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Planning a new Toyota purchase? Be warned: prices on popular models are set to spike in July. Discover the key factors driving these increases and what it means for your next car.

Toyota is known for its high-quality cars, trucks, and SUVs for a low price, but according to a Reuters report, the company will be raising its prices soon.

However, Toyota’s own comments on tariffs indicate that they may have played a role in this increase, or at the very least will impact future pricing strategies.

Toyota Motor Corporation TM will increase prices for select vehicles in the United States by more than $200, starting in July. Prices of Toyota-branded models will rise by an average of $270. While ...

The increases come after the president put new tariffs in place, but Toyota denies the tariffs are playing a direct role.

Toyota and its luxury brand Lexus will increase prices on select models by an average of $270 and $208, respectively.

Toyota announces over $200 price increase on certain models Toyota sold over 2.3 million vehicles in the U.S. last year, a 3.7% year-over-year increase.

Prices for Lexus models, Toyota's luxury brand, would also increase by an average of $208, he said.

Japanese automakers, including Toyota, heavily depend on imports to supply the US market and have been dealing with the impact of tariffs on imported cars and parts imposed by President Donald Trump.