sale: 34,291
Today’s Best Offer: Lease for $490/month for 39 months with $4,444 due
What’s new for 2024?
Other than some new aluminum wheel options for the Limited trim, the Grand Cherokee is unchanged for the 2024 model year.
See Jeep Grand Cherokee listings with local market data.
2024 Jeep Compass
Current Market Supply: 250 days
Total For Sale: 20,303
Today’s Best Offer: $399/month (buy OR lease)
What’s new for 2024?
In 2024, the Jeep Compass sees minimal changes, with the addition of new appearance and equipment packages slated for later in 2024. An updated front grille insert and fresh 19-inch wheel designs will be introduced soon. Additionally, the Trailhawk variant will be equipped with a new set of all-terrain tires.
See Jeep Compass listings with local market data.
2024 Mazda CX-30
Current Market Supply: 162 days
Total For Sale: 25,117
Today’s Best Offer: 0.9% APR for 36 months (+ deals for longer term loans)
What’s new for 2024?
The 2024 lineup introduces the Carbon Turbo trim, featuring Zircon Sand paint, black wheels, and Terracotta leather seats, and is powered exclusively by a 250-hp 2.5-liter turbocharged engine. The Select trim is now called the Select Sport, which boasts upgraded 18-inch black metallic wheels, black mirrors, and black synthetic leather. Additionally, a larger 10.3-inch infotainment screen is now offered in the higher-end Turbo models.
See Mazda CX-30 listings with local market data.
2024 Ram 1500
Current Market Supply: 225 days
Total For Sale: 45,901
Today’s Best Offer: $479/month (Night Edition – buy OR lease)
What’s new for 2024?
For 2024, the Ram remains largely unchanged, possibly in anticipation of the substantial updates planned for the 2025 model. Notably, Ram discontinued the diesel engine option for the 1500 model last year.
See Ram 1500 listings with local market data.
You CAN Negotiate New Cars Today
With more than twice the normal inventory levels in some cases, it’s clear that several 2024 models are highly negotiable, despite being fresh out of the factory. Before you visit dealership lots, remember this: dealers are stubbornly reluctant to lower sticker prices, but they’re more open to negotiating with educated buyers than at any time in the past few years. With negotiation know-how, you can save thousands.
Free Car Buying Help Is Here! Download your FREE, no-strings-attached car buying cheat sheets here.
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These Are the Most Fuel Efficient Full-Size Trucks Today
In 2024, it’s possible to own a full-size 4×4 truck AND get good fuel economy without switching to diesel. From the Toyota Tundra to the Ford F-150, and even the Ram 1500, hybrid powertrains have made their way into America’s favorite trucks. And no, we’re not talking about electric trucks. Here’s a look at what makes these trucks the top picks for truck fans looking to spend less on gas.
2024 Ford F-150 Hybrid
Combined MPG: 25 miles per gallon
Highway MPG: 25 miles per gallon
City MPG: 25 miles per gallon
Estimated annual fuel cost ($3.25/gallon, 15,000 miles): $1,950
Starting price: $57,480+
The 2024 Ford F-150 Hybrid is a notable contender in the full-size hybrid truck market, continuing Ford’s innovative legacy. The F-150 PowerBoost Hybrid stands out as a leader in the segment. Last year, Ford sold over 50,000 copies.
The F-150 Hybrid combines a twin-turbo 3.5-liter V-6 engine with a 35-kW electric motor integrated into the transmission, delivering 430 horsepower and 570 lb-ft of torque—nearly 50 hp more than the non-hybrid V-6. Additionally, it offers the highest fuel efficiency among all hybrid full-size trucks on sale in 2024.
See F-150 Hybrid listings with local market data
2024 Ram 1500 eTorque
Combined MPG: 23 miles per gallon
Highway MPG: 26 miles per gallon
City MPG: 20 miles per gallon
Estimated annual fuel cost ($3.25/gallon, 15,000 miles): $2,120
Starting price: $40,960+
The 2024 Ram 1500 employs a unique approach to hybrid technology with its eTorque system, available in both V-8 and V-6 variants. This system enhances the traditional alternator to supply additional power to a compact battery, offering more torque and other features, albeit without continuous power drive.
