States eligibile for below invoice pricing and 100% free delivery:
Alabama, Arkansas, Texas, Oklahoma, Florida, Georgia, Kentucky, Louisiana, Maryland, Delaware, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.
Trucks are somehow an appreciating asset in 2022. Not a single truck is getting more affordable. With inflation, supply shortages, and transportation backlogs, truck inventory remains at record lows in the US. Here’s just how much truck prices have increased in 2022.
Be sure to bookmark this page and check back for updates!
The 2022 model year Chevrolet Silverado HD has seen FOUR price increases since going on sale last year. GM Authority details the latest Silverado price increases:
“The latest price increase for the 2022 Chevy Silverado HD is a flat $1,000 for all trim levels and configurations, including both the 2022 Chevy Silverado 2500HD, and the 2022 Chevy Silverado 3500HD. The Destination Freight Charge also increased from $1,695 to $1,795. As it stands now, the least-expensive 2022 Chevy Silverado HD model is the Silverado 2500HD WT Regular Cab / Long Bed with 2WD and the 6.6L V8 L8T gasoline engine, priced at $41,295, while the most-expensive model is the Silverado 3500HD High Country Crew Cab / Long Bed DRW with 4WD and the 6.6LV8 L5P turbodiesel Duramax engine, priced at $81,345.”
See how much every variant of the Silverado 2500 and 3500 HD costs now here.
Just a few months after the first deliveries crawled out of Rivian’s factory in Normal, Illinois, the electric truck maker fumbled a sudden price increase. All trims of the Rivian R1T saw prices increase, and some specs are up by 20%. The most ‘affordable’ R1T, originally $67,500, now costs $79,500. The catch is that the base spec of the R1T is not even close to being available. Rivian produced 2,500 electric trucks in the first quarter of the year, and delivered 1,200 of them.
All R1Ts being delivered in 2022 are the quad-motor Adventure package with the large battery pack. If you’re lucky enough to take delivery this year, this R1T configuration costs $85,000.
This is Rivian’s delivery timeline as of Spring 2022:
Is there any such thing as an affordable truck any more? Affordability is in the eye of the beholder, however the last few months have raised the bar even further. Here’s the latest data on truck MSRPs for base trims:
The best-selling truck in America, the Ford F-150, has seen a 2.6% increase in base MSRP since December 2021. The F-150 now starts at $29,990. The only truck to fare better (for the consumer) is the Toyota Tacoma, which has gone up 2.1% to a current MSRP of $26,700.
On the other end of the spectrum, General Motors has sent truck prices through the roof. Four months ago, a 2021 Silverado 1500 started at $29,300. A few price hikes later, the base 2022 Silverado now costs $33,800 before destination fees. That’s a staggering 15% price jump in a few short months.
GM’s massive price increases for the 2022 Silverado are especially shocking considering that GM posted record profits in 2021, despite selling 500,000 fewer vehicles than the year before.
The 2022 Nissan Titan now has a base MSRP of $38,310, up 4.8% since late last year. The Ram 1500 has seen a similar price hike, now listing for $33,975 at a minimum. Good luck finding one for MSRP.
In fact, let us know about your dealership experience, good or bad!
If you thought the base models were bad, wait until you see how expensive fully-loaded trucks have gotten. Check out the data for yourself:
Yes, a 2022 Ford F-150 Raptor now starts at $68,675 (over $70,000 after taxes and fees) after Ford bumped the price by 7% this year. That almost makes the F-150 Lariat look like a steal at $48,140. It’s actually Ram that takes the trophy for biggest MSRP jump in 2022. Following a 9.1% price increase, the Ram 1500 TRX now starts at $76,780. The GMC Sierra AT4X has seen the smallest price increase, but it’s still an expensive truck at an MSRP $77,395.
The short answer is no. If you’re looking to buy new, you’ll have to find a Ford Maverick, Ford Ranger, Hyundai Santa Cruz or maybe even a Tacoma at MSRP (somehow) to stay around $25,000 for a new truck. Most are far beyond $35,000 once all fees are tallied.
