We recently shared the 2023 models with the biggest price hikes. Now, we’re back with the cars and trucks with the smallest price hikes for the 2023 model year. I must say, there are some surprises here. We’ll start off by taking a look at the price trends for the 25 best-selling models in 2022. Unfortunately, Honda grabs the attention with some of the most anti-consumer price changes in recent memory.
Let’s dive in.
The 25 Best-Selling Cars in 2022 + Pricing For 2023
The table below shows 2023 pricing for base models and mid-spec trim options in an effort to provide more useful price comparisons. We’ve included how much the 2023 pricing has changed as a percentage.
Notice that two of the top-selling models actually have price decreases for 2023. And after years of demand outpacing supply, Tesla prices are holding steady. Still, the vast majority have MSRP increases between 3% and 10%.
2023 Ford F-150 Price Increase
America’s best-selling vehicle is now a lot more expensive. The 2023 F-150 Lariat, the popular mid-spec truck, is now $8,440 more expensive. The F-150 Limited sees a similarly huge price bump, and now tops out at $85,950. Apparently the F-150 now has Super Duty pricing. The F-150 Lightning went from a $40,000 electric truck, to a $60,000+ EV.
Tesla Prices in 2023 (UPDATE)
Update January 16th, 2023: Tesla has slashed their prices by up to 20% for some models.
What the heck is going on at Tesla? Overnight they dropped the price of the Model Y Long Range to $52,990, a full $13,000 less than its previous price of $65,990. 🤯 pic.twitter.com/EcZo6wXIiY
Tesla prices rose 25% from 2021 through early 2022. Now, prices haven’t changed since June 2022. In China, Tesla prices have actually fallen, leading to in-store protests from frustrated customers who bought a few days too soon. The Rear-Wheel Drive Model 3 does now qualify for up to $7,500 in federal tax credits. More on that here.
It’s a frustrating trend, one that we hope Honda fans will speak out against. Honda clearly wants you to spend more in 2023. As with the CR-V, they’ve dropped the base Civic LX, effectively raising the entry-level Civic to $26,145 in 2023. It’s happening to the 2023 CR-V too. Honda eliminated the base LX trim, forcing a nearly $5,000 price increase for the entry-level CR-V.
At least Honda is offering several more options for those wanting a hybrid powertrain in 2023. The Sport, EX-L, Sport-L and Touring trims all come as hybrids. The 2023 Touring Hybrid starts at $38,985, which is $600 LESS than the 2022 Accord Touring.
The Cars, SUVs and Trucks With the Smallest Price Increases
The Ford Escape Gets New Looks and Lower Pricing
The 2023 Ford Escape gets a complete makeover, and with it comes a new trim lineup. That makes price comparisons tricky, but like for like, the 2023 Escape’s pricing remains about the same. In fact, the 2023 Escape ST-Line is $1,000 cheaper than the outgoing 2022 Escape SEL, its closest analog. Higher trims of the 2023 Ford Explorer also see steady prices.
We can’t say the same about other Ford models. The F-150 is seeing prices go up by 7% to 17% in 2023, and the all-electric F-150 Lightning now costs about $20,000 more than it was originally priced.
Toyota Offers the Closest Thing to a Deal
Toyota Corolla prices have actually gone down in 2023 for the Hybrid LE as Toyota makes way for the new hatchback Corolla. The 2023 Corolla Hatchback SE starts at $24,060 with destination fees.The Camry and Highlander also saw very minor price increases, with prices going up by about 1% across trim levels.
The Nissan Altima Continues to Slip
Altima prices nudged up slightly, but that’s no surprise. Nissan’s Altima sales have been on the decline for years now. In 2019, Nissan sold 209,000 Altimas in the U.S. In 2022, Nissan sold 140,000 Altimas in the American market.
Where to Find the Deals in 2023
New car prices are trending ever higher, even as supply finally catches up to demand. So, where are the best car deals in 2023? Head on over to the used car market for lower prices. Used car prices have been falling for several months, and we expect this trend to continue. Here are some CarEdge resources to get you started on your journey:
One year ago, the auto market was in the depths of the new car shortage. Semiconductor chips were in short supply, and dealer markups were at their worst. In December 2022, the best year-end car deals are the best we’ve seen since 2020, when the average price paid for a new car was $38,000. Today, that figure is north of $48,000. Still, end-of-year deals present an opportunity for car buyers to get a deal at a time when rising interest rates are putting affordability out of reach for many.
