Get access to the same vehicle valuation tool that dealers rely on. With Black Book, you’ll have insider data to accurately assess trade-in and purchase values—empowering you to negotiate the best possible deal.
Update: Every day that we wake up to higher gas prices, the case gets stronger for EV adoption. If only EV prices weren’t sky-high. With gas at $4.50, the average American driver commuting 15,000 miles per year can easily save $150 per month or more by going electric. Check out the details below.
Charging an electric vehicle is a whole new experience, one that brings advantages and disadvantages for drivers. If you’ve been stopping at gas stations for decades, the thought of plugging in and waiting for your car to charge may be a bit too much to swallow. But over 80% of EV charging is done at home, where the cost savings are greatest. Two out of three American drivers are considering going electric for their next vehicle, and billions of dollars are being funneled into EV development and infrastructure.
EVs have a higher upfront cost than combustion vehicles, so it’s important to find ways of making up for the expense with fuel savings. Unfortunately, not all charging options are affordable. Here’s how you can save money when charging your EV in 2022.
The Cost of Charging an Electric Car at Home
When do you usually charge your phone? While you sleep at home? Oddly enough, for most drivers, that’s exactly how their EVs are charged! Data from the US Department of Energy shows that the vast majority of electric vehicle charging is done at home. Whether you plug in to a simple 120 volt outlet in your driveway or have a more powerful 240 volt outlet in your garage, charging at home is usually the most affordable way to power up.
In the US, the average residential electricity rate is $0.14 per kilowatt-hour, however rates vary widely from one state to another. In Hawaii, the average rate is a whopping $0.34 per kWh, while it’s between $0.10 and $0.14 per kWh in more affordable energy states like Washington and Texas.
What does that all mean? Say you have a level 2 charger capable of filling up your battery from empty in about 7 hours. Plug in every evening, and wake up with a full battery every morning. What did that full ‘tank’ of electrons cost? Let’s consider a real-world example. The 2022 Tesla Model 3 has a 82 kWh battery, so at average American residential rates, at home charging a Tesla Model 3 at home costs just $11.48 for a full charge. That’s enough electrons for 358 miles of driving.
What about if the same Model 3 owner lived in California instead? At typical California residential electricity rates, the same charge would cost $18.04. Considering that a tank of gas costs over $75 today, the savings add up. But clearly, it depends on the rates you pay for power and miles driven per year to maximize savings. If you’d like to know more about average residential electricity rates in each state, you can find that information here.
Here’s How Much a Typical EV Driver Spends on Charging at Home in Every State
Note: this includes business and commercial rates. The average residential rate is $0.14 per kilowatt-hour.
Here’s how much EV drivers from each state can expect to pay for a full charge. The examples below specifically reflect an EV with an 82 kWh battery, such as a Tesla Model 3 or Model Y. My own Hyundai IONIQ 5 has a 72.5 kWh battery.
The stark difference between home charging and public fast charging highlights the fact that going electric likely only brings savings when most charging is done at home.
State
Residential Electricity Rate ($ per kWh)
Cost of Charging to 100% at Home (82 kWh battery)
EV Fuel Savings Compared to Filling an 18 Gallon Tank at $4.50/Gal
Annual Savings: 15,000 miles/year, 25 MPG versus 300 miles on a charge
If you already have a 240 volt dryer outlet within reach, you’re all set for just about any scenario. If you don’t, you’re left with two options. If you drive less than 40 miles on most days and live within a reasonable distance of a public charger (in case you need it), you will save the most money by using the so-called ‘trickle charge’ supplied by the charger included with the car. You simply plug into a standard three-prong 120 volt wall outlet. This is called level 1 charging.
Depending on the vehicle, trickle charging typically adds 3-4 miles of charge per hour to the battery, or about 40 miles per night if you leave your car plugged in. So, how much does it cost to charge an electric car? If the above scenario describes your driving habits, you’ll just pay the same residential electricity rates that your pay to power your home.
If that’s not quite enough recharge for your daily needs, you’ll either need to make weekly visits to public fast chargers, or spend anywhere from $800 – $2000 on installation of a level 2 charger. Level 2 chargers supply more power in less time. They plug into a 240 volt outlet, the exact same kind that is used for dryers, ovens and other large appliances at home.
If you already have a conveniently located dryer outlet within reach of where you park the car, you can purchase a power splitter for as little as $300. Splitters send charge to the home appliance (such as a dryer) when needed, and then divert power to charging the car when the appliance is not in use. This saves A LOT of money versus getting electrical work done!
