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The cheapest midsize truck for 2023 is the Toyota Tacoma, which might pack an underwhelming punch. However, for some truck buyers, power isn’t everything. The rest of us, with the need for speed, might want to wait for the 2024 Toyota Tacoma to pull around.

The 2023 Toyota Tacoma is the cheapest midsize truck

A Toyota Tacoma truck navigating an off-road obstacle.
2023 Toyota Tacoma | Toyota USA

Cash in on the 2023 Toyota Tacoma before it’s gone. The 2024 Toyota Tacoma production date might be right around the corner, and it might not be the cheapest option due to substantial upgrades, including more standard power.

Currently, the 2023 Tacoma starts at $28,600, and the $1,495 destination fee brings the total up to $30,095. This is for the entry-level Tacoma SR model.

It comes in slightly ahead of the 2023 Chevy Colorado, which starts at $29,200 before the $1,495 brings the price up to $30,695.

But saving with the Tacoma comes at the cost of power. The standard 2.7-liter four-cylinder engine only provides 159 hp and 180 lb-ft of torque.

Upgrade to the 3.5-liter V6 engine for 278 hp and 265 lb-ft of torque. It costs about $3,595 to equip the base model with more power. Then, you can accelerate from 0 to 60 mph in roughly 7.7 seconds instead of 10.9 seconds, which is a noticeable difference.

What engines come with the 2024 Tacoma?

The 2024 Toyota Tacoma kicks things off with a standard turbocharged 2.4-liter four-cylinder engine with 228 hp and 243 lb-ft of torque. That’s an increase of 69 hp over the outgoing standard engine.

Opting for a higher trim level with the available six-speed manual transmission boosts the power to 270 hp and 310 lb-ft of torque.

With higher trim levels and the eight-speed automatic transmission, this engine cranks out 278 hp and 317 lb-ft of torque.

Then there’s the new i-Force Max powertrain that pairs the same engine with an electric motor and a 1.87 nickel hydride battery pack to generate 326 hp and 465 lb-ft of torque. It makes the first Toyota Tacoma Hybrid.

This truck has an estimated 0 to 60 time of 5.6 seconds, and we can’t wait for the official speeds to be released. This will create an even more notable difference.

But unfortunately, the prices, fuel economy, and most specs haven’t been released. Clues suggest that the new Tacoma will enter production in December, so we might not have to wait much longer to learn more.

How much does the 2024 Tacoma cost?

The all-new 2024 Toyota Tacoma pickup truck in the mud.
2024 Toyota Tacoma | Toyota USA

The days of saving with the 2023 Toyota Tacoma are almost gone. However, the 2024 Toyota Tacoma is expected to start at around $28,000. That would be a phenomenal deal on an entry-level 2024 model.

The 2024 Ford Ranger starts at $32,656, and the Nissan Frontier begins at $29,770. But if the Tacoma manages to start under $30,000 with its extra power, advanced tech, and total redesign, it could be pretty barebones.

There are a few cash-saving options. For example, you can go for the five-foot bed instead of the six-foot bed, and there is a two-door cab. The rear seat can be deleted to save some money as well.

Stay tuned because we’re confident that more information will be released about the Tacoma soon. Do you think it will keep its title as the cheapest midsize truck?