Bear in mind that we’re talking about MSRPs here. These are merely suggestions by the manufacturer. You know as well as I do that buying any popular vehicle at sticker price in 2022 is like finding a pot of gold at the end of the rainbow. It’s technically possible, but quite rare. And no one will believe you.
Dealer markups are one of the many novel trends of the past few pandemic years that no one’s excited about. Except for dealers of course. Jalopnik reported on six-figure Ram TRXs and Ford Mavericks going for fifty grand.
Dealers are raking in the profits every time a shopper agrees to pay over MSRP for any truck. Don’t believe me? American dealerships reported all-time record profits in 2021. You know, the year with the worst inventory shortages ever. As one dealer told me, they’re just ‘dying for inventory’. Approach dealerships with caution, truck buyers.
CarEdge Car Search Now Shows In-Transit Status!
In 2022 (and beyond), many car buyers will be shopping for vehicles that are still sailing the high seas or catching a lift from the plant to the dealership. How do you know which vehicles are in transit and which are on the lot? CarEdge’s Car Search is the only car buying search engine that shows you if a particular vehicle is in transit. Try it out for yourself!
The semiconductor chip shortage has forced General Motors to halt production of the Chevrolet Silverado and GMC Sierra during the weeks of April 4 and April 11. GM makes these high-margin models at a plant in Fort Wayne, Indiana. Dealers sold 530,000 Chevy Silverados and 249,000 GMC Sierras in 2021. Silverado sales were down 11% in 2021 compared to the year before, and Sierra sales slipped 1.6%.
GM President Mark Reuss told CNBC that chip supplies were “getting a little better” but the crisis is not over. “We’re not through this, we’re doing the best we can.” The latest CarEdge chip shortage update shows that 308,700 vehicles have been removed from North American production schedules across all manufacturers, and the pace of cancellations remains steady. In 2021, General Motors canceled nearly one million vehicles from production because of the chip shortage.
In February, GM CEO Mary Barra voiced optimism, with perhaps a hint of wishful thinking. “We’ve said the improvements in the first quarter will pull through the year. Definitely, by the second half of this year we’ll be able to get closer to full capability.” The semiconductor chip shortage shows no signs of slowing down. Asian production hubs have been rattled by more COVID shutdowns, and even earthquakes. On top of the chip shortages, the war in Ukraine is affecting European operations.
GM’s announcement of a production stop in Fort Wayne is particularly notable considering that the Sierra and Silverado are higher margin vehicles for the automaker. If these two money-making models are temporarily removed from production, the chip shortage may be worse than company executives make it seem.
There may be a chip shortage, but GM’s bank accounts are as healthy as ever. In 2021, GM’s profits surged 55% to $10 billion, an all-time high for the legacy automaker. GM’s record profits coincided with a sharp decline in sales as inventory plummeted and new car prices skyrocketed. The company sold 2.9 million vehicles in 2021, down from 3.4 million in 2020. Sales slumped so much that Toyota took the crown for most U.S. sales for the first time ever.
China has resisted calls to recognize the COVID-19 virus as an endemic illness, and China continues its zero-COVID policy at all costs. China’s ‘closed loop’ economic approach permits businesses to remain in operation, but only if all workers remain onsite. The same ‘closed loop’ policy was in place for the entirety of the 2022 Winter Olympics in Beijing.
GM’s partnership with Chinese state-owned automaker SAIC has been fruitful for bringing the Chevrolet, Buick, and Cadillac brands to China. Over 10,000 people are employed by the SAIC-GM joint venture in China. During the latest COVID lockdown in Shanghai, Automotive News reports that the SAIC-GM production plant has remained open with workers sleeping on floors inside of the facility. GM has declined to comment on the situation.
Continuing operations at the Shanghai facility may give General Motors an upper hand in the struggle to produce higher volumes of vehicles given the current supply shortages. Tesla’s Giga Shanghai factory was forced to close this week. Tesla failed to prepare enough food and other accommodations for the 2,000 employees. Volkswagen has also been impacted by the Shanghai lockdowns, but VW’s factories remain open for now.
Where does General Motors go from here? The now #2 automaker in America managed to score record profits in 2021, despite the severity of the chip shortage. As MSRPs rise and automaker incentives disappear, it’s entirely plausible that GM will see positive outcomes yet again, even with empty dealer lots.