Do I need to install a charger?
In summary, if you drive less than 40 miles a day, it usually makes the most sense to avoid the costly level 2 charger and stick with a regular wall outlet. If you drive significantly more, consider installing a level 2 charger or simply topping off your battery once or twice a week at a local public fast charger to avoid the expense of electrical work.
How Much Does Public Fast Charging Cost?
First, there’s one thing we need to make clear. Electric vehicles are not meant to be charged at public DC (direct current) fast chargers every time a charge is needed. It stresses the battery, and it costs a lot more than charging at home. For instance, fast chargers can charge a Model 3 from 10-80% in less than 20 minutes. That much energy transfer puts wear on the vehicle’s battery management system. Fast charging is great for road trips or when you’re in a pinch, but that’s all they’re meant for.
Get the most when you sell your car.
Compare and choose multiple offers in minutes:
CARWISER LETS YOU COMPARE & CHOOSE MULTIPLE OFFERS IN MINUTES.
This should only take about 3 minutes.
Use your License Plate to find your vehicle
Tesla Superchargers
How much can you expect to pay for charging at a public DC fast charging station? Let’s consider the two largest charging networks in the nation: Tesla Superchargers and Electrify America.
As of early 2022, most Tesla Superchargers charge $0.28 per kWh of electricity. For a 2022 Tesla Model Y with a 82 kWh battery pack, that adds up to a cost of $22.96 to go 330 miles on a charge. Some Superchargers have variable pricing dependent on demand charges, as noted on Tesla’s Supercharging support page. “Certain Supercharger stations offer on-peak and off-peak rates. The rates and peak times are both displayed in the navigation application on the touchscreen.”
Depending on state and local regulations, some Tesla Superchargers charge per minute, rather than per kilowatt-hour of electricity. Tesla recently updated the rate structure for their per-minute Superchargers. With Tesla’s plug-and-charge, customers simply plug in the vehicle and the charger communicates with the car, begins charging and bills the customer’s Tesla account.
Here’s how the updated rate structure is tiered in 2022:
Over at Electrify America, customers can either pay $0.43 per kWh of electricity, or become a Pass+ member for just $4/month and charge at $0.31 per kWh. Having such an affordable membership plan is an interesting approach. That is to say, it almost seems like Electrify America is aiming to become a subscription that everyone with an EV will buy into for a sense of range security, even if they rarely use the network. Down the road, I’m sure prices will go up.
For a Ford Mustang Mach-E, filling up the 98 kWh battery from empty will cost $30.38 with the Pass+ membership. However, the cost jumps to $42.14 without it. Clearly, the fuel savings we often associate with going electric evaporate if charging costs are too high.
Cost of Charging to 100% at a Tesla Supercharger
Cost of Charging to 100% at Electrify America as a Member
Cost of Charging to 100% at Electrify America as a Guest
Cost of Filling up an 18 Gallon Tank of Gas at $3.25/Gallon
$22.96
$25.42
$35.26
$58.50
Some Drivers Don’t Spend a Dime on Charging
If you know someone who pulls up to Tesla Superchargers in their 2014 Model S and leaves without paying a dime, don’t expect the same perks when shopping for a 2022 Tesla. Early adopters received free supercharging ‘for life’, and there are plenty of Tesla owners out there who keep driving their high-mileage, slow-charging old Model S just for the free charging incentive.
If you’re hoping to score free charging with any of the 2022 EV models, I’ve got good news for you. Many 2022 models come with free charging at Electrify America charging stations. These new EVs all come with a free charging incentive for a limited time:
Audi e-tron (250kWh at Electrify America, or about 1,000 miles of driving)
Audi Q4 e-tron (250kWh at Electrify America, or about 1,000 miles of driving)
Ford Mustang Mach-E (250kWh at Electrify America, or about 1,000 miles of driving)
Hyundai IONIQ EV (250kWh at Electrify America, or about 1,000 miles of driving)
Hyundai IONIQ 5 (2 years of free charging at Electrify America, 30 minutes per session)
Hyundai Kona EV (250kWh at Electrify America, or about 1,000 miles of driving)
Lucid Air (3 years of free charging at Electrify America)
Mercedes EQS (2 years of free charging at Electrify America, 30 minutes per session)
Polestar 2 (2 years of free charging at Electrify America, 30 minutes per session)
Porsche Taycan (3 years of free charging at Electrify America, 30 minutes per session)
Rivian R1T and R1S (12 months of free charging at Rivian’s Adventure Network and Waypoint chargers; continued free charging with Rivian membership subscription)
Volkswagen ID.4 (3 years of free charging at Electrify America, 30 minutes per session)
Some employers, especially large corporations and tech companies, offer free charging for EVs at dedicated parking spots. However, if your employer doesn’t offer charging, maybe you can be the one to spark the idea and help make it happen.
