If you're in the market for a new car and you source recommendations from your local mechanic, car insurance agent, neighbor or friend, you'd be hard-pressed not to hear the same brand over and over again.
Toyota, (TM) -) consistently one of the best-selling car brands in the U.S., is regularly hailed as a reliable and budget-friendly pick —though in recent months, it's difficult to find any car selling for a bargain.
According to the August 2023 Consumer Price Index, the prices of used cars and trucks fell 1.2% year-over-year, but prices of new cars and trucks rose 0.3%.
This may not seem like much, but a new car costs an average of more than $48,000. and as of May 2023 only three models were available in the U.S. market for $20,000 or less.
Since it's regarded as one of the most reliable people-pleasers on the market, Toyota has been largely insulated from price hesitancy. One of its latest releases, the redesigned Sequoia, has been selling like hotcakes since it came out in 2022.
Following its initial 2022 release, the Sequoia, a full-size SUV that seats seven comfortably, retailed for $66,894. But in that time it has seen the company's biggest price hike, retailing at $80,128 -- a 20% increase in average transaction price. And Americans, who love fashionably large SUVs, just can't get enough.
But Toyota knows that not everybody wants or needs 87 cubic feet of cargo space, (which I'm pretty sure is bigger than my first Manhattan apartment).
So it's releasing another sporty vehicle that's much smaller and harks back to a simpler time.
Toyota releases an exciting new(ish) vehicle
Since not everybody embarking on a weekend adventure needs a massive gas guzzler that can pass for a camper van, Toyota has decided to rebrand and redesign an old favorite vehicle that still caters to the intrepid crowd.
Recall its Land Cruiser from the 1980s and '90s. Stable, squarish and capable, it was one of Toyota's most popular vehicles before it discontinued the model in 2021.
But after just two short years, the carmaker has reconceptualized the Land Cruiser, coming out with what may actually be two iterations of the old favorite.
“This icon belongs in our lineup,” a Toyota-group vice president and general manager, Dave Christ, said. “For 2024, Land Cruiser returns to its origin with a heritage-inspired design paired with the legendary capability and durability Land Cruiser is known for. [And] it will take even more customers on adventures across the globe, as it has done for generations.”
Pricing and availability have not yet been named, but Toyota appears set to offer a full-size Land Cruiser, along with a smaller vehicle that's been affectionately referred to as the Land Hopper.
Some auto enthusiasts have pointed out that it looks awfully similar to the new Ford (F) -) Bronco Sport, which is the smaller and more compact version of Ford's iconic Bronco, which it also just revitalized from the '90s.
Toyota hasn't officially confirmed or denied the possible Land Hopper, though the upcoming Mobility Show in Japan in late October might give us the answers about the potential vehicle.
As it stands now, Toyota's official website mentions only the full-sized 2024 Land Cruiser and Land Cruiser 1958, which adopts a more vintage feel for purists.
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