Check out these other CarEdge resources, updated monthly:
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Interest rates are rising, and inflation is at record highs, but deals can still be had when buying a new car. Every month, the team at CarEdge pores over the latest offers from every automaker. The result is a one-stop resource to share the very best new car deals with you.
Not finding what you’re looking for? We’ve included links to each automaker’s website. Check back frequently, as this living page will be updated regularly.
Check out these other CarEdge car buying resources:
Hyundai lease offers this month are good, but the amount due at signing has increased this month.
Hyundai Venue: $151 per month with $3,281 due Hyundai Elantra: $219 per month with $3,299 due Hyundai Kona: $209 per month with $3,999 due Hyundai Tucson: $279 per month with $3,999 due Hyundai Santa Fe: $269 per month with $3,999 due
Nissan Altima: $199 per month for 18 months with $2,309 due Nissan Leaf: $269 per month for 36 months with $5,259 due Nissan Rogue (AWD): $299 per month for 36 months with $3,459 due Nissan Murano (FWD): $299/month for 24 months with $2,099 due
With interest rates rising and inflation putting pressure on automakers and their dealer networks, the only thing that could bring better new car deals would be plummeting demand. We’ve seen signs of weakening demand and higher new car inventory, but nothing considered drastic. Expect auto loan interest rates to climb in 2023. The best car deals in February won’t last.
Buying a Car Soon? Check Out These Other Resources
The best EVs under $50,000 are more capable than ever before. But that doesn’t mean that they’re equally suited for the diverse needs of today’s drivers. Whether you’re hauling a family or looking for your next ridesharing car, these are the best EVs under $50k that are available now.
2024 Volkswagen ID.4
To qualify for federal EV incentives, ensure you purchase a Tennessee-built VIN.
Price:$37,495 – $53,995
Range: 208 – 293 miles
Charging Speed: 130 kilowatts (standard) to 170 kilowatts (Pro); Add 200 miles of range in 28 minutes
Tax Credit: The U.S.-built ID.4 qualifies for at least half of the new EV tax credit. Make sure yours is built at the Chattanooga, Tennessee factory! See full details here.
Did You Know? The 2024 VW ID.4 includes three years of free 30-minute charging sessions at Electrify America. For those who travel often, this incentive could be worth hundreds of dollars.
Charging Speed: 170 kilowatt max (adds 200 miles in 30 minutes of charging)
Federal Tax Credit: In 2024, the rear-wheel drive and all-wheel drive variants of the Tesla Model 3 have again lost the federal EV tax credit. This time, it’s not due to high sales, but because of battery sourcing.
As long as your Bolt has the new battery post-recall, the Bolt is by far the most affordable electric option available. But it’s not for road trips with the family.
2022 Chevrolet Bolt EUV
Price: $26,595 – $38,995
Range: 247 to 259 miles
Charging Speed: 55 kilowatt max (adds 200 miles in one hour of charging)
Federal Tax Credit: In 2024, the Bolt again qualifies for federal EV incentives. See full details here.
Did You Know? The Bolt has great range, but charges slowly. We think this is a great budget option for around town, but not for cross-country road trips.
The new IONIQ 5 may have stolen the show, but the Kona EV is thousands of dollars cheaper. It’s one of the best EV values well under $50k. If you take frequent road trips, the Kona’s slow charging could be a deal breaker.
Price: $33,550 – $41,550
Range: 258 miles
Charging Speed: 100 kilowatt max (180 miles added in 47 minutes)
Federal Tax Credit: In 2022, the new revisions to the EV tax credit took away this incentive from the Kona EV. See full details here. State incentives may apply.
Did You Know? The all-new Hyundai IONIQ 5 has stolen the show with more range, MUCH faster charging, and better looks. Although MSRP starts closer to $45,000, dealer markups make it hard to find one under $50,000. More on that below.
Don’t like the looks of the Kona EV? The Niro is the same vehicle on the inside. Note that the Niro and Kona EVs are based on older EV powertrains, and charge quite slowly. Go for the Kia EV6 or IONIQ 5 for faster charging.
Price: From $40,875 with destination fees
Range: 253 miles
Charging Speed: 100 kilowatt max at a DC fast charger (adds 177 miles of range in about 45 minutes)
Federal Tax Credit: The new revisions to the EV tax credit took away this incentive from the Niro EV. See full details here. State incentives may apply.