Ever thought of installing solar panels on your roof?
Prices have plummeted in recent years, and having an EV is yet another incentive to go solar. Most utility customers can participate in a net metering program that compensates homeowners for unused solar electricity contributed to the grid. If the sun is shining bright while you’re away at work, you still receive bill credits for the unused power your panels generated. The utility bill credits you’ll receive may cover the entire cost of charging your car. That’s 100% clean, free power for both your home and transportation!
CarEdge’s Take on the Future of EV Charging
How much does it cost to charge an electric car? As you can see, it depends on utility rates, incentives and if you charge at home or at public fast chargers. Fuel savings is one of the greatest benefits of switching from a combustion vehicle to an electric vehicle. As your consumer advocate, we want to make it clear that EVs don’t always save money. However, for the vast majority of American drivers, affordable electricity rates mean that at least $1,000 could be saved each year by going electric. And that doesn’t include the lower maintenance costs that most EVs have. For those who are fortunate to have a place to plug in at home or work, switching to an electric vehicle is a no-brainer.
Have any questions or comments? How are you feeling about the electrification of the auto industry? Let us know in the comments below, or check out the CarEdge Community forum at caredge.kinsta.cloud. You can also reach out to me at justin@CarEdge.com.
Update 1/25/22: At last, Kia has announced pricing for the 2022 EV6. The base EV6 ‘Light’ starts at $40,900, plus a destination fee of $1,215 for a total entry price of $42,115 for 2022. The EV6 does qualify for up to $7,500 in federal tax credits. Will dealer markups plague the EV6 as much as they have with the Hyundai IONIQ 5? We’ll have to wait and see. Deliveries start in the coming weeks, with the EV6 being available in all 50 states.
Here’s the full price breakdown for the 2022 Kia EV6:
If you’re a fan of the impressive range and charging figures of Hyundai’s new IONIQ 5 but don’t quite get the styling, maybe it’s sibling, the 2022 Kia EV6, is the electric auto for you. After making it’s official American debut at the 2021 LA Auto Show, this sleek electric crossover is slated to hit American roads within months. The new year brings so many more EVs to the market. Here’s what makes the Kia EV6 so distinctive among its peers in the crowded electric crossover segment.
Korean Partners: Kia and Hyundai’s EV Investment Comes to Life
The 2022 Kia EV6 is built on the new e-GMP electric platform engineered by Kia and Hyundai to power their vehicles for the next several years. Previously, Kia EVs like the 2021 Kia eNiro were merely EVs adapted to a chassis engineered for a combustion vehicle. This all-new platform offers decent efficiency and range, and exceptional fast-charging speeds. We’re talking even better than Tesla! In early 2022, only the Porsche Taycan, Lucid Air and Hyundai’s IONIQ 5 are capable of charging at 800 volts. Soon, the EV6 will join them.
Considering that nearly all variants of the Porsche and Lucid cost over $100,000, it’s amazing how far Kia has come to be a leading innovator in the industry. For the 2022 Kia EV6, charging from 10% to 80% (adding about 200 miles of range) takes just 18 minutes. Early tests at InsideEVs show a peak charging rate of 239 kW at public level 3 DC fast chargers. Those are worthy bragging rights for Kia!
Over 80% of EV charging is done at home with level 1 or 2 chargers. Some drivers rarely ever use level 3 fast chargers. With a 240 volt dryer outlet, the EV6 can charge from empty to full in 7 hours. Without giving it much thought, that may sound like a long wait. How many hours each night does your car sit in your garage or driveway? With EVs, most drivers wake up with a full ‘tank’ of electricity every single morning. It’s just like plugging in your phone when you hit the hay. Plus, electricity is much cheaper than gasoline. With myth-busting charging speeds both at home and on the road, the Kia EV6 will help turn the tide in the battle between gasoline and electricity.