Although it’s not a complete hybrid system like you’ll find in the F-150 and Tundra, the Ram 1500 eTorque’s mild hybrid design provides slight improvements in urban driving efficiency. Its advantage over the standard gas-powered Ram model is limited to just 1 mile per gallon.
See Ram 1500 listings with local market data
2024 Toyota Tundra Hybrid
Combined MPG: 22 miles per gallon
Highway MPG: 24 miles per gallon
City MPG: 20 miles per gallon
Estimated annual fuel cost ($3.25/gallon, 15,000 miles): $2,216
Starting price: $58,810
The 2024 Toyota Tundra Hybrid distinguishes itself in the full-size hybrid truck segment with its innovative i-Force system, which primarily boosts horsepower, while also offering improved fuel efficiency as a secondary benefit. Standard across all new Tundra models is a 3.4-liter twin-turbo V-6 engine, with the hybrid variant adding an extra nearly 50 horsepower and over 100 lb-ft of torque. The rear-drive i-Force Tundra is the most fuel-efficient option within the lineup, but a 4×4 option is available.
See Toyota Tundra Hybrid listings with local market data
Is There a Hybrid 4×4 Truck?
There are a few excellent 4×4 hybrid trucks available in 2024. The Toyota Tundra and Ford F-150 both offer models that feature four-wheel drive paired with comprehensive hybrid systems. The Ram 1500 also offers a 4×4 option with its mild hybrid system, though it doesn’t match the full hybrid capabilities of the Tundra and F-150.
As you can see, there’s plenty to choose from in the realm of fuel efficient full-size trucks in 2024.
Free Car Buying Help Is Here
Ready to outsmart the dealerships? Download your 100% free car buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
5 Cheap Electric Vehicles You Won’t Regret Buying in 2024
What makes EV ownership enjoyable? Fast charging, long range, and good reliability. In 2024, there’s a wider selection than ever in the search for affordable electric vehicles that won’t disappoint. Each offers a unique set of strengths, from the Tesla Model 3’s refreshed design and competitive total cost of ownership to the IONIQ 5’s ultra-fast charging. Plus, several cheap electric cars qualify for the revised federal tax credit. Here’s the need-to-know for America’s 5 best cheap electric cars and crossovers on sale in 2024.
Tesla Model 3 Rear-Wheel Drive
Price: Starting at $40,380 with destination fees
Range: 272 miles
Charging Speed: Charging speeds up to 170 kW, adding up to 160 miles in 20 minutes
Federal tax credit: Does not qualify due to new battery sourcing for the Model 3.
In 2024, the Tesla Model 3 was fully refreshed for the first time since its launch in 2017. However, due to battery mineral sourcing, the Model 3 no longer qualifies for the federal EV tax credit. Learn which models do qualify here. However, at this sub-$40,000 price, the Model 3’s fuel savings make it surprisingly competitive with a Toyota Camry when looking at total cost of ownership.
See pre-owned Tesla Model 3 listings with local market data
Kia EV6
Price: Starting at $43,975 with destination fees
Range: 232 miles (EV6 Light Rear-Wheel Drive)
Charging Speed: Up to 230 kW speeds (adding 160 miles of range in as little as 18 minutes)
Federal tax credit: No, the EV6 does not qualify in 2024. It is currently built in Korea.
Get up to 310 miles of range with the higher-spec Light Long Range RWD, which starts at $45,950. The EV6 has won multiple awards, and is much-loved by owners. It charges VERY fast at public DC fast chargers, which comes in handy on road trips.
See pre-owned Kia EV6 listings with local market data
Tesla Model Y
Price: Starting at $45,380 with destination fees
Range: 260 miles
Charging Speed: Up to 170 kW speeds (adding up to 160 miles in 20 minutes)
Federal tax credit: Yes, all Model Ys qualify. The tax credit is subject to household income limits. Learn more.