Sadly, these days it’s not possible to leisurely head to a dealership and pick out the perfect vehicle. Inventory remains at record lows, and supply chain shortages are going to get worse before they get better. The electric lifestyle is an adjustment for most first-time EV buyers, and preparation eases the transition considerably. You don’t want your new car honeymoon to be ruined by missed opportunities or misconceptions. Here are five reasons why you should plan ahead before making your first electric car purchase.
Inventory is slim to none for all new autos, and electric vehicles have been hit especially hard by the supply shortages of 2021 and 2022. EVs are the product of truly global supply chains, and that makes them particularly vulnerable to disruptions. EV leader Tesla has so far avoided the worst of the supply shortages, however high demand has new orders seeing delivery dates over 8 months away.
Tesla isn’t the only automaker seeing serious delays. The popular Volkswagen ID.4, Ford Mustang Mach-E and Hyundai IONIQ 5 are all hard to find on a dealer lot nationwide. Data from Cox Automotive shows that day’s supply, the preferred industry metric for new car availability, is dismal for several electric vehicle makers.
Here’s the day’s supply for popular brands that sell electric cars in America. Tesla, Rivian and Lucid sell directly to consumers, so there is no available data for their models.
As bad as these supply estimates are, many shoppers note that many dealers have just a few cars on the lot. Don’t expect to find exactly what you want at your local dealership.
If you’re eager to get yourself into a new car as soon as possible, check out CarEdge Car Search to locate electric cars around the country. Beware misleading postings from dealerships. I’ve found that about half of dealer postings are actually misrepresenting cars that are already spoken for.
It’s not fun, but it’s worth it to call around. Soon, you may find yourself forgetting which dealers you’ve contacted, so it’s wise to keep a spreadsheet of who you’ve reached out to, and their inventory situation. While you’re at it, keep track of what their dealer markups are for EVs. Some dealers are taking advantage of the situation and charging $5,000, $10,000 or even $20,000 over MSRP.
If you don’t find what you’re looking for at a competitive price point, most automakers let you place an order for their popular EVs. Sometimes, you’ll have to order through a dealership, so keep that in mind if you don’t see a way to place an order on the automaker’s website. For example, the Hyundai IONIQ 5 and Cadillac Lyriq can only be ordered through a participating dealer.
If you have your eyes set on a Tesla, placing an order is simple. In fact, it takes just a few minutes (but requires a non-refundable deposit). However, demand far exceeds supply for Tesla models. Expect to wait 6-10 months for a Model Y.
If you drive less than 30 miles a day and live near public fast chargers, don’t sweat it. However, long distance commuters and rural EV owners will be glad they thought about how to meet their charging needs.
Over 80% of electric car charging is done at home at affordable residential electricity rates, costing less than $15 for a full charge. If you skip any special home charger installation, plugging in to a typical wall socket will add two to four miles of range per hour. Over 12 hours (at night, for example), a standard wall outlet will add about 25 to 50 miles of range. However, frequent travelers will get tired of the slow charging speeds possible with basic 110-volt wall outlets.
For those who regularly drive more than 50 miles each day, it will likely be worth the investment to get a level 2 home charger installed. A level 2 charger increases power supply to 240 volts, and adds about 20 to 40 miles of range per hour. Unless you’re lucky enough to already have a 240-volt dryer outlet in your garage, installing a level 2 charger at home can cost between $700 and $1500, depending on labor costs and the condition of existing electrical infrastructure in the home.
We’ve covered all you need to know about how much it costs to charge an electric car in our CarEdge guide to charging.
At some point, a public DC fast charger will be essential for travels. If you purchase an electric vehicle with over 200 miles of range, getting to one shouldn’t be a problem. However, there continues to be wide variation in charge times, and that will make or break the EV ownership experience for frequent travelers.
The Hyundai IONIQ 5, Kia EV6 and Tesla models can all add about 200 miles of driving range in about 20 minutes. However, the 2023 Subaru Solterra EV takes 56 minutes to add the same range. Pay attention to the details, and consider how each electric model would fit into your lifestyle and needs.