Did You Know? The 2024 model year introduces a plug-in hybrid version with 33 miles of all-electric range. This is a great option for frequent travelers, rural drivers, and those without a place to charge at home.
Charging Speed: 235 kilowatt max at a DC fast charger (adds 200 miles of range in about 20 minutes)
Federal Tax Credit: The new revisions to the EV tax credit took away this incentive from the EV6. See full details here. State incentives may apply.
Did You Know? The Kia EV6 is based on the same e-GMP electric platform as the Hyundai IONIQ 5. If the looks of the EV6 are too much for you, maybe the IONIQ 5 is up your alley. The EV6 comes with 1,000 kilowatt-hours of free charging at Electrify America. That’s about 15 charging sessions from 10% to 80%.
Price: From $43,785 (SE Standard Range). Gain more range from $45,000+.
Range: 220 miles (Standard Range) to 310 miles
Charging Speed: 235 kilowatt max at a DC fast charger (adds 200 miles of range in about 20 minutes)
Federal Tax Credit: The new revisions to the EV tax credit took away this incentive from the IONIQ 5. See full details here. State incentives may apply.
Did You Know? The IONIQ 5 and it’s sibling the Kia EV6 are by far the fastest-charging EVs under $50,000. The IONIQ 5 has two years of free charging at Electrify America.
Last but certainly not least, the entry-level Mustang Mach-E starts under $50k. Finding one without a dealer markup is a challenge.
Price: Starting at $45,995
Range: 247 miles (Standard Range battery)
Charging Speed: 150 kilowatt max speeds (adds 170 miles of range in 35 minutes)
Federal Tax Credit: The Mustang Mach-E is made in Mexico, so it continues to qualify for at least half of the new EV tax credit. Qualification for the full credit depends on the battery supplier. See the latest from the federal government.
Did You Know? The Mustang Mach-E is one of the top-selling EVs in America, although it remains far behind Tesla.
The Equinox EV was recently introduced, and GM still claims that it will start “around $30,000.” Even if the most preferred trim options run closer to $40,000, the Equinox EV looks to be a great deal.
Not sure which path is right for you? Head over to the CarEdge community forum to chat with auto experts with years of experience. I’m on the forum daily!
General Motors finally released details about what could turn out to be the most important electric vehicle of the decade. Yes, Tesla pioneered the mass production of EVs in the 2010s, but GM intends to bring them to the masses with affordable pricing. Now that we know almost everything about the 2024 Equinox EV, how does it compare to the Chevy Bolt EV and EUV, and the many higher-priced electric crossovers on the road? Plus, we’ll also go over why I don’t think the Equinox EV will cost $30,000, despite GM’s comments.
Equinox EV Specs and Trim Options
Only two big questions remain after GM released details and new images of the Equinox EV in September. Although we don’t yet know exact pricing or battery capacity, the latest press releases have revealed a future-ready EV with great range, decent charging, and GM’s reiterated $30,000 price tag. Let’s dig into the details, and why I sincerely think this model alone will be a make-or-break moment for the electrification of America’s legacy automakers.
Range and Powertrains
The Equinox EV will be available in standard and extended range battery options. Front-wheel drive will offer either battery capacity, and all-wheel drive will only be offered with the long-range pack. GM has not divulged the battery capacity figures, but we do know that the Equinox EV will be powered by the Ultium electric platform that GM engineered in partnership with LG Energy Solutions. That’s great news, as the Ultium battery has proven to be a game changer in the GMC Hummer EV and Cadillac Lyriq.
These are the unofficial range figures that GM shared with us:
Equinox EV FWD standard range: 250 miles
Equinox EV FWD extended range: 300 miles
Equinox EV AWD (only extended range available): 280 miles
On the performance side, the Equinox won’t compete with the more powerful Blazer EV, or many of the other segment competitors for that matter. It’s becoming clear the GM wants the Equinox to stand out for every day functionality and eye-catching affordability.
Front-wheel drive produces 210 horsepower and 242 lb-ft of torque
All-wheel drive produces 290 horsepower and 346 lb-ft of torque
GM didn’t release 0-60 times (this isn’t a car for the track), but we estimate the FWD option to reach 60 mph in about 7 seconds, and the AWD option to achieve the same in 6 seconds. Regardless, electric instant torque will stand out to EV newbies.
How Big Is the Equinox EV?
