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Between 500 and 800 auto recalls are issued every year, affecting tens of millions of American vehicles. In fact, recalls have become so common that many drivers simply ignore them, which is a dangerous move. Fortunately, some automakers are making it possible to address recalls from the comfort of home. Ford’s F-150 Lightning electric truck is now subject to a recall, and Ford’s Blue Oval Intelligence feature is making the fix easier than ever before. But make no mistake: Ford’s over-the-air update capability has roots in Tesla’s decade of success.
2022 F-150 Lightning Recall
2022 Ford F-150 Lightning Lariat
Ford Motor said Monday it will recall 2,906 F-150 Lightnings because a software issue could result in a failure to provide warning of low tire pressure. 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 (OTA) updates have long been a top selling point of Tesla’s electric vehicles. By enabling vehicle software updates over a home wifi internet connection, OTA updates are convenient for both drivers and automakers alike.
Ford’s first OTA updates were rolled out to the Mustang Mach-E in 2021. As successful as the Mustang Mach-E has been for Ford, the F-150 Lightning is on another level with hundreds of thousands of reservations, and unruly dealer markups souring its reputation to some.
The Limitations of Ford’s OTA Updates
To date, Ford has demonstrated its ability to send software over-the-air updates to its electric vehicles. Software OTA fixes are not as transformative as the firmware OTA fixes that Tesla has implemented. On numerous occasions, Tesla has sent OTA updates that addressed aspects of charging, acceleration, efficiency and range. We’ve yet to see Ford implement firmware OTA updates, but the automaker claims that Blue Oval Intelligence will be capable of doing so when the need arises.
OTA Updates Coming to Other Automakers
2024 Chevrolet Silverado EV RST
In 2022, just about every automaker claims to be bringing over-the-air updates to their future lineups. General Motors was an early pioneer of OTA updates, having tried it out with OnStar way back in 2009. The second generation of GM’s OTA updates was launched in 2019 as Vehicle Intelligence Platform (VIP). VIP now enables OTA updates for nearly every vehicle control module, not just infotainment. GM’s latest software platform is advancing OTA update capability to new heights. Ultifi is designed to provide more frequent OTA updates, similar to how Tesla owners are accustomed to.
Other legacy automakers are a bit behind the curve. The likes of Hyundai, Honda, BMW, Mercedes-Benz and Volkswagen group are all offering OTA updates for infotainment and navigation, but not much else at the moment. Electrek has a great breakdown of each automaker’s plans for OTA updates.
Chinese automaker NIO is reportedly planning to enter the American market with several OTA-capable models. NIO’s over-the-air update capabilities are second only to Tesla, with firmware-updates proven in the automaker’s overseas markets. NIO is more widely known for their battery swapping stations, which replace the need to wait around for a charge. Learn more about NIO coming to America.
Is the F-150 Lightning Still a Good Buy?
2022 Ford F-150 Lightning Platinum
With up to 320 miles of range, decent charging speeds, powerful towing capabilities and the option of using the truck’s battery as a home generator, there’s a lot to love about the F-150 Lightning. What we don’t love are the dealer markups that have been making headlines for all the wrong reasons. Is the F-150 Lightning a great deal at $40,000 to $90,000? Certainly. When dealers start adding $50,000 markups to this truck, it’s not doing the EV movement any favors.
Let us know what you think. Is the F-150 Lightning comparable to a Tesla, or is it too early in the game to make such bold claims? How much would you pay for an electric work truck? Are EV incentives enough for you to make the switch? Let us know!
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The new and used car markets have seen it all in the first few years of this decade. 2020 kicked off with a few months of normalcy before the bottom fell out. Car sales plummeted by 15% before pulling the quickest turnaround in automotive history. In 2022, simply finding the car you want can be a tall order, not to mention getting it at MSRP. But the way we buy cars has changed too. A third of car sales are now completed online, and the recent popularity of direct-to-consumer sales is showing that shoppers are tired of the dreaded dealership runaround.
My own recent car buying experience taught me a lot about how in today’s market, knowledge certainly is power. Although it’s still a seller’s market, that doesn’t mean you can’t drive away a winner with your next auto purchase. These are the game-changing solutions that are bringing consumer empowerment to the car buying experience in 2022.
Honest Pricing Is Hard to Come By Online
I’ve experienced the annoyance of online dealership pricing firsthand. Earlier this year, I was in the market for a car. After narrowing down my search to a few models, I began the tedious process of contacting dealerships to get the ‘real’ pricing. I was quickly discouraged, but refused to give up. Dealers would advertise a car at MSRP, but upon making contact, the true price became difficult to tease out. Some salespeople would let me know on the phone that there was a $2,000 to $10,000 ‘market adjustment’, which of course wasn’t reflected in the online pricing. Others would only spill the beans once I specifically asked about ‘additional dealer markups’. However, the madness didn’t end there.