Specs: The Kia EV6 Is a Spacious and Sporty Crossover
The 2022 Kia EV6 has a premium feel to it, and that’s something we’re still learning to expect from Kia. If someone told me back in 2006 that in 2022, Kia would be making one of the most sought-after electric vehicles on the market, I’d be skeptical. But stepping inside the EV6 welcomes drivers and passengers alike to a sense of spaciousness. The cabin is open and airy, yet the driver’s seat and surrounding controls remain driver-focused.
Cargo room is generous at 27.7 cubic feet, or 53.5 cu. Ft. with the rear seats down. Rear passengers have ample room, and it’s slightly more than you’d expect in a traditional crossover. However, the 61” height of the vehicle is two inches shorter than its Hyundai sibling. The Hyundai IONIQ 5 has a bit more room for rear passengers.
The EV6’s front dash consists of dual high-definition 12.3” screens, one for infotainment and another for the instrument cluster. Higher trims also include an augmented reality heads-up display that projects driving directions and basic info onto the windshield within the driver’s line of sight.
Get the most when you sell your car.
Compare and choose multiple offers in minutes:
Kia is proud of the ambiance they’ve created in the EV6, and they highlight the intuitive user experience. “Convenience features such as keyless entry with touch-sensitive entry buttons, programmable driver profiles, relaxation seats and ergonomic design create an experience that puts the driver first. From the automatic flush handles that emerge from the car body, through to the intuitive touch-sensitive interfaces and the Augmented Reality head-up display, every journey in EV6 is designed to improve the human-machine interaction and promote a sense of well-being.”
The EV6’s 77.4 kWh lithium-ion battery is produced by SK Innovation, a leading manufacturer of batteries that also supplies Ford. With a curb weight of 4255 pounds, the 310-mile EPA rated range of the 2022 Kia EV6 is very good. That works out to 117 mpg-equivalent on a per unit of energy basis. That’s what you can expect from the rear-wheel drive version, which produces 225 horsepower (168 kW) and 258 lb-ft of torque, or 0-60 mph in 7.3 seconds. Adding an additional motor to the front increases power to 313 hp and a 0-60 time of 5.1 seconds, but range drops to 274 miles on a charge. Unlike combustion-powered vehicles, EVs get better range in city driving. The EV6 will likely get well over 300 miles of range cruising around town.
Pricing for the EV6
Kia has announced US pricing, and it’s just a hair above the Hyundai IONIQ 5’s MSRPs. Here’s what we know:
The Kia EV6 qualifies for the federal EV tax credit for up to $7,500, depending on tax liability. If you owe at least $7,500 in federal taxes each year, you can subtract that amount from these prices. For many buyers, the EV6 is effectively starting at just under $35,000.
Once again, as we’ve seen with the top-trim Hyundai IONIQ 5, Ford Mustang Mach-E and Volkswagen ID.4, automakers seem to be cornering buyers into a familiar shopping comparison with Tesla. Do buyers want a base-trim Tesla Model Y for about $60,000, or a fully-loaded alternative from a legacy OEM?
As of January 2022, we know that the ‘EX+’ trim options include rear-wheel drive, 310 miles of range, premium sound, heated and ventilated seats, and an onboard power generator that can power laptops, cooking devices, party lights or whatever else you need to plug in. The more premium GT line tacks on a large power sunroof, surround-view and blind-spot monitoring, heads-up display, park assist and highway drive assist, all while riding around on 20-inch wheels.
Crossover Competition: How Does the Kia EV6 Compare?
With a starting MSRP around $42,000 with destination, the 2022 EV6 will be a real contender for crossover market share. Early access owners in the UK love their cars, and many point out the advantages over the elephant in the room (Tesla). While Tesla’s Model 3 and Model Y both have an ultra-minimalist dash and plain interior, the EV6 is full of gadgets and customization. Looking at the top GT-Line trims, buyers could be cross-shopping the Model Y and EV6 for roughly the same price. One big difference: Kia EVs still qualify for the current $7,500 federal EV tax credit. Which would you prefer, the Tesla or the new Kia?
Another likely challenger is the Ford Mustang Mach-E, which sold 24,791 units in America through November 2021. The Mach-E has a few more feet of cargo capacity, but many reviewers note that the ride is quite firm. Shoppers looking for a softer ride and more leisurely handling will probably prefer the EV6. Those looking for a sporty Model Y alternative may find what they desire in the Mach-E. Range figures appear to be similar between the two, but the Kia has a clear advantage when it comes to charging time.
