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When demand exceeds supply for any product, sellers have the upper hand. New car incentives dropped even further in the summer of 2022. What does fewer incentives mean for car buyers today? This is what the latest data reveals.
New Car Incentives Down 50% in 12 Months
The pandemic really put a wrench in the typical ebbs and flows of the automotive industry. Gone are the days of gradual change. Following an unprecedented drop in car sales as COVID took hold in 2020, record demand for cars far outpaced supply in 2021 and into 2022. Today, the lingering semiconductor chip shortage continues to greatly reduce new vehicle inventory. Any time there’s a shortage of new cars, used car prices rise too. Will buying a car ever get cheaper? Well, it hasn’t yet. Here’s the latest auto manufacturer incentive data from the analysts at TrueCar:
Q2 2022*
Q1 2022
QoQ change
Q2 2021
YoY change
BMW
$1,206
$2,358
-49%
$4,713
-74%
Daimler
$1,257
$2,012
-38%
$3,574
-65%
Ford
$1,193
$1,824
-35%
$2,567
-54%
General Motors
$1,847
$1,974
-6.40%
$4,399
-58%
Honda
$818
$1,163
-30%
$2,167
-62%
Hyundai
$620
$890
-30%
$2,102
-71%
Kia
$650
$1,260
-48%
$2,549
-75%
Nissan
$1,501
$1,848
-19%
$3,502
-57%
Stellantis
$1,893
$2,413
-22%
$3,522
-46%
Subaru
$753
$901
-17%
$1,339
-44%
Toyota
$803
$1,025
-22%
$2,219
-64%
Volkswagen Group
$1,169
$1,769
-34%
$3,730
-69%
Industry
$1,228
$1,631
-25%
$3,003
-59%
As you can see, new car incentives are at a 10-year low. In the second quarter of 2022, incentives averaged $1,228 industry-wide. That’s a 59% drop year-over-year.
Incentives Won’t Return As Long As Days’ Supply Remains Low
The latest new car inventory numbers are in, and the update brings a mixed bag of news. Overall new car inventory is up, but not nearly to the extent that is required to return normalcy to car sales. Most automakers are seeing incremental improvements.
Automakers with the Lowest Inventory
Subaru with 4 days’ supply (up from 3 days in June)
Mazda with 6 days’ supply (up from 4 days in June)
Hyundai with 7 days’ supply (down from 8 days in June)
Kia with 10 days’ supply (holding steady since June)
Automakers with the Most Inventory
Ford with 51 days’ supply (up from 37 days in June)
Lincoln with 40 days’ supply (up from 28 days in June)
Volvo with 26 days’ supply (some models are extremely limited)
Lexus with 24 days’ supply (up from 23 days in June)
In January of 2020, the industry’s average was 82 days’ supply. By early 2021, that figure had fallen to 66, but it would soon plummet as the chip shortage lasted longer than most expected. In July of 2022, new car inventory is slim with just 21 days’ supply.
Until more cars are sitting on dealer lots, there simply won’t be any reason for manufacturers to offer more new car incentives to buyers.
Lack of Incentives Is Contributing to Record New Car Transaction Prices
Average new vehicle transaction price over time. Source: Cox Automotive
You’re probably not surprised to hear that a new car costs more than ever before. The average transaction price has hovered around $45,000 for much of the past year. Two years ago, it was $38,000. With inflation AND supply chain bottlenecks, it will be a while before prices stabilize.
Monthly payments are on the rise, too. How much is too much? $500 a month? $750 a month? Maybe even a $1,000 car payment? Right now, the average monthly car payment is $712 a month. Five years ago, it surpassed $500/month for the first time. There’s a worrying trend taking hold today, and it’s one that risks spiraling out of control. A new Edmunds survey finds that 12% of car buyers are paying more than $1,000 each month for their car payment. Yes, a new car now costs as much as a home mortgage for those who choose to spend big.
How Does the Loss of Incentives Change the Car Buying Process?
Does Tesla win with lower incentives across the industry?
Other than higher price tags, here are some considerations if you’re in the market for a new car:
Most vehicle purchases are now above MSRP. However, this does NOT mean you must pay the premium – deals are still out there for those who do their homework. Nevertheless, 82% of car buyers paid over MSRP in early 2022.