For many households, tax liability fluctuates from year to year. If you know when a particularly large tax bill will be due, it might be a great time to buy an electric vehicle. The current federal electric vehicle tax credit is worth up to $7,500, however tax filers who owe at least as much in annual tax liability will get the full benefit from the credit. For example, a family who has a federal tax liability of $5,500 will only be able to claim $5,500 of the EV tax credit. That’s why it makes sense to purchase an EV when tax liability is expected to be at least $7,500.
Plug-in hybrids qualify for between $2,500 and $7,500, depending on battery size.
The credit (non-refundable) remains in effect for all automakers who have yet to reach the law’s 200,000-vehicle limit. Tesla and General Motors have surpassed the limit, so buyers of the Bolt, Silverado EV, and Tesla models won’t benefit from this generous incentive unless Congress overhauls the law. Revisions to the EV tax credit are possible in 2022. Stay up to date with the latest EV tax credit developments here.
If you live anywhere near a major metropolitan area, especially along the coasts, you’ve got nothing to worry about. The rest of us need to bear in mind the limits of EV newcomers like Rivian, Lucid and Fisker when it comes to serviceability. Tesla now has 150 service centers across the country, but a few states remain without a Tesla service center. Fisker’s affordable Ocean electric SUV is loaded with impressive specs, however service centers will be few and far between for years to come.
This is where the strength of legacy automakers really stands out. A Tesla or Rivian service center will be hard to find in rural America, however legacy automakers have established dealer networks in every corner of the country.
Before you go out and buy an EV, have a plan for how and where you’ll get it serviced. Electric vehicles come with a great warranty, so you’ll definitely want a way to take advantage of it.
There’s always something bigger and better in the development pipeline. Newer models tout more range, faster charging and improved performance. On the other hand, prices tick upward with every added feature.
When does it make sense to hold out for the latest and greatest? It depends on what you value most, and which electric vehicle features you desire most. Looking to get more range out of a Volkswagen or Hyundai EV? 2023 models get a slight bump. Craving faster charging? Waiting a year might save you five minutes per charge. Don’t expect huge changes from one year to the next. Automakers have set the expectation for incremental improvements.
Ultimately, it will be up to you to decide what’s worth the wait, and when it makes sense to buy (or lease) an electric car.
Planning ahead for your electric car purchase not only has the potential to save you money, it also makes the transition to the electric lifestyle a lot easier. It’s important to consider your household’s unique needs and wants as you shop around. In 2022, EVs represent past, present and leading-edge technologies at a wide range of price points. Here at CarEdge, we’re keeping track of EV availability in 2022.
As always, CarEdge Electric is here to empower you with the knowledge to approach car ownership with confidence. Our weekly EV newsletter is full of helpful tips, the latest EV news, and new car reviews. Consider becoming a member for expert insights and one-on-one guidance throughout the car buying process.
The manufacturing of electric vehicles is a global process, with raw materials from every corner of the globe playing a vital role in battery chemistry. New forecasts from automotive energy analysts predict massive increases in electric vehicle production costs due to the entanglement of EV supply chains in the ongoing Russian invasion of Ukraine. The latest supply chain worries are on top of the ongoing chip shortage that threatens to stretch through 2022.
In 2021, fully-electric and plug-in hybrid passenger vehicles soared to 9% of global new vehicle market share. In Europe, EVs now make up 19% of all passenger vehicle sales. Even in the United States, electric car market share is approaching 5%. Although EV sales continue to be subdued by supply shortages and lack of inventory, most automakers remain on a path towards 100% electrified sales. However, getting there is easier said than done without the raw materials needed to make gigawatt-hours of batteries. There are dozens of EVs on sale in 2022, but finding one on a dealer lot is no easy task.
A new report by S&P Global Mobility highlights the unforeseen costs piling onto EV battery production because of the Russian invasion of Ukraine, and the resulting international sanctions. Building an electric car is about to get costlier, and buying one will get more expensive.
