The Japanese automakers said a global chip shortage meant demand was outstripping supply, allowing them to charge customers more.
Honda said its average discounts in North America have more than halved.
A weaker yen also raises the currency's value for overseas earnings - another boost for the carmakers.
Both firms beat forecasts for earnings over the quarter to December as a result.
Honda Vice-President Seiji Kuraishi:
"The business environment is expected to remain tough due to soaring raw material prices, but by strengthening our profit structure, we will revise up our full-year earnings forecast."
Both Toyota and Honda have cut output and their annual production target due to a lack of semiconductors.
Toyota now expects to make 8.5 million vehicles over the year - down half a million on its last prediction.
But the world's biggest carmaker stuck with its full-year profit forecast of just over $24 billion.
While Honda raised its profit forecast by about a fifth to just under $7 billion.
