2024 Toyota RAV4 Price Increases (All Trim Levels)
The 2024 Toyota RAV4 price increase is more than double that of last year on some models, but still not as bad as other automakers. The overall trend with new car prices continue to rise.
In this guide, we’ll go over the 2024 RAV4 MSRP for all models and trims.I also show you what’s changing and help you determine if the 2024 RAV4 is right for you.
Price Increases by Trim
| Trim Level | 2023 MSRP | 2024 MSRP | Price Change | Percentage Change |
|---|---|---|---|---|
| LE | $27,575 | $28,675 | +$1,100 | 4.0% |
| XLE | $29,085 | $30,185 | +$1,100 | 3.8% |
| XLE Premium | $31,975 | $33,075 | +$1,100 | 3.4% |
| Limited | $35,880 | $36,980 | +$1,100 | 3.1% |
| Adventure | $33,770 | $34,870 | +$1,100 | 3.3% |
| TRD Off-Road | $37,195 | $38,295 | +$1,100 | 3.0% |
| Hybrid LE | $30,225 | $31,725 | +$1,500 | 5.0% |
| Hybrid XLE | $31,735 | $33,235 | +$1,500 | 4.7% |
| Hybrid XLE Premium | $34,625 | $36,125 | +$1,500 | 4.3% |
| Hybrid Woodland | $33,445 | $34,945 | +$1,500 | 4.5% |
| Hybrid Limited | $38,530 | $40,030 | +$1,500 | 3.9% |
| Hybrid SE | $32,920 | $34,420 | +$1,500 | 4.6% |
| Hybrid XSE | $35,885 | $37,385 | +$1,500 | 4.2% |
| Prime SE | $41,590 | $43,690 | +$2,100 | 5.0% |
| Prime XSE | $45,460 | $47,560 | +$2,100 | 4.6% |
Price Change Analysis
All of the 2024 Toyota RAV4 models have risen slightly in price. On a percentage basis, every model has increased by between 3% and 5%. This is up quite a lot from the prior increase, which averaged just around 2%.
With the gas-powered RAV4, average prices have gone up between 3% and 4%. The smallest increase occurs with the TRD Off-Road trim, while the LE sees the highest percentage increase.
Even with these increases, the 2024 Toyota RAV4 LE features the lowest MSRP of just $28,675. Considering everything that’s included standard on this trim, it’s still a good deal.
With the RAV4 Hybrid lineup, numbers remain similar. The smallest increase occurs with the Limited, only going up 3.90%. On the other hand, the largest increase is 5% with the LE trim. Overall for the Hybrids, these are quite significant increases compared to the last increase, but they still remain competitive when compared to other Hybrids on the market for 2024.
RAV4 Hybrid models used to have a starting price of just under $30,000. With the latest increases, it now costs just over $31,000 to get behind the wheel of this hybrid SUV.
The 2024 Toyota RAV4 Prime had quite a price change. Both trims are now $2,100 more than in 2023. The Prime SE now costs $43,690, reflecting a 5% increase. Additionally, the Prime XSE now has an MSRP of $47,560, which is a 4.60% increase over the 2023 trim. This higher increase has a lot to do with the RAV4 Prime availability and popularity.
Thankfully, the RAV4 consistently ranks amongst the top SUVs with great resale value.
The Fine Print on New RAV4 Prices
The “MSRP” is the Manufacturer’s Suggested Retail Price. But no one walks out of the dealership having actually paid MSRP.
Why is that?
Well, I spoke with a local dealership about this recently. There’s a lot of fine print that comes along with your purchase and I want to make it as clear as possible to you here.
Toyota’s add-ons aren’t all optional, so it’s good to be aware of this before going to the dealership expecting to pay MSRP for your desired trim. Here’s a real world example.
When I called a local dealer for a client of our concierge service regarding a RAV4 Woodland Edition, the first thing I did was ask for the spec sheet. Here’s the high-level and detailed view of the spec sheet I was given for the Woodland edition. Note: FIO = Factory Options, and LIO = Distributor Options.