We do know a lot about the EV6’s e-GMP platform sibling, the 2022 Hyundai IONIQ 5. With a starting price of just $40,925 and roughly the same charging and range specs as what the EV6 has to offer, buyers will find that both interior and exterior styling language is the big differentiator. Those who love a retro look with a hatchback flare will instantly fall in love with the IONIQ 5. If you prefer a sleek, aggressive-looking EV that is a family-mover in disguise, the Kia may suit your needs. And then, there’s the supply factor. In the end, whichever OEM can ship more vehicles to America may win out in terms of sales.
When Will the Kia EV6 Be Available for Purchase?
Like a few other EVs, ‘early 2022’ is about all we know for now. Select dealerships have a pre-ordering process set up, so it might be worth a stop by your local dealership. If you’re hoping to drive an EV6 home in 2022, bear in mind the threat of additional dealer markups. If you are able to place an order, have in writing the out-the-door price your dealer will commit to. Our team of consumer advocates at CarEdge is ready to help you through this very important process. Don’t let surprise add-ons and ‘market adjustments’ keep you from getting into the driver’s seat.
CarEdge’s Take
With some automakers chasing Tesla and others stuck with heartless compliance EVs and struggling to get with the game, it’s refreshing to see EVs blossoming into compelling, fun-to-drive vehicles. The one big problem we see is the prohibitive price. EVs remain out of reach for many, and it doesn’t appear that the EV6 will help on that front. But then again, it doesn’t look like a ‘cheap’ car, so buyers will have to decide if it’s worth the price.
The Kia EV6 brings a new perspective to the crossover EV segment, and it’s one that consumers should definitely check out. The level of detail that the EV6 presents in both the driver-focused interior and eye-catching exterior serves as a reminder that not everything needs to aspire to Tesla. Kia is showing that our electric future is not set in stone. There’s still plenty of room for innovation as we charge ahead.
What do you prefer, the Hyundai IONIQ 5 or the Kia EV6? Let us know in the comments, or hop on over to the CarEdge Community Forum at caredge.kinsta.cloud.
As anyone who’s fallen head over heels for one of the many 2022 electric vehicles and clicked that ‘Order’ button can attest, just because you can order an EV in 2022 doesn’t mean you can drive it home this year. This was a problem I faced myself, but I finally broke the code and got a Hyundai IONIQ 5 at MSRP (here’s how).
Soon after I began my online car search, it became clear that if I wanted a brand-new vehicle, my options were limited by availability. To make the most of the situation, I thought I’d share what I’ve learned about the availability and estimated delivery times for EVs on the market today. Here’s what we know as we kick off the new year.
Note: These are fully-electric models that can either be ordered now or purchased at a dealership today. Many more have been announced but are not yet officially available.
What Does It All Mean? Supply and Demand Are Out of Whack
A few things might stand out to you on this list. Not a lot of options are available if you need a new vehicle right now. VW Group’s new EVs are available at many dealerships, although there are reports of major dealer markups. It’s quite easy to find EVs of the previous generation on dealer lots. Think Kia eNiro, Hyundai Kona EV, Nissan Leaf and the like.
The vast majority of 2022 electric vehicles are crossovers. No surprise there given the sales trends over the past decade. Honda doesn’t have a single EV arriving in the North American market until the 2024 Prologue electric SUV. That is surprising considering the popularity and good reputation of the brand. What will it take for automakers to catch up to demand? An end to the chip shortage would be a great step in the right direction. There’s also the supply versus demand factor. Ford, Rivian, Tesla and VW are all swamped with orders well into 2022, and even into 2023. All except Tesla are EV newcomers who are facing the same production ramp-up struggles that Tesla just barely survived a few years ago. We’ll update this page regularly as more information becomes available, so save it to your bookmarks!
Did we miss anything? Let us know in the comments below, or shoot an email to justin@CarEdge.com.
As we get into the heat of summer, retail and wholesale used car prices are falling. In July 2025, the average used car listing price sits at $25,512. Summer car buying season is here, but tariff uncertainty adds to the complexity of today’s car market. This combination of seasonality and uncertainty means that used car prices will be difficult to forecast in the weeks ahead. With the continuing market volatility, it’s never been more important to track the value of your car.
According to the latest used car market data from Black Book, the used car prices are slowly but steadily falling at wholesale markets. These are the markets that most car dealerships buy and sell preowned inventory from. When will retail used car prices drop further? We’ll get into that below. First, let’s take a closer look at wholesale prices last week.