Direct-to-consumer auto sales bring advantages. Eighty percent of Tesla buyers cite the no-haggle online buying process as a major factor in their decision to buy. Other electric vehicle automakers are selling direct-to-consumer without markups, but also without incentives. These include Rivian, Lucid, Polestar and Fisker.
More car buyers are placing factory orders… and waiting several months for delivery. If you’re looking for a special edition in a specific trim and paint color, chances are you’ll have to place a custom order and wait in line. If you’re more flexible, your chances of getting what you want, with or without incentives, are much higher.
Check back for the latest new car incentives. We’ll be updating this page as new numbers come in. Remember, you can still find a deal out there, but it will take a bit more work on your part. The CarEdge team is here to help you every step of the way. As Ray always says, knowledge is power, and CarEdge’s auto experts empower car buyers every day with the know-how that can save thousands of dollars.
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Will 2023 bring more affordable EVs with more range and faster charging? These are the five best new electric models coming to a charging station near you.
2024 Honda Prologue – Is It Even a Honda?
The Prologue EV is one of the electric cars we’re looking forward to in 2023.
Later this year, Honda’s first electric vehicle to take to North American roads will be beginning production ramp-up. The Honda Prologue electric crossover is expected to be a 2024 model with a late-2023 arrival. However, we’re looking forward to the Prologue for reasons you might not expect.
Honda waited too long to get into the EV game. While many argue that Honda’s decision to focus on hybrid powertrains was a good move for their sales and bottom line, the delay ultimately resulted in Honda looking for strategic partners as an avenue for electrification. In the case of the 2024 Honda Prologue, Honda is working closely with General Motors to bring the same Ultium powertrain in the Chevrolet Silverado EV into Honda’s first American-made EV. But this won’t be a Chevy Bolt 2.0. The Prologue will benefit from a new, much better generation of EV engineering.
Not only is the Honda Prologue going to be powered entirely by GM’s Ultium electric platform, GM is going to build the Prologue EV from start to finish. This begs the question, is the Prologue even a Honda at all? It’s starting to sound a lot like Chevrolet’s Equinox EV with the Honda nameplate.
Why then are we looking forward to the Honda EV that’s really a Chevy with a Honda badge? It’s all about the hope and promise of the Ultium platform. Here’s why this is worth getting excited about:
Ultra-fast charging up to 350 kilowatts, meaning charge times under 30 minutes.
More range, with over 300 miles on a charge expected for the Honda Prologue.
Mastery of efficiency: General Motors touts engineering feats that have brought the Ultium powertrain’s efficiency to the next level. This includes a new kind of heat pump.
In 2023, affordable electric cars are hard to come by. The Fisker Ocean just might change that.
Ironically, Fisker’s first shot at vehicle production ended when the first batch of Fisker Karma electric sports cars succumbed to the saltwater floods of Hurricane Sandy in 2012. But that didn’t stop Fisker from naming their next vehicle the Fisker Ocean.
The Ocean is an electric crossover that targets three consumer demands that EV automakers have so far struggled to unite under the umbrella of one electric model: over 300 miles of range, versatile capabilities, and affordable pricing. It’s almost as if the Fisker Ocean is on track to be an electric Subaru Forester with goals like that.
Plus, if you’re the type of driver that shies away from commitment, Fisker has a sweet deal for you. The innovative Fisker Flexee Lease option lets you lease the Ocean for $379/month with no term commitment. You can hand back the car at any time. It’s essentially a long-term rental with no strings attached.
The Fisker Flexee Lease requires an initial payment of $2,999, and it includes up to 30,000 miles per year. Maintenance is covered. Sounds like a great deal if you ask me!
Three out of four car buyers today opt for a crossover, SUV or truck. We’ve all heard it before: sedans are on their way out. Not so, says Hyundai. And judging from the reactions to the IONIQ 6’s design debut, the masses still have an appetite for a sleek sedan, as long as it brings something new to the table.
In a welcome surprise, the IONIQ 6 went on sale months earlier than expected. With up to 361 miles of range and ultra-fast charging speeds adding 200 miles of range in under 20 minutes, this is one of the best. Browse Hyundai IONIQ 6 listings in your area.
