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Toyota Tacoma, Tundra prices jump amid chip shortage

A short supply means Toyota won't be putting many, if any, incentives on the trucks.

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Americans want pickups, but Toyota needs more chips.

Toyota

With too few pickups, but great demand, prices for the Toyota Tacoma and Tundra are trending upward amid an industry-wide shortage of semiconductor chips. According to analysis from CarsDirect on Monday, previously competitive incentives for both the midsize and full-size pickups no longer exist in some parts of the country. California buyers in particular will not have a good time.

Depending on where you live, you may still see a small $1,000 rebate offer on the Tacoma, but any incentives for the Tundra are gone. Instead, a pretty expensive lease offer is on the table for the full-size truck. In some regions, the Tacoma's eligible for a $179 per month lease with $3,000 down, or a couple of finance deals. Again, though, it depends on where you're shopping for a new Toyota pickup.

With fewer incentives, buyers or lessees will pay a lot more for a Tacoma or Tundra compared to a rival model. The chip shortage continues to cause production disruptions for nearly every automaker, and according to Cox Automotive, there's only about a 25-day supply of Tacoma and Tundra models for the entire US. For the auto industry, that's extremely low, hence the lack of rebates.

So far, it doesn't appear the shortage's effects will let up any time soon. The Biden administration is reviewing how it can strengthen the US supply chain for semiconductor chips, but any immediate action seems well into the future. In the meantime, buckle up for pricier Toyota pickups and beyond.

Read moreFrom PS5 to Ford F-150: How a global chip shortage is 'impacting everything'