2024 Toyota Tacoma Now More Expensive Than Before, yet Still Cheaper Than Most Rivals

Right now, if you order a third-generation N300 Toyota Tacoma, a model that first appeared almost a decade ago in 2015, the Japanese automaker wants at least $28,600 without destination and other fees. That makes it quite a good deal, as the starting MSRP is, in order of growing prices, below the all-new third-generation Chevy Colorado, the newly standalone Nissan Frontier, the all-new Ford Ranger, the premium GMC Colorado, as well as the quirky unibody Honda Ridgeline, and the highly specialized Jeep Gladiator.

However, we have all seen that during the latest quarter, the sales for the current Toyota Tacoma plummeted as people started saving up each penny for the arrival of the N400 fourth-gen Taco model. Well, the waiting is almost over, as the company recently announced the initial pricing information about the new iteration. So, in case you missed the news that buzzed all over the US automotive market this past week, the 2024 Toyota Tacoma starts from an MSRP of $31,500.

Of course, then you also have to add $1,495 for the dealer processing and handling fee. Still, for this quick MSRP comparison with the rivals, we will use the base MSRP quotations as those pesky processing and handling fees tend to vary from one carmaker to another. Obviously, there's a difference between $28,600 and $31,500 – and Toyota hasn't even spilled the beans on the 326-hp i-Force Max hybrid powertrain just yet, only saying the MSRP will be announced closer to the start of sales.

However, the company boasts about the many improvements and changes that indeed justify the hike – the standard mill is now the i-Force 2.4-liter turbo with 278 hp and 317 lb-ft of torque, there's bespoke suspension tuning for each trim level and an optional coil spring rear suspension, the latest Toyota Audio Multimedia System is displayed on a 14-inch touchscreen, and the experience of dominating the mid-size pickup truck segment for almost two decades. Oh, by the way, some will also be glad to hear that Toyota is sending the first N400 Tacoma units to dealerships this December rather than the first quarter of next year.

"Our engineers outdid themselves with this next-generation Tacoma," said Dave Christ, Toyota group vice president and general manager. "This truck offers customers more of everything, including technology, style, and capability, all with an attractive starting MSRP. This is a segment Toyota has carried for years, and we feel this next iteration of Tacoma only raises the bar." Alas, the competition hasn't been idle – Nissan finally changed the Frontier to a standalone model dedicated to the North American region, and the Chevrolet Colorado, GMC Canyon, plus the Ford Ranger are all brand-new, too. So, how does the new MSRP of the 2024 Tacoma stack up against its rivals? Pretty good, actually.

For starters, we should first speak about the only two models that are cheaper than the 2024 Tacoma. The 2023 Chevrolet Colorado – in Crew Cab, Short Box, WT, and 2WD form – costs from 'just' $29,200. You had better hurry, though, as I have a sensation that it won't last long – the 2024MY is probably just around the corner, and I bet the GM subsidiary will subtly cross the $30k threshold. By the way, the base Tacoma is more powerful than the 2023 Colorado, with the entry-level 2.7-liter turbo engine boasting 237 horsepower when hooked to an eight-speed automatic transmission. If you want to brag about driving the H/O (high output) version, that will cost you extra – from $32,115, including destination.

Next up comes the first Japanese foe – Nissan's Frontier D41 version, which arrived for the 2022 model year, is produced locally in Canton, Mississippi, on the Nissan F-Alpha platform and starts at an MSRP of $29,770 for the 2024 model year. For that money, you get a Frontier King Cab S 4x2, and this Nissan boasts a massive (for the times we live in, at least) 3.8-liter direct injection (DIG) V6 engine hooked to a nine-speed automatic transmission sending 310 horsepower to the wheels. If you think there's no replacement for displacement, this V6 Frontier is cheaper, more powerful than the Tacoma, and also on par (yet more affordable) with the Colorado equipped with the H/O mill.

If money is no problem and you feel like you need to splash out on the absolute best, Nissan recently introduced the Frontier Crew Cab Hardbody Edition 4x4, and that one goes out of the dealer lot for at least $44k. Third in line on the roll call arrives the Ford Ranger – and this is also the first model that is more expensive than the 2024 Tacoma. As such, a 2024 Ranger can be had for at least $32,565, and for the money, you are getting a Ranger XL with the STX Appearance Package included, a 2.3-liter EcoBoost with Start-Stop tech and the ten-speed SelectShift transmission, plus 270 hp and 310 lb-ft. That's almost on par with the Taco, albeit at a slightly higher pricing point. Soon, the Ranger will also have a 315-hp 2.7-liter EcoBoost, and if you feel the call of the wild, you can also select the mighty 405-hp 3.0-liter EcoBoost Ranger Raptor.

From here on, we are entering 'premium' mid-size pickup truck territory, beware. First on this high-end shortlist is the 2023 GMC Canyon, which starts from $36,900 with the Crew Cab, Short Box, 2WD, and Elevation trim. However, at least you are getting the 2.7-liter H/O from the get-go, along with other goodies. A quirky choice, yet one that has survived to this day, is the only mid-size pickup truck built around a unibody platform – Honda's Ridgeline. This model starts from $38,800 in Sport trim with the 3.5-liter V6 boasting 280 horsepower and a dual-action tailgate. Last but not least comes the specialist of outdoor adventures – the Jeep Gladiator, starting at $38,990 for the 2023 model year. Consider that this one was just refreshed, so you might want to wait for the 2024MY – but prepare to pay more for it, too.