Buying a car, whether new or used, too often feels like an obstacle course in this day and age. Asking your salesperson about dealer markups doesn’t cut it nine times out of ten. I quickly learned that it was just as important to inquire about dealer add-ons. Shopping for the all-electric Hyundai IONIQ 5, I found more than a few dealers in my region claiming to sell ‘at MSRP’, but with up to $2,500 in dealer add-ons such as pinstripes, ceramic coating, nitrogen-inflated tires and door guards. After a dozen phone calls ending in disappointment, I was left wondering if I should just go buy a Tesla to avoid the haggling and money games. Or maybe I’d wait it out for Ford’s supposed Model-e no-haggle pricing. Still, I pushed on.
Fortunately, I did end up finding the car I wanted at true MSRP at Hyundai 112 in New York. The power of crowdsourced reviews at CarEdge’s Car Dealer Reviews made it a whole lot easier to sift through thousands of auto dealers to find honest, pro-consumer car dealerships in America. Nearly 2,000 dealerships have been reviewed, with more added every day. So even if the dealership went out of their way to seem honest, I could see what real customers had to say. Why didn’t this exist before?!
Out-the-Door Pricing Reflects the REAL Cost of Buying a Car
When shopping for a car, the price you see is usually not the price you pay. The number you should really be looking for is the out-the-door price. With this in mind, CarEdge created the perfect car search engine for car shoppers looking for transparent pricing. CarEdge Car Search features the Out-the-Door Price to give you a better idea of how much a car really costs. It takes the dealer’s advertised price and adds in estimated taxes and fees. Finally, consumers get an accurate picture of what to expect in the finance office.
A $2,500 difference between the advertised price and Out-the-Door Price is not uncommon. Taxes, doc fees and registration fees vary widely from state to state. When buying in states with a high sales tax, the difference can be substantial for a car with a big price tag.
Research Saves You Money
Use Price History and Days On Market to Your Advantage
During a vehicle’s lifetime, there can be sharp changes in its market value. Knowing the price history is key to effective negotiating. If a car has seen repeated price drops or has been sitting on the market for a long time, your buying power is much greater than if it was fresh on the lot. CarEdge Car Search includes detailed new and used price history for every vehicle on the market.
Price history data as displayed on CarEdge Car Search
This 2019 Honda Ridgeline has been on the market for months, and has seen a significant price drop. Time to negotiate!
Vehicle Supply Data: It’s What Dealers Don’t Want You to See
Vehicle supply data is yet another number you can use to your advantage when negotiating on a new or used vehicle. For instance, if there’s an abundance of Nissan Rogue’s in your region, you know the dealer better not be playing ‘limited inventory’ games with you.
Vehicle supply data as displayed on CarEdge Car Search
On the other hand, if there are only 15 Hyundai IONIQ 5’s around (as was the situation in my case), you know that you’re going to be fighting an uphill battle. All in all, you’re a better informed and more prepared car buyer with the behind-the-scenes research that CarEdge Car Search provides with every auto listing.
See Extended Warranty Quotes Before You Buy
CarEdge now offers a Tesla extended warranty, the first of its kind!
Past auto maintenance troubles giving you anxiety? Now you can get a free, no-hassle instant quote for an extended warranty while searching for your next car online. Since the start of the pandemic, Americans have been spending 124% more money on auto repairs. That’s a startling figure that would surely be lower if more drivers opted for an extended warranty with top-tier coverage and transparent pricing.
Buying a Car Is TOUGH in 2022, But These New Tools Empower YOU, the Consumer
Whether you’re thinking about buying new or used, the latest new car inventory and used car sales statistics point towards a rough second-half of 2022. Fortunately, this new car buying toolkit from CarEdge puts power back in the hands of the people.
In 2024, most EVs charge much faster than you’d expect. Although some laggards still take nearly an hour to add 200 miles of range, today’s best-sellers are capable of ultra-fast charging. Unless you’re considering a bargain EV lease for short commutes, you’ll want to make sure that your vehicle is capable of fast charging.
These are the charging times for the fastest charging electric vehicles on the market today. Charge times are reflected as 10% to 80% since charging speeds slow significantly beyond 80% state of charge. You might have noticed that your phone and laptop do the same thing. Let’s dive in.
What’s the motivating force that keeps you showing up to work day after day, year after year? Is it your desire to own a home, the need to provide for your family, or simply to cover the bills? In 2022, more Americans are seeing their hard-earned money go straight to their monthly car payment. The latest numbers tell a worrisome tale of the economic reality that seems to be worsening.
The average transaction price reached a May record of $45,502, according to number crunchers at J.D. Power. Add in the cost of financing, taxes and fees, and the average TOTAL cost of buying a car is ten grand higher at $55,821, according to Cox Automotive and Moody’s Analytics. Considering that the U.S. median household income is $70,284, inflation is at 40-year highs and gas prices mean $100 fill-ups, how much worse can it get?