Where are used car prices headed? Let’s look at the data.
This week, wholesale used car prices continue a steady decline as the summer buying rush fades. However, car sellers are beginning to fear that lingering economic uncertainty could put a damper on summer buying season in 2025. That’s a great sign for buyers looking for lower prices in the weeks ahead.
In the second week of July, wholesale used car prices fell – 0.63% according to Black Book data. This drop is nearly double the historical average for this time of year, and indicates a real softening in wholesale prices.
Which used car prices are falling most? Let’s take a look at the latest data from Black Book. We’ll break it down by vehicle segment below.
Used car prices (wholesale sedans)
The overall car segment saw prices fall -0.56% this week. Sports cars aside, all segments of sedans, from luxury to compact, saw falling prices. Compact car prices fell the most, while sports cars didn’t change much at all. Here’s how used car prices changed over the past week:
Used Truck Prices (Wholesale)
Used truck and SUV prices are falling in June as the spring rush to buy winds down. Wholesale prices fell by – 0.66% in mid-July. Minivan and full-size SUV prices fell the most, with prices falling by as much as – 0.81% in 7 days. That’s a larger decline than the week before for most segments.
Retail used car prices are starting to fall
As the data above shows, retail used car prices are starting to fall in July. This comes after several weeks of falling wholesale prices. It was only a matter of time before retail prices started to mirror the trend.
Used car prices are proving tough to forecast in 2025. Tariffs add complexity to both the new and used car markets. If tariffs truly end up ‘breaking’ the car market, we could see a major deviation from historical patterns, much like we did in 2020 and 2021.
The purple outlier on the graph is 2021, when used car prices climbed to records as the new car market suffered severe shortages. It’s good news to see 2025 used car prices following historic norms, at least so far. It’s possible that tariffs on new cars could create used car market chaos in 2025. That remains to be seen.
How long does it take to sell a car in 2025?
Used cars are selling faster than they have in recent years. In the graph below, you can see how the retail days-to-sell metric has been falling over the past few months.
According to Black Book, the estimated Used Retail Days-to-Turn is now at 40 days. In other words, it take 40 days to sell a used car on average in 2025. Late last year, this number was north of 55 days. It’s interesting to note that used car prices are falling as the time to sell has fallen sharply. Usually, we’d expect to see the time to sell increase as prices fall. Of course, cars in higher demand will sell quicker, and those with less demand can take considerably longer.
Ready to outsmart the dealerships? Download your 100% freecar buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
Older used cars have appreciated most
A new phenomenon we have begun tracking is that older used cars are appreciating more rapidly than younger used cars.
*Data as of April 2022
This is primarily a function of consumer demand. Retail customers that want to purchase a car at a sub $20,000 price-point are being forced to look at older used vehicles because the new ones have increased in value beyond their budget. This is scary, crazy, and a whole host of other words.
How much did used car prices increase back in 2021?
How did used car prices get so high? To find the answer, we simply need to remind ourselves of the car shortages of 2021. Depending on who you ask (Cox Automotive, Edmunds, CarGurus, or Black Book), retail used car prices increased anywhere from 32% to 36% in 2021.
Black Book shows a 35% increase in retail used car prices for 2021 (the purple line). For comparison, the orange line shows a 7% appreciation for used car prices in 2020, and the blue line shows a 3% depreciation of used car values for 2019.
Here’s a month-over-month table showing used car price trends for 2021:
Month
Average Used Car Price
January
$22,112
February
$21,573
March
$21,343
April
$22,568
May
$24,414
June
$25,101
July
$25,500
August
$25,890
September
$26,548
October
$27,067
November
$27,569
December
$29,000
This data, supplied by Cox Automotive, shows the incredible ascent used car prices took in 2021.
Wholesale used car price trends are even crazier
Every used car has two prices; the wholesale price, and the retail price. As consumers we typically concern ourselves with the retail price, and with good reason, unless you have a dealer’s license you can’t buy a car wholesale at an auction.
That being said, wholesale used car prices are the lifeblood of car dealers, and the used car price trends we saw on the wholesale side in 2021 were truly unfathomable. While retail used car prices increased ~36% in 2021, wholesale used car prices rose 52%.
There is an obvious interplay between wholesale and retail prices. As wholesale prices increase, we can expect retail to prices to do the same.
Interactive data
Thanks to our friends at foureyes, we can share with you this real-time updating data set on used and new car prices.
