10 Cars and Trucks With the Biggest Price Increases in 2024

Key Takeaways

  • Ford, GM, and luxury brands hiked prices the most for popular models
  • Despite rising prices, several of these models are slow sellers
  • Use local car market data to negotiate. It’s a buyer’s market!

What vehicle are you interested in?

Last updated May 15, 2024

Despite an abundance of inventory and high interest rates, new car prices keep rising. Many automakers are increasing the starting prices of their vehicles at a pace that far exceeds inflation. Time and time again, we’ve seen automakers drop affordable base models, despite consumer appetite for cheaper options. Here are 10 models with the biggest MSRP increases in 2024, and how you can still negotiate a better deal.

Cadillac CT5 – Up 23%

rising car prices in 2024 - Cadillac CT5

2025 Starting MSRP: $48,990 (+$9,200)

2024 Starting MSRP: $39,790

The Cadillac CT5’s price hike is one of the most significant this year. With nearly a $10,000 increase, luxury buyers might need to reconsider their budgets.

The good news for buyers is that Cadillac inventory remains above average, and that lends to negotiation leverage. There’s an 87-day supply of new CT5s on Cadillac dealer lots. There’s no shortage of this luxury sedan and smart buyers should use this to their advantage.

See CT5 listings with local market price data

Hyundai Santa Fe – Up 17%

Hyundai Santa Fe prices 2024

2024 Starting MSRP: $35,345 (+$5,260)

2023 Starting MSRP: $30,085

You’ve likely seen the completely redesigned 2024 Hyundai Santa Fe on the road by now. Some say it looks stellar, while others call it a wannabe Land Rover. No matter what you think about this popular SUV, it’s a lot more expensive than it used to be. For the redesign, Hyundai added over $5,000 to the base MSRP of the Santa Fe. 

See Santa Fe listings with local market price data

Ford F-150 Lightning – Up 14%

2024 Ford F-150 Lightning prices

2024 Starting MSRP: $65,090 (+$8,100)

2023 Starting MSRP: $56,990

Ford’s popular F-150 Lightning XLT became a lot more expensive for the 2024 model year. We may be well into 2024, but Ford dealers are still clearing out 2023 inventory. It’s not exactly in high demand, with a current market-day supply of 114 days. 

See F-150 Lightning listings with local market price data

Nissan Titan – Up 13%

Nissan Titan prices 2024

2024 Starting MSRP: $47,665 (+$5,420)

2023 Starting MSRP: $42,245

Nissan has been trying to make headway into the American truck market for years now, to very limited success. The automaker sold just 19,189 copies of the Titan in the United States last year. Compare that to the Ford F-Series’ 750,000 units sold, and it becomes laughable that prices jumped 13% year-over-year. 

And get this: There’s nearly a year of Nissan Titan supply on dealership lots today. We STRONGLY encourage negotiating Nissan Titan prices. It’s a buyer’s market!

See Titan listings with local market price data

Volvo XC40 – Up 12%

2024 Volvo XC40 prices

2024 Starting MSRP: $41,795 (+$4,350)

2023 Starting MSRP: $37,445

Volvo’s compact SUV, the XC40, sees a noticeable price increase this year. The XC40 is already a slow-seller, with nearly triple the average new car supply today. Volvo’s US market share has been flat for the past several years. Will higher prices change that? We doubt it.

See XC40 listings with local market price data

Mercedes-Benz GLA – Up 11%

Mercedes GLA - car price increase in 2024

2024 Starting MSRP: $43,000 (+$4,350)

2023 Starting MSRP: $38,650

The entry-level luxury SUV, the Mercedes-Benz GLA, starts at a higher price in 2024. GLA sales have fallen slightly over the past year, so perhaps MB is rethinking the 11% price bump.

See GLA listings with local market price data

Nissan Armada – Up 9%

Nissan Armada prices 2024

2024 Starting MSRP: $57,345 (+$4,750)

2023 Starting MSRP: $52,595

The Nissan Armada’s higher price in 2024 is not translating to more sales. There is a 222-day supply of the new Nissan Armada in May, meaning that inventory is nearly triple the industry average. Buyers just might be pushing back against higher prices, and perhaps giving the competition a closer look.

See Armada listings with local market price data

Volvo XC60 – Up 8%

Volvo XC60 2024 prices

2024 Starting MSRP: $48,195 (+$3,650)

2023 Starting MSRP: $44,545

Volvo’s midsize SUV, the XC60, has also seen a price increase. Known for its comfort and advanced safety features, the XC60 continues to appeal to those looking for a premium SUV, despite the higher price tag. Today, the XC60 sells in higher numbers that the XC40, and that wasn’t always the case.

See XC60 listings with local market price data

Ford F-150 – Up 8%*

F-150 price increase 2024

2024 Starting MSRP: $38,765 (+$2,935)

2023 Starting MSRP: $35,830

It’s the best-selling truck in America, but it’s not the most affordable. The base Ford F-150 sees a modest price increase for 2024. However, the more popular Lariat has received a nearly $8,000 price hike for 2024, now starting at $67,190. Ford has finally cleared out most remaining 2023 inventory, so expect to see more 2024s on dealer lots. At least low-APR financing offers make the price hikes more manageable.

See F-150 listings with local market price data

Mercedes-Benz GLE – Up 8%

2024 Mercedes-Benz GLE prices

2024 Starting MSRP: $63,800 (+$4,950)

2023 Starting MSRP: $58,850

The luxury SUV segment sees the Mercedes-Benz GLE with nearly a $5,000 price increase. Its blend of luxury, technology, and performance makes it a top choice among luxury buyers. However, GLE sales fell 8% in the US last year, so it’s a wonder that prices were hiked so much.

See GLE listings with local market price data

Car Price Inflation Is Real

The trend of rising car prices shows no sign of slowing down in 2024. While these increases might seem daunting, empowered buyers can still find ways to negotiate better deals. Staying updated on price trends and being prepared to negotiate are key strategies in this evolving market. Luckily, CarEdge has 100% free resources to get you there!

Download Your FREE Car Buying Cheat Sheets

Car buying cheat sheet

Ready to outsmart the dealerships? Download your 100% free car 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!


Looking for detailed, local car market data to give you the upperhand in negotiating? Learn more about CarEdge Insights. It’s expert data, unleashed!

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

NEWSLETTER

The latest insights
right in your inbox

Get the latest car trends and money-saving strategies, once a week.

By signing up, you agree to CarEdge's Privacy Policy and Terms & Conditions.

Share This