It now takes 41 weeks of the average American’s household income to purchase a new vehicle
The Cox Automotive/Moody Analytics vehicle affordability index showing weeks of median income needed to purchase an average light-duty new vehicle.
It can get worse, but will it? Rising interest rates mean that an auto loan will cost more over time. The average amount financed on a new car purchase is now $39,721. We’re all friends here, so let’s call it $40,000. The data show that most car buyers opt for a 72 month loan (even I did for my recent electric vehicle purchase), so let’s do the math to see how rising interest rates cost buyers.
In May, the average auto loan interest rate reached 4.07%. The Federal Reserve is openly stating that they plan additional interest rate increases as they flex their muscle in last-ditch efforts to put a damper on inflation. In all likelihood, the average auto loan rate will reach 5% at some point in the next year. Over a 72-month loan term for the average $45,502 transaction, the difference between 4% and 5% auto loan rates totals $1,400 more in interest paid over the life of the loan. At a 5% interest rate, today’s average auto loan will cost $6,813 in interest over 72 months.
Demand Remains Strong Despite Outrageous Prices and Rising Rates
Why are automakers and car dealers keeping prices inflated despite the economic downturn deepening? Simply put, it’s because consumers continue to pay the higher prices. From the perspective of the American consumer, lack of widespread public transportation and our deeply ingrained ‘car culture’ means that for many, a car is a necessity, not a want. Americans are paying higher prices because in many cases they have to. Cars get us to work, to school and to the grocery store.
AutoNation hasn’t had a problem with higher car prices.
AutoNation CEO Mike Manley said in April that the nation’s largest dealer group had “not seen any reduction in the demand for new vehicles or really any perceivable segment-shifting as a result of current economic conditions.”
“We, frankly, have customers for basically everything that’s coming,” Manley told Automotive News.
Evidence for their bold claims? Kelley Blue Book says that the average vehicle sold went for $1,000 over MSRP. That’s not how it used to be.
Used Cars Are Cheaper, But At Record Highs Too
We’ve been tracking the volatility of the used car market. The pre-pandemic ups and downs gave way to prices in freefall at the height of the pandemic, followed by an unprecedented turnaround that culminated in skyrocketing used car prices as new car inventory was squeezed by the chip shortage.
What a wild ride it’s been. As of June 2022, overall used car prices have increased more than 30% year-over-year. In some vehicle segments, prices are 60% higher than they were in 2021.
The Case For Maintaining and Keeping Older Vehicles Gets Stronger
Tesla electric vehicles may be quick, efficient and in-style, but they sure aren’t affordable.
More often than not, it makes a lot of financial sense to repair an older vehicle than to shell out record amounts of cash (and financing) for a new car. Only those who drive A LOT (over 15,000 miles per year) might see the benefits of buying a newer, more fuel efficient vehicle. We recently did the math, and the break-even point when purchasing an EV over a combustion-powered competitor can take from four years to sometimes nearly a decade, depending on out-the-door cost, incentives and annual miles driven.
Maintenance isn’t cheap, but with the average monthly car payment over $600/month, more drivers are cornered into picking the lesser of two evils.
You’re one step closer to getting the PlayStation on wheels you’ve always wanted. On June 16, Honda Motor Company and Sony signed an agreement to design and build an electric vehicle. The new joint venture will operate under the name of Sony Honda Mobility Inc.
Introducing Sony Honda Mobility Inc.
Sony Honda Mobility will be a 50-50 joint venture with the goal of launching sales in 2025. The two Japanese giants said in a statement that the partnership “will combine Honda’s expertise in engineering and manufacturing vehicles, along with its proficiency in providing after-sales service, with Sony’s strengths in imaging, sensing, telecommunications and entertainment.”
The Sony Vision-S 02 electric SUV is in development.
Honda said in April it will invest $37.16 billion USD over the next 10 years in electrification. This investment will culminate in 30 new EV models globally. Honda aims to produce 2 million electric cars annually by 2030. This is ambitious, as there are currently no fully-electric Honda models for sale in North America.
Sony recently unveiled a concept electric crossover dubbed the Sony Vision-S 02. The Sony Honda partnership will likely pick up where Sony left off in research and development of this Sony EV.
Honda Is Already Collaborating with General Motors
The 2024 Honda Prologue EV, to be built by GM in Michigan.
Honda is late to the electric vehicle party. Now, Honda is depending on General Motors to get their EV plans off of the drawing board and onto the ground as they prepare for the latter half of the 2020s. The 2024 Honda Prologue is the much anticipated all-electric crossover headed to the American market.
Oddly enough, it’s only Honda in name and exterior design. The 2024 Honda Prologue will be powered by General Motor’s new Ultium Battery platform, which offers fast charging and great range. GM will even build the Prologue in its North American factories. By mid-2023, Honda-branded EVs will be leaving GM plants in Michigan. What a crazy world we live in, when GM-built vehicles become Hondas. Learn more about the Honda-GM partnership.