The Tesla Model Y is the best-selling EV in America in 2024. Prices have fallen by $20,000 over the past two years, and the federal EV tax credit has returned with the passage of 2022’s Inflation Reduction Act. The Model Y’s greatest strength is perhaps the Supercharger network, which takes the hassle out of charging. Along with the Model 3, this Tesla is the perfect choice for newcomers to the EV lifestyle, as long as you don’t mind the minimalist interior.
See pre-owned Tesla Model Y listings with local market data
Ford Mustang Mach-E
Price: Starting at $44,795 with destination fees
Range: 247 miles
Charging Speed: Up to 115 kW speeds (adding up to 160 miles in 30 minutes)
Federal tax credit: Yes, the Mustang Mach-E qualifies for the federal EV tax credit (income limits apply). Learn more.
There’s an extreme oversupply of Mustang Mach-Es on Ford dealership lots right now. It’s an amazing EV, though Ford just built too many of them too fast. See the new cars with the most and least inventory.
See Ford Mustang Mach-E listings with local market data
Hyundai IONIQ 5
Price: Starting at $44,580 with destination fees
Range: 220 miles (SE Standard Range)
Charging Speed: Up to 230 kW speeds, adding up to 160 miles in 18 minutes
Federal tax credit: Sadly, the IONIQ 5 does not qualify for the federal tax credit. It is built in Korea. However, Hyundai is building an EV production plant in Georgia, which should return eligibility later this decade.
The cheapest IONIQ 5, the SE Standard Range, is rare here in the United States. That’s not such a bad thing when you consider that for just $4,000 more, you can get 303 miles of EPA-rated range. I own an IONIQ 5 Limited AWD, and after two years and 40,000 miles, I still love it. It’s the best car I’ve ever had. If you travel at least a few times a year, I highly recommend upgrading to the longer-range options.
See Hyundai IONIQ 5 listings with local market data
Runner-Up: Volkswagen ID.4
Price: Starting at $40,290 with destination fees
Range: 209 miles (ID.4 Standard)
Charging Speed: Up to 140 kW speeds (adding up to 160 miles of range in 40 minutes)
Federal tax credit: Yes, all ID.4s made in America qualify. Verify that your VIN was an American build. Learn more.
There are two reasons why the ID.4 didn’t quite make the top 5: slower charging and less range. If you rarely take long-distance road trips, or you are especially patient, the ID.4 is not a bad choice. The Volkswagen ID.4 is now built in Chattanooga, Tennessee. That’s great for many reasons, but especially because the ID.4 now qualifies for the $7,500 federal tax credit (income limits apply). Need more range? For $43,995, you can get 275 miles of range with the ID.4 Pro.
See Volkswagen ID.4 listings with local market data
What about the Chevy Bolt and Equinox EV?
In 2024, we’re seeing a gap in Bolt production as Chevrolet launches the faster-charging but more expensive Equinox EV, and re-tools a production facility in Kansas to bring the next generation of the Bolt EV to life in 2025. The Bolt was super affordable, starting well under $30,000 before the tax credit. However, it charges painfully slow for frequent travelers. However, there are a few 2023 Bolt EVs left on the market. You can check them out here.
The Equinox EV simply hasn’t arrived yet. It’s starting price was just announced at $34,995, but it will be far more capable than the last generation’s Chevy Bolt. Expect a larger, faster-charging EV for about $7,000 – 10,000 more than the Bolt.
Why not the Nissan LEAF? Sadly, Nissan continues to produce the LEAF with outdated hardware. Even in 2024, the LEAF includes a charging standard that the rest of the industry has long since moved on from. It’s called the Chademo plug, and you’re in for some serious inconveniences if you travel at all in a Nissan LEAF. For that reason, we can’t recommend the LEAF until Nissan finally switches over to either CCS or NACS charging standards.