That’s a difference of $2,868, which is before taxes and any warranty you may opt for.
You may be thinking, “Why am I paying $1,495 to have my Toyota RAV4 delivered when I’m looking at it on the lot?” That’s exactly what I asked, too. I was told this is the standard cost Toyota charges the dealers and is a fee on every offering.
I don’t like paying for things I don’t understand. So, if you’re like me and are left wondering what the other fees make-up, here’s the detailed breakdown.
This is all before you go into additional options that you may actually want and an extended warranty.
Sources: the fine print on www.toyota.com/rav4, spoke to dealership (Gene Messer in Texas) and requested a spec sheet for a RAV4 Woodland Edition (pictured above).
What’s Changing
For the 2024 RAV4 model year, all of the infotainment systems have been upgraded. There are options for an 8” and 10.5” touchscreen display. New features, such as wireless Apple CarPlay and Android Auto, are also standard with every trim level.
RAV4 models come standard with a 7” display gauge cluster. However, the XLE Premium and TRD Off-Road trims now offer a 12.3” cluster as optional equipment. With the Limited trim, the larger display is standard.
There’s been a slight change to the color offerings. Lunar rock has been dropped and replaced by Army Green. Find out more details about the 2024 color offerings here.
Additionally, the Toyota RAV4 Hybrid offers a Woodland Edition model. This adventure-driven model includes Falken Wildpeak all-terrain tires on bronze wheels. It also features specialized suspension tuning, unique exhaust tips, and a hefty roof rack.
The interior of the Woodland Edition also brings some fun upgrades. The cargo area contains a 120-volt outlet and the cabin is protected by all-weather rubber floor mats featuring the Woodland Edition decals.
New for 2024, they are offering this vehicle in a special Army Green color.
(Sources: cars.usnews.com, caranddriver.com)
What Isn’t Changing
Everything that is loved about the fifth-generation Toyota RAV4 stays the same for the 2023 model year. The gas-powered RAV4 continues to contain a 203-horsepower 2.5-liter four-cylinder motor paired with an eight-speed automatic transmission. This RAV4 comes standard with front-wheel drive but can also be equipped with all-wheel drive.
The 2024 Toyota RAV4 Hybrid continues to include 219 combined horsepower coming from the 2.5-liter four-cylinder engine and two electric motors. This system is paired with an electronically controlled Continuous Variable Transmission (CVT) and standard all-wheel drive.
Additionally, the 2024 Toyota RAV4 Prime has an electric motor and a 2.5-liter four-cylinder engine to create 302 combined horsepower. It also has a CVT and all-wheel drive standard.
The body style and interior dimensions haven’t changed with the 2024 RAV4 lineup. This Toyota SUV continues to hold five people comfortably and contains a cargo hold ranging from 33.5 to 37.6 cubic feet in the back.
(Sources: Toyota.com)
Choosing Between 2023 and 2024 Models
Considering the price difference between the 2023 and 2024 Toyota RAV4, it makes sense for most people to choose the 2024 model year. The exception to this is if you can find a very low mile 2023 model for significantly less. But remember, when buying used you won’t get the warranties typically, but you will bypass a lot of the extra fees we spoke about earlier.
If you are in the market for a RAV4 Hybrid, the Woodland Edition in Army Green is one model and color combination that can’t be found in the 2023 lineup. Therefore, you would have to choose the 2024 RAV4 to get this edition.
However, many dealerships are offering rock-bottom pricing on leftover 2023 Toyota RAV4 models right now. If you are trying to save a buck and don’t care about the upgrades, it might be better to go with a 2023 RAV4 instead. I recommend evaluating all of your options at a local dealership to see what’s right for you.
Frequently Asked Questions
Conclusion
A careful evaluation proves that the 2024 Toyota RAV4 price increase is unfortunate but minimal enough to keep it in contention for most buyers of mid-size SUVs. Not only has Toyota been able to remain competitive in the segment, but it also continues to exceed expectations with the RAV4.
At the end of the day, for both the 2023 and 2024 RAV4 models, it’s best to evaluate the RAV4 models side-by-side at your local dealership.