The analysts at S&P Global Mobility estimate that the best-selling Tesla Model Y could see input costs for battery raw materials surge by $8,000 per vehicle this year. Tesla recently increased Model Y prices for the tenth time in as many months to a base price of $62,990. Just a year ago, the same model listed for $49,990.
The same report forecasts that production costs for the popular Mercedes-Benz EQS could skyrocket by $11,000 year-over-year. The EQS luxury sedan already starts at an MSRP of $103,360, and climbs to $126,360 for the highest trim. With production costs eating into Mercedes’ margins, MSRPs are likely to climb higher any day now.
For years, EV advocates (and Elon Musk) have touted the importance of electric cars reaching cost parity with combustion-powered vehicles. It’s widely believed that when electric cars cost the same as an equivalent ICE car, the masses will rapidly transition to electric mobility.
The latest supply chain disruptions have analysts delaying the arrival of EV cost parity. In the months leading up to the war in Ukraine, raw materials needed for battery production were already becoming more costly. Cleantechnica reported back in November that lithium carbonate prices surged by 313%, cobalt hydroxide was up nearly 82%, and nickel sulfate rose by 34% over the course of 2021.
S&P Global Mobility said that Russia’s invasion of Ukraine is inflating raw material prices even further. Russia is the world’s third-largest supplier of nickel. German supplier BASF said it will not sign new agreements with Russian nickel suppliers because of the invasion. The analysts suspect that other manufacturers will take similar actions.
The latest data and expert analyses point towards a 5-10% increase in prices for most EV models in 2022. Tesla has already seen a 26% increase in prices since 2022, including steep price hikes in early 2022.
There are rumors that Hyundai may soon be raising MSRPs for the popular IONIQ 5, and Ford increased prices for the Mustang Mach-E by $1,000-$3,000 in February. When is the most affordable time to buy an electric car? If you’re set on buying an EV in 2022, make a purchase as soon as possible. Unfortunately, it looks like inventory and pricing are only going to get worse for the foreseeable future.
Following the ups and downs of the past two years, automakers, dealers and buyers have seen it all. Low demand in 2020, not enough cars to sell in 2022, and wild swings in pricing. What about the consumer perspective? Things are changing quickly, and it can be hard to keep track. What do interest rate hikes mean for car buyers in 2023? We spoke with CarEdge car buying expert Mario Rodriguez to find out.
There are very few automaker or dealer incentives right now. The sellers have the upper hand in today’s market. They’ve raised MSRPs, and additional dealer markups have piled on. Selling new cars, dealers can toy with the profit equation. Both front-end and back-end profit scenarios are on the table for a dealer.
Either they could increase the car’s price and drop interest rates via captive lending, or take the opposite approach and keep car prices the same but raise interest rates for buyers. When it comes to interest rates, however, NEW car buyers probably won’t see much of a change, at least after this first Fed rate hike.
Automakers can afford to subsidize the small rate increases because of captive lenders, not to mention the record profits they make per vehicle sold right now. There’s been a lot of inflation, but not to the magnitude of the MSRP hikes we’ve seen.
As of November 2023, attractive financing rates for new cars range from 0.0% to 2.9% APR. Black Friday deals feature several low APR offers.
Drivers with great credit scores should keep an eye out for anything below 3% APR for new car buyers.
This is where buyers will feel the pinch. Used cars sell for less (on average), and a lot more math is involved with profit margins for dealers. Private party lenders are quicker to reflect baseline rate hikes. It might take a few months for new car loan rates to rise noticeably, however used car loan rates will rise immediately.
Through a credit union, used car buyers with great credit scores can secure a used car loan for under 7% APR. As of November 2023, the average used car loan rate is 14% APR.
It’s important to bear in mind that a higher interest rate will cost buyers who demand an expensive vehicle more than if a cheaper vehicle was to be purchased. A 6% interest rate will result in about $6,000 in total interest paid for a $40,000 loan over 60 months, but just $2,400 for a $15,000 loan over the same term.
More interest rate hikes are likely in early 2024. The latest consumer sentiment and spending data shows that Americans are increasingly getting used to a high rate of inflation. That’s not a good sign, and leads many experts to think that the US Federal Reserve will issue at least a few more rate hikes to combat inflation.
Notifications