2024 Chevrolet Silverado EV
2024 Silverado EV WT
Just one year ago, there wasn’t a single electric pickup truck available for purchase. Tesla’s Cybertruck started the electric pickup conversation with the swing of a sledgehammer in 2019, but other automakers are much closer to bringing electric trucks to market. The outdoorsy Rivian R1T has begun deliveries, and the GMC Hummer EV is crab-walking its way into customers’ hands. But these two premium offerings are at a higher price point than what the majority of drivers can afford. Enter the Ford F-150 Lightning (on sale now) and its chief competition, the all-new Chevrolet Silverado EV.
The electric Silverado is not just a standard truck with an electric motor. It’s much more than that, and far more capable.
Is the Silverado EV better than the F-150 Lightning? Here’s how they compare:
Starting Price
Fully-Loaded
Range
Max Charge Speed
Vehicle-to-Load Output
EV Tax Credit
Silverado EV
$39,900
$105,000
"up to 400 miles"
350 kW
10.2 kW max
No (cap reached)
F-150 Lightning
$39,974
$90,874
230 to 320 miles
150 kW
9.6 kW max
Yes
Something to keep in mind: F-150 Lightning buyers have already had their hopes dashed by outrageous dealer markups. What was supposed to be a reasonably-priced electric truck is more often selling to the highest bidder. Will the same happen to the Silverado EV late next year? Considering that Ford, not GM, is the automaker publicly working on a way to end EV dealer markups, it appears likely.
Two Chevys on this list? Crazy, right?! GM’s $2.3 billion joint venture with battery engineering powerhouse LG Chem is beginning to work it’s way into products, and we’re thrilled for what’s to come.
Just about all we know of the upcoming Equinox and Blazer EVs is by way of CEO Mary Barra’s online enthusiasm. Here’s what we know so far.
GM claims that the Equinox EV will have a starting price around $30,000. We expect that to bump up towards $40,000.
Both the Equinox and Blazer EV will be powered by the next-gen Ultium platform
There will be both fleet and retail versions of the Equinox EV.
The Equinox EV will arrive at Chevy dealers in Fall of 2023
As you can see, there’s not a lot to say about the 2024 Chevy Equinox EV. Why are we so excited about it then? The mere prospect of an affordable EV is almost too good to be true at this point. The average EV sells for $56,000, a whole $10,000 more than the average combustion-powered vehicle. Should consumers in the market for an affordable EV be stuck with the range and charging limits of the Chevy Bolt and Nissan Leaf? We hope GM follows through on their promise to bring a truly desirable budget EV to the masses in 2023.
As much as I love electric vehicles, their faults are not lost on me. Charging infrastructure lacks, service outside of warranty is costly, and most of all, they’re really expensive. Despite the hurdles facing EVs in 2022, a new Bank of America Merrill Lynch Car Wars study predicts that EVs, PHEVs and hybrids will make up 60% of new models in 2026. With so many new electric cars coming making debuts in 2023 and 2024, time is running out to prepare the masses for the big changes ahead.
Car Wars? More Like EVs Wars…
Every year, Bank of America Merrill Lynch releases their cleverly-named Car Wars report. The report leverages the bank’s access to big data to forecast automotive industry trends like no other. In the 2022 Car Wars Report, John Murphy, a senior auto analyst at Bank of America Merrill Lynch, told Automotive News that he expects automakers to launch roughly 245 new models over the next four years. That averages out to 61 new models per year — 50 percent higher than the average over the past two decades.
Why the flood of new car models? Simply put, new powertrains inspire new models. No one wants to retrofit a billion-dollar electric powertrain onto a decades-old chassis.
Market Share and Replacement Forecasts Draw Headlines
Analysists took the strategies of each major automaker into consideration and shared their market share forecasts for model year 2025. Notably, Stellantis and Nissan are forecast to lose market share despite funneling billions of dollars into new electrified models. General Motors, Honda and European brands are forecast to maintain steady market share in the U.S. market. With the upcoming Silverado EV, Cadillac Lyriq and Equinox EVs just around the corner, it’s not what automakers like to hear at such a crucial moment.
Graph via Automotive News
The automakers with the highest model replacement rate fared best in the Car Wars analysis. Ford, Toyota and the Korean automakers have the highest expected replacement rate, and therefore are expected to gain market share.