After five years of offering the Chevrolet Bolt as their flagship EV, the General is going all-in with EVs. Now, all eyes are on the next three electric models. The first has just begun deliveries, the $100,000+ GMC Hummer EV. And now, the 2023 Cadillac Lyriq luxury SUV is hitting the market, soon to be followed by the Silverado EV.
By 2030, Cadillac will be an all-EV brand. Other GM brands will follow suit by 2035. GM lost dozens of Cadillac dealerships nationwide after it provided an ultimatum requiring dealers to spend about $200,000 on EV upgrades, or withdraw from the brand altogether and accept a buyout. About one-third of Cadillac dealerships took the buyout, and GM spent a total of $274 million. At the end of 2021, just 560 Cadillac dealerships remained, down from 920 just three years prior.
Now that the dealership shuffle has settled, it’s prime time for Cadillac to unveil the first of its EVs. Deliveries of the Lyriq have just started, and production is ramping up. Here’s what we know about Lyriq pricing, range and more.
The Lyriq Is Not Chasing Tesla
For starters, the Lyriq is a true SUV in size and stature. The outside has all the Cadillac design language you’d expect. Walking up to the Lyriq, you’re greeted by a welcome light show put on by the 50 LEDs illuminating the angular front grille. Stepping into the cabin, the first thing you’ll notice is the meticulous detail and labor of love, from the tree canopy inspired door illumination to the well-placed open-pore wood decor throughout.
If you lament the auto industry’s shift away from physical controls in favor of haptic feedback and touchscreens, you’ll be a fan of this interior. The Lyriq strikes the ideal balance of physical buttons and knobs and a healthy serving of touch controls. The 33” horizontal screen wrapping across the front dash may sound like the antithesis of physicality, but the screen and surrounding physical controls complement each other, making for an intuitive experience. The Lyriq’s 33” single screen is surprisingly similar to what you’ll find in the much more expensive Lucid Air, and more well-placed than the single 15” screen centrally located in the Tesla Model Y. A Cadillac-exclusive AKG Studio 19-speaker audio system provides excellent sound for audiophiles.
Driving Experience
The Lyriq’s tech is all-around impressive. Super Cruise is at the heart of Cadillac’s Smart System suite of safety and driver assist features. Super Cruise supports hands-free driving on over 200,000 miles of North American roads. The ‘hands-free’ part is a big deal, as even Tesla isn’t yet ready to make that claim (and with good reason).
A popular feature of EVs is one-pedal driving. Most EVs allow for energy recuperation as the vehicle slows down. This is called regenerative braking. In essence, some of the electricity that was used to accelerate is recovered as the vehicle slows down, and is returned to the battery. But not all EVs are capable of strong enough ‘regen’ to make the brake pedal almost unnecessary, except of course during instances when hard braking is needed. The Lyriq has what looks like paddle shifters behind the steering wheel. These are the controls for regen strength. At the highway setting, the Lyriq will slow to a stop without needing the brake. Using regen on a daily basis takes some getting used to, but as Tesla owners can attest, it ultimately becomes second nature.
The Lyriq’s serene cabin is well-insulated and quiet with active noise cancellation. 8-way power driver and front-passenger seats with 4-way power lumbar, heat, ventilation and lumbar massage are all included with the 2023 Cadillac Lyriq. Rear passengers have access to dual USB-C charging outlets and a three-prong outlet for charging laptops and other larger devices.
312 Miles of Range and Fast Charging
Cadillac claims an expected EPA range of about 312 miles on a charge with rear-wheel drive. Considering the large size of the Lyriq and the rapidly growing charging networks, that’s more than enough for almost everyone. EVs are generally more efficient at lower speeds, so the Lyriq is likely to go well over 300 miles in city driving, and 250 or so on the highway.
When it comes time to charge, the Lyriq supports 190 kW fast charging at level 3 public chargers, like those you’ll find at Electrify America and Tesla Superchargers (if they ever open up to non-Teslas in America). This works out to about 76 miles of range in 10 minutes, or 200 miles in about 30 minutes.
At home, a level 2 charger can be installed into a 240 volt outlet like you’d use to plug in a dryer. This is where the Lyriq stands out above the charging competition. The Lyriq supports segment-leading 19.2 kW home charging, which can add up to 52 miles of range per hour of charge, or a full battery from empty in just six hours. To the uninitiated EV shopper, six hours might sound like a long time, but don’t forget that charging is done at night while you’re asleep. Most Lyriq drivers will wake up with a full battery every morning.
