The cheapest Toyota in every segment: The best budget Toyota models

Toyota is one of the world’s most important car manufacturers today. The company has made a name for itself by producing affordable vehicles that are durable and inexpensive to maintain. From reliable powertrains to innovations in fuel economy, its core business is making cars that appeal to just about everyone.

If you’re looking for an affordable vehicle that offers tons of value in the form of standard features, Toyota is one of the best brands to go with. Regardless of what segment you’re looking in, it’s likely that they have an option that will meet all of your needs while still being more affordable than most of their competitors.

We’ve looked at Toyota’s current lineup and found the most affordable car in each segment. We’ve sorted them by segment and MSRP to find the Japanese brand’s most affordable options. We’ll take a look at the value they offer and what’s under the hood, and show how each option stacks up against its rivals.

10 Cheapest compact car – Corolla

MSRP: $22,050

The cheapest Toyota you can buy new in 2024 is the Corolla sedan. It’s not the most impressive or exciting option on the market, but it’s the most sensible. Its value lies not in its performance, but in its standard features.

Performance specifications

The Corolla has a sluggish powertrain under the hood that prioritizes efficiency and reliability above all else. A hybrid version of the powertrain is available in the sedan models, but hatchbacks only get the gasoline-powered version. This engine is mated to an automatic CVT, and the Corolla is available with either front- or all-wheel drive.

9 Cheapest mid-size car – Camry

MSRP: $28,400

The era of the gasoline-powered Camry is officially over. The 2025 model hits the road and is now only available as a hybrid. While that may be a negative for some, we believe it helps the Camry better focus on its mission of offering high-quality features at a low price.

Performance specifications

For the 2025 model year, the Camry will receive two powertrain options. While all models are equipped with a 2.5-liter inline four-cylinder, the all-wheel drive models have an additional motor on the rear axle to generate more power. The front-wheel drive models produce 225 hp.

8 Cheapest subcompact SUV – Corolla Cross

MSRP: $23,860

If you like the Corolla but want the added utility of an SUV, the Corolla Cross is the car for you. It offers the same reliability and low price as the Corolla, but with higher ground clearance and additional space for luggage.

Performance specifications

Under the hood, you’ll find the same engine as the regular Corolla and the same automatic CVT transmission. Because the Cross sits a little higher and is a little heavier, the SUV version feels a lot heavier and is noticeably slower when accelerating.

7 Cheapest compact SUV – RAV4

MSRP: $28,675

The RAV4 has been around for decades and has earned a legendary reputation as one of the most affordable adventure vehicles on the market. Its rugged, no-frills approach makes it one of the best-selling vehicles in the United States.

Performance specifications

The RAV4 comes in many shapes and sizes, with trim levels tailored to different types of customers. While the cheapest models come with a gasoline-powered inline four-cylinder engine, the Hybrid and Prime models feature electric motors that give the compact SUV more oomph and better efficiency.

6 Cheapest midsize SUV – Venza

MSRP: $35,070

The midsize Venza is one of the less talked about Toyotas today. The Venza focuses on efficiency and a nice list of standard features, but misses the mark when it comes to interior space and functionality. The 2024 model year is the Venza’s last, and soon the Highlander will be the Japanese brand’s cheapest midsize SUV.

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Performance specifications

The Venza has been carried over completely unchanged from the 2023 model year and features the same underpowered hybrid drivetrain. One advantage, however, is that it comes with all-wheel drive as standard.

5 Cheapest full-size SUV – Sequoia

MSRP: $61,275

Toyota’s cheapest and only full-size SUV on offer is the Sequoia This full-frame SUV drives and feels like a truck, but doesn’t quite have the interior room to keep up with its competitors. What it does have going for it, however, is a rugged powertrain and the option of some awesome TRD off-road gear.

Performance specifications

Under the hood of the Sequoia is the iForce MAX powertrain, which is optional in the Tundra pickup. It delivers competitive power and is incredibly torquey, meaning it’s quick off the line and can tow up to 9,520 pounds.

4 Cheapest midsize pickup truck – Tacoma

MSRP: $31,500

For the 2024 model year, Toyota has redesigned the Taco truck from the ground up. It finally has what it takes to take on its competitors in the midsize pickup segment. Not only does it look beautiful and burly on the outside, but Toyota has also equipped the Tacoma with all the modern amenities that make its cabin a comfortable place to be.

Performance specifications

All Tacomas come with a 2.4-liter turbocharged four-cylinder, but they’re not all built the same. The cheapest SR models have just 228 horsepower. However, all other gasoline-powered models are also available in a 278-horsepower version. Hybrid models can make up to 326 horsepower. This is also one of the last trucks on the market that comes with a six-speed manual transmission.

3 Cheapest Full-Size Pickup Truck – Tundra

MSRP: $39,965

The Tundra has some pretty tough competition in the full-size pickup truck category. While its interior isn’t as big or as packed as some of its competitors, it offers one of the best driving experiences in its segment. What no one can deny is its capability.

Performance specifications

The Tundra breaks with tradition a bit, featuring a twin-turbo V6 in a segment that’s traditionally dominated by V8 engines. This variance is further enhanced by the fact that you can opt for a hybrid version if you’re willing to spend a little more money. Either way, this pickup offers impressive torque and has one of the smoothest-shifting automatic transmissions on the market. It also has a maximum towing capacity of 12,000 pounds.

2 Cheapest sports car — GR86

MSRP: $29,300

With the help of Subaru, Toyota has created a brilliant machine that is sporty and affordable. The GR86 is the ultimate form of four-wheeled fun without breaking the bank. It follows an ideology of simplicity and focuses above all on providing an enjoyable driving experience.

Performance specifications

The GR86 proves that you don’t need a lot of power to have fun. It comes standard with a flat-four engine and a six-speed manual transmission. The rear-wheel drive proves that this is a real sports car. There are talks of Toyota ending its partnership with Subaru and equipping the GR86 with a more powerful turbo engine.

1 Cheapest Minivan – Sienna

MSRP: $37,685

Closing out our list is the Toyota Sienna. Minivans are slowly dying out, with only a handful of offerings remaining in 2024. Compared to the few options available, the Sienna stands out as one of the best options, if not the best. Its long list of features, comfortable interior, and class-leading fuel efficiency make it a brilliant choice.

Performance specifications

Since its 2021 redesign, the Sienna is only available as a hybrid. It comes standard with front-wheel drive, but can be equipped with all-wheel drive, where an electric motor powers the rear wheels. It may not be the fastest minivan on the market, but it has enough pep to get you where you need to go.