However it’s what Bank of America thinks about Tesla that’s drawing headlines.
Tesla Market Share Forecast: Massive Drop in a Few Short Years
202? Tesla Cybertruck: The next big thing, or a pipe dream?
In the annual Car Wars study, Bank of America Merrill Lynch senior auto analyst John Murphy predicts that Tesla’s EV market share will drop from over 70% today to just 11% in 2025. That’s the most pessimistic Tesla forecast we’ve seen in a few years, harkening back to when talking heads from legacy automakers regularly predicted doom and gloom for Tesla.
Why the forecasted 60% drop in market share? Murphy cites the massive push to electrification from the likes of Ford, General Motors, Hyundai and Kia. It’s not clear if Murphy considered the significance of Tesla’s Supercharger Network, top-notch over-the-air update capabilities and high brand loyalty in his forecast. What do you think?
Looking for EV sales numbers? July is here, and that means the second quarter of 2022 has come to an end. As automakers release their Q2 2022 EV sales numbers, be sure to check the latest updates and statistics at CarEdge’s EV market share and vehicle sales report.
2023 Will Debut Blockbuster Electric Cars
Of the new models introduced between 2023-2026, 60 percent will be either electric or hybrid while 40 percent will be internal combustion. Among notable 2023 electric cars just around the corner are electric trucks, sedans, and a whole lot of crossovers.
Chevrolet Silverado EV: With up to 400 miles of range, ultra-fast charging and massive vehicle-to-load power delivery, many truck buyers are passing up the F-150 Lightning and eagerly waiting for the Silverado EV.
Fisker Ocean: This electric crossover starts at under $40,000, and even the top trims will hit the market under $70,000. Experienced automaker Magna will assemble the Ocean. I’m a fan!
Chevrolet Equinox EV: Another electric crossover finalizing pre-production engineering is the Ultium-powered electric Equinox, which GM says will start around $30,000. Too good to be true?
Honda Prologue: Perhaps you’ve wondered where Honda’s electric vehicles are? There are none, at least not in the North American market. That’s all about to change next year when General Motors begins building the Prologue EV for Honda. Yes, you read that right!
Chrysler Airflow: The sleek Airflow concept is the vanguard of what Stellantis has on the horizon. This electric sedan is one of many Chrysler EVs to come, as the brand intends to go all-electric in just 6 years.
Rivian R1S: The R1T electric adventure truck is already hitting the road, but next year will see accelerated deliveries of a full-size SUV that the market craves, the R1S.
The Takeaway: The Threshold Moment for Electrified Powertrains Is Here
Headline-grabbing claims aside, this EV market share forecast is in line with much of the industry’s thinking. In fact, automakers are sure to hope that these numbers become reality, as they are actively investing a cumulative total of roughly $500 billion dollars in electrifying their lineups.
With high-stakes new electric cars in 2023, legacy automakers are definitely taking EVs seriously. Which 2023 electric car are you most excited about?
As drivers warm up to the idea of going electric, every electric vehicle recall is sure to turn heads, regardless of severity. 2022 is a huge year for automakers unveiling their next generation of electric vehicles. With over half a trillion dollars invested in EVs, there’s a lot riding on the success of these new arrivals. Several electric vehicle models have already been subjected to recalls. Fortunately, most of them do not directly involve electric powertrains. These are the EVs facing recalls in 2022. We’ll update this page as future recalls are inevitably announced.
Rivian Recalls
October 2022 – Rivian recalled every vehicle it has produced, including all R1T electric trucks, R1S electric SUVs, and EDVs produced for Amazon. The vehicles were recalled because of concerns that a bolt in steering assemblies wasn’t sufficiently tightened.
No accidents have been reported, but the recall is still causing massive headaches for the young automaker. The recall fix is already available, it’s as simple as tightening a (very important) screw. However, the challenge lies in the limited locations of Rivian Service Centers. For example, the state of Texas has one service center in Houston. There are just 5 Rivian service centers on the entire East Coast. Most locations are in California. See the full list of locations.
Fortunately, Rivian has mobile service technicians, but they’ll surely have their hands full. See additional details on the Rivian recall here.