GM’s Ultium Platform Sees Action
The 2023 Cadillac Lyriq will be the first time most consumers experience GM’s all-new Ultium electric platform. The 2022 Hummer EV is powered by Ultium, but it’s at a much higher price point that’s out of reach for most. Plus, it’s huge, and not everyone wants to drive a crab-walking boat around. GM’s engineers say that Ultium batteries are reliable, durable and more energy dense than anything we’ve seen before in a production EV.
Cadillac claims an EPA range of around 312 miles on a single charge made possible by the Ultium platform’s new chemistry. The public hasn’t forgotten about the ongoing Chevrolet Bolt recall and fire hazard, so it’s comforting to know that all new GM EVs will be built with a completely revamped and improved battery and electric motor architecture.
The 2023 Cadillac Lyriq is powered by a 12-module, 100 kilowatt-hour Ultium battery pack and a rear-wheel-drive Ultium Platform. This powertrain delivers 340 horsepower and 325 lb-ft of torque. It’s no Tesla, but a performance-oriented Lyriq is rumored to be on the way in 2023. For you speedsters out there, official 0-60 times haven’t been released yet, but considering that it weighs 5,610 pounds (over 1,000 pounds more than a Tesla Model Y!), the 5.0 second range is a likely figure.
Get the most when you sell your car.
Compare and choose multiple offers in minutes:
How Does the Lyriq Stack Up to the Competition?
The Lyriq Steps Into a Crowded SUV Segment that was essentially nonexistent just five years ago. One thing that may lure shoppers towards the Lyriq is its size. It’s larger than the Volkswagen ID.4, Tesla Model Y and Ford Mustang Mach-E. Thanks to the compact electric motors, the wheelbase is on par with a Hyundai Palisade, even though the interior volume is a bit less at 105 cubic feet. That’s more than the Model Y and VW ID.4, but just a cubic foot less than the much more affordable Hyundai IONIQ 5. Rear passenger leg room is generous at 40”. Everyone seems to offer a panoramic glass roof these days, and the Lyriq is no different. But the glass roof helps head room stretch to 38” for rear passengers.
Cargo volume is solid, even though there’s no frunk (front storage). There’s 28 cubic feet with seats up, and 68 cubic feet with seats laying flat. Even though that’s about the same as the ID.4, Model Y and IONIQ 5 (the Kia EV6 and Ford Mustang Mach-E are significantly less), the Cadillac Lyriq has something that none of the others have: the very essence of luxury. Better comparisons could be made with the Audi e-tron, Tesla Model X, the brand-new BMW iX, and the soon-to-arrive Genesis GV60 and Mercedes EQB. Among these competitors, the Lyriq is likely to remain more affordable.
The 2023 Cadillac Lyriq Starts at $61,795
The base Luxury trim of the Lyriq is nearly loaded as-is. The Luxury comes with 19” aero wheels versus 22” rims for higher trims, but Cadillac hasn’t shared many additional details other than that the base trim features all of the biggest perks. Reviewers who’ve had showroom tours of the Lyriq have been told that the base Lyriq has all of the above. The debut edition starts at right under $61,795 with rear-wheel drive. All-wheel drive Lyriq variants start at $64,000. Higher trims are expected to reach well above $70,000.
Pre-orders are now open! Expect to wait several months for your Lyriq to arrive. It should be worth the wait.
The Lyriq’s Qualifies for the New EV Tax Credit
We have great news for those counting on federal EV incentives to bring the Lyriq EV into their price range. The Lyriq is going to be built in Tennessee with American-made Ultium batteries, so it will qualify for the new EV tax credit. Of course, you’ll have to ensure that your household income qualifies.
The base spec of the Lyriq offers a whole lot for an MSRP of 60 grand. Could the Lyriq be the new anti-Tesla? Tesla may be the leader of EV sales for now, but for car buyers yearning for less minimalism, more luxury and competitive pricing, the Lyriq sure works out to a great deal. One thing the two share is that both GM and Tesla no longer qualify for the EV tax credit. Revisions to the EV tax credit are pending, but nobody really knows what the outcome will be.
The Lyriq is looking like a great flagship for GM’s new Ultium battery and powertrain platform. An expected 300+ miles of range and rapid charging make this electric SUV competitive from day one.
CarEdge Insights
