2024 Toyota Tacoma is Nearly 50 Percent More Expensive Than 5 Years Ago

The next-generation 2024 Toyota Tacoma will arrive in Canadian dealerships in January, but the good news is that you don’t have to wait to read our first driving impressions as our very own Antoine Joubert managed to take a bunch of models for a spin recently.

Also, Toyota today announced pricing details for Tacomas featuring the new turbocharged 2.4-litre four-cylinder engine. It’s safe to say the popular midsize pickup is nowhere near as affordable as it used to be.

First, you should know that the new 2024 Tacoma is available in Canada with a Double Cab and four-wheel drive exclusively, unlike the U.S. where a longer Xtra Cab and 4x2 configuration can be specified, as well.

Photo: Toyota

At the bottom of the ladder is the Tacoma SR5 pictured above, featuring a six-foot cargo bed and starting at $46,950 (or $50,511 when including all applicable fees). That’s $2,880 more expensive than a comparable 2023 model and a $5,600 higher entry point since the base SR model is not returning for 2024. Just five years ago, a 2019 Tacoma retailed from $31,825, so pricing has increased 48 percent during that span. Ouch.

Granted, production costs have exploded across the auto industry since the pandemic, and any new generation inevitably comes with price hikes, but that’s got to be a shock for long-time Tacoma customers. By comparison, the equally new 2024 Ford Ranger carries a base MSRP of $41,255. You can also buy a Chevrolet Colorado or Nissan Frontier for several thousands less, although with more basic content. A GMC Canyon is about the same price as the Tacoma.

Photo: Toyota

Here’s how the 2024 Tacoma range stacks up:

Model 

Bed size 

MSRP 

Price With Fees 

SR5 

6-foot 

$46,950 

$50,511 

TRD Off-Road 

6-foot 

$50,650 

$54,211 

TRD Sport 

6-foot 

$50,050 

$53,611 

TRD Sport + 

6-foot 

$54,450 

$58,011 

TRD Sport Premium 

6-foot 

$58,150 

$61,711 

TRD Off-Road 6MT 

5-foot 

$48,550 

$52,111 

TRD Off-Road Premium 

5-foot 

$58,350 

$61,911 

TRD Sport + 6MT 

5-foot 

$52,350 

$55,911 

As you can see, three models come with a five-foot cargo bed and two of them offer a six-speed manual gearbox instead of the new eight-speed automatic transmission. And by the way, the new turbo-four engine generates as much power (278 hp) and a lot more torque (317 lb-ft) than the old 3.5-litre V6. 

Photo: Toyota

Later in 2024, more specifically in the spring, Tacomas equipped with the new i-Force Max hybrid powertrain (326 hp, 465 lb-ft) will go on sale. There will be TRD Off-Road, Limited, TRD Pro and Trailhunter models, the last one designed as a true overlanding rig. Pricing will be announced closer to launch, but look for these trucks to cost anywhere between $60,000-$75,000 approximately.

Watch: 2024 Toyota Tacoma First Look

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