Toyota bZ4X and Subaru Solterra Recalls
June 23, 2022 – The Toyota bZ4x and Subaru Solterra are EV siblings co-developed by the two Japanese automakers. Just a month into deliveries, the two models have been recalled globally due to an issue with their wheel hub bolts that could in fact cause the wheels to fall off. Fortunately, the issue does not involve Toyota and Subaru’s brand-new electric powertrain.
2023 Subaru Solterra
The US National Highway Traffic Safety Administration (NHTSA) recall notice warns owners not to drive their vehicles until they are repaired. This isn’t a good look considering the significance of Toyota’s first all-electric vehicle. A bZ4X and Solterra recall remedy is currently under development according to the US NHTSA.
“The cause of the issue and the driving patterns under which this issue could occur are still under investigation,” the notice says.
The recall affects 2,700 bZ4x models and 2,600 Solterras globally. See if your Toyota bZ4X VIN number is subject to the recall at Toyota’s official recall page. You can check if your Subaru Solterra is impacted at Subaru’s official recall site.
Ford F-150 Lightning Recalls
June 27, 2022 – The electric F-150 Lightning is the most-anticipated new model making a debut this year. Ford Motor is recalling 2,906 F-150 Lightnings because of a software issue that could result in a failure to provide low tire pressure warnings. The 200,000 F-150 Lightning reservation holders are certainly relieved to find that this recall is not related to Ford’s all-new electric powertrain.
In this particular recall, simple human error is at fault. Ford says that the recommended tire cold inflation pressure was incorrectly set to 35 psi instead of 42 psi. No accidents have resulted from this F-150 Lightning recall, but it’s the fix that’s noteworthy. The recall gives Ford a publicized opportunity to show the world that the F-150 Lightning is OTA capable. Over-the-air updates, first implemented on a large scale by Tesla, are no easy feat. Plenty of automakers can update navigation and infotainment via OTA update, but few are capable of firmware OTA updates that tinker with the powertrain.
F-150 Lightning Recall Fix: Those who wish to receive the recall fix immediately may head to a Ford dealership service center immediately. Otherwise, Ford says the over-the-air update will be available to download via home WiFi within a few weeks. Check to see if your F-150 Lighting VIN number is impacted by the recall at Ford’s official recall page.
Hyundai IONIQ 5 and Kia EV6 Recalls
Hyundai IONIQ 5
May 13, 2022 – As an IONIQ 5 owner myself, I was not thrilled to see the first manufacturer recall coming in one month into ownership. The US National Highway Traffic Safety Administration (NHTSA), Hyundai and Kia have announced a recall for select VIN numbers of the 2022 model year Hyundai IONIQ 5 and Kia EV6.
The IONIQ 5 and EV6 share Hyundai Motor Group’s new e-GMP electric platform. The recall is for the potential for disruptions to the vehicle’s parking actuator system when the vehicle is off. Sudden voltage fluctuations may occur while the vehicle is off, potentially causing the parked vehicle to disengage from ‘Park’ momentarily. If this occurs while the vehicle is parked on uneven terrain, vehicle rollaway is possible.
IONIQ 5 and EV6 recall fix: A fix is already available, but you’ll have to visit your Hyundai or Kia dealership service center. I just got the recall fix done at my local Hyundai dealer. They had never seen an IONIQ 5 before, and one employee asked if I was coming in for an oil change. Nevertheless, I was in and out of the dealership in about 30 minutes.
June 14, 2022 – Ford is recalling all 50,000 Mustang Mach-E electric crossovers because of the risk of power loss. The possible power loss could occur while the vehicle is in motion or parked.
The recall is due to problems with the Mustang Mach-E’s battery contactor, which is a switch that determines which vehicle components the battery sends power to. Interestingly, the power loss is more likely to occur when putting the pedal to the metal for maximum acceleration, according to Ford. If power loss occurs, a powertrain malfunction warning light will illuminate on the dashboard, and the vehicle will display “Stop Safely Now’ in the gauge cluster behind the steering wheel. Clearly, it’s time to pull over immediately with a message like that.
Ford Mustang Mach-E recall fix: Ford has pursued Tesla in more ways than one. In addition to ending EV lease buyouts and going for direct-to-consumer sales via Ford Model e, Ford has brought over-the-air updates to its lineup. Ford says that Mustang Mach-E owners will receive an over-the-air update sometime in July to install a software remedy for the recall. Until then, a stop-sale is in place.
Several hundred automotive recalls happen every year across vehicle classes and powertrains. There will surely be more to come. What we’ll be keeping an eye on is how the latest electric powertrains are performing. Luckily, most of the EV recalls to date have been for components other than the electric powertrain. However, we all remember how the Chevrolet Bolt recall and fire hazard tarnished GM’s reputation. Check back for the latest updates!
Hyundai and Kia’s new e-GMP electric platform has seen plenty of success (and a few hiccups), and the Korean giants are just getting started. Everyone from Tesla die-hards to Bloomberg News heap praise on the new IONIQ 5 electric crossover. I love it so much that I even bought one for my family. However, not everyone wants a cavernous crossover. There’s still a sizable market for sedans, especially electric sedans with impressive range and performance figures. Enter the 2024 Hyundai IONIQ 6, the next in line to debut from Hyundai Motor Group’s quickly growing electric lineup.
How much does the IONIQ 6 cost? What’s the range, charging speed and battery size? We finally have some answers. Here’s what we know. Check back as this page will be updated as Hyundai released more information.
In the Age of Crossovers, Hyundai’s Electric Sedan Keeps It Cool
Official images of the IONIQ 6 EV
What did we all drive before 75% percent of us drove crossovers, SUVs and pickup trucks? You guessed it, sedans. Despite record gas prices, sedans haven’t rocketed to popularity quite as they had in previous gas price spikes. Is there any hope for the future of sedans? If we turn to the world of EVs, clearly there is. Tesla’s Model 3 continues to sell hundreds of thousands of Model 3s annually, outselling the likes of BMW and Mercedes ICE sedans.
In the realm of electric mobility, range is king. Range will reign supreme until charging stations are widespread and reliable, which is likely years away. Electric sedans offer a major advantage over other EVs, despite a lower profile and lesser interior volume. Electric cars dominate range and efficiency. They’re more aerodynamic, and it shows in the official numbers.
The reveal of the Hyundai IONIQ 6
Tesla’s Model 3 gets well over 350 miles of range, and the new Lucid Air luxury sedan exceeds 500 miles on a charge. Now, Hyundai’s IONIQ 6 electric car is joining the gaggle of electric sedans. Will it be the new range king? Probably not, but it’s likely to offer far more miles on a charge than its crossover relatives.
Hyundai Prophecy Concept Comes to Life
Hyundai’s IONIQ 6 is based on the Prophecy concept.
In 2020, there was a lot going on in the world, so you probably don’t remember Hyundai’s string of electric future unveilings. One of them was the ‘Prophecy’ concept. Another was the Hyundai ‘45’ concept, which was later brought to life as the award-winning IONIQ 5. Many noticed that Hyundai did the unexpected: they made a concept car into reality with minimal design changes. How was this possible? It turns out the interior and exterior designers get to have lots of fun with EVs due to the flexibility of the electric platform. Batteries lie beneath the floor, and electric motors are the size of a duffle bag. Now, we can see that the IONIQ 6 follows the same path to production, and that’s a great thing!
IONIQ 6 Pricing, Range and Battery Specs
The interior of the IONIQ 6
Hyundai has been teasing the IONIQ 6’s specs for weeks now. Here’s what we know:
Battery capacity: Rumored to be the same 77.4 kWh battery pack in the IONIQ 5 (72.5 kWh usable, with the rest as buffer)
Range: Expected range between 280 – 330 miles, depending on trim
Power: Rear-wheel drive is expected to have 215 hp (160 kW); dual-motors all-wheel drive should have 308 hp (230 kW)
Charging speed: The IONIQ 6 will have the same 800-volt architecture as the IONIQ 5 and Kia EV6, enabling ultra-fast charging over 235 kilowatts at a DC fast charger capable of delivering at least 250 kW
Charge time: Similar to the IONIQ 5, the IONIQ 6 is expected to gain 200 miles of range in 18 minutes or less
Pricing: Expected to debut at $38,000 to $50,000 depending on trim
IONIQ 6 release date: Late 2023/early 2024
IONIQ 6 tax credit: Due to Hyundai’s historically low EV sales numbers, the IONIQ 6 will continue to qualify for the federal EV tax credit for at least a few years after launch