GM has not released official passenger and cargo volume numbers, but they did release some key numbers. The Equinox EV is larger than the gas-powered Equinox. It’s 7.4 inches longer overall with a wheelbase that is 9 inches wider. The much wider wheelbase creates more interior space, similar to how other automakers have make crossovers feel a lot more like larger SUVs. In terms of overall width, the EV is 3 inches wider than the gas version.
The Equinox EV is one inch shorter than the gas version, and that’s definitely for aerodynamic reasons.
We’ll update this page as more info becomes available.
2024 Equinox EV Charging Speed
This was the only letdown in my book, but it’s not a deal breaker. General Motors has often touted the next-generation capabilities of its Ultium batteries. More range, faster charging, better efficiency. The Ultium-powered Cadillac Lyriq charges at 190 kilowatts and the GMC Hummer EV peaks at 180 kW, so I was a bit confused to see that the Equinox EV is limited to 150 kilowatt charging speeds at a DC fast charger. It’s totally possible that CEO Mary Barra and the crew are taking a page out of Porsche’s EV gameplan: underpromise and overdeliver.
Even with 150 kw charging speeds, what matters more is the charging curve.Early testing with the Hummer EV shows that at 65% state of charge, the Hummer was still pulling 170 kilowatts. That’s a great sign. Combined with GM’s claimed ability for the Equinox EV to add 70 miles of range in 10 minutes, and it starts to sound like a pretty sweet deal for those who travel at a leisurely pace.
To summarize:
GM says the Equinox EV can charge at up to 150 kilowatts, adding 70 miles of range in 10 minutes
Considering what the Lyriq and Hummer EVs are capable of, I expect the Equinox to add 200 miles of range in about 30 minutes at a DC fast charger. Not bad!
Equinox Home Charging Really Shines
When charging any electric car at home, you have two options. No additional installation is required to simply ‘trickle-charge’, which means plugging in to a standard three-prong wall outlet. Commonly known as level one charging, this would add just 3-5 miles of range per hour, but drivers like myself find it to be plenty enough since I leave my car plugged in all night, and I don’t drive more than 30 miles on most days.
If you drive over 40 miles per day at least a few times each week, you’ll either want to install a level 2 home charger, or plan to spend time at public charging stations. A trained electrician will be needed to install a level 2 charger, and equipment plus labor can add up to a few thousand dollars. If you do go the level 2 route, you’ll be rewarded with MUCH faster home charging.
The Equinox EV will have some of the fastest home charging available from any EV, including luxury options. The Equinox’s standard level 2 charging is rated at 11.5 kilowatts, which is noticeably higher power than most EVs today (limited to 6 to 9 kilowatts at level 2). The higher trims of the Equinox EV will go even further to 19.2 kW home charging. With that, the Equinox RT and RS could add 51 miles of range per hour.
Don’t forget that EVs typically charge overnight while you sleep. It can be tempting to compare home charging times to a quick gas station fill-up, but life with an EV is altogether a different automotive lifestyle.
Equinox EV Trim Options Explained
What comes standard: if you’re a fan of massive horizontal touchscreens, we have good news. The Equinox comes standard with an 11 inch infotainment touchscreen, a separate 11 inch digital gauge cluster, manual cloth seats, and 250 miles of estimated range from Chevrolet’s standard battery.
Standard safety features are generous. Standard Chevy Safety Assist includes:
Automatic emergency braking
Front pedestrian braking
Lane keep assist
Lane departure warning
Forward collision alert
High beam assist
Following distance indicator
Additional safety and assist features are available in higher trims, as detailed below.
Equinox EV 1LT: A Base Model with Plenty to Brag About
The Equinox 2LT is likely to be the option for the budget-conscious EV buyer who wants more range, improved looks, and niceties like heated seats. The 2LT adds:
Extended range battery
300 miles of range with FWD
Available all-wheel drive with 280 miles of range (cost TBD)
The 3LT has most of the bells and whistles, but pricing will likely undercut its nearest competitors like the Ford Mustang Mach-E and Kia EV6. Available options like all-wheel drive, heads-up display and SuperCruise are expected to drive a fully-loaded Equinox 3LT to a substantially higher price.
In addition to the features included in lower trims, the 3LT includes:
Reverse automatic braking
Adaptive cruise control
17.7-inch diagonal touch-screen
21” aluminum wheels
Sunroof
Heated front and rear outboard seats and wiper park
Available 19.2 kilowatt home charging is the real standout option with the 3RS. Aesthetically, this is as close as the Equinox EV gets to its sportier sibling, the 2022 Chevy Blazer SS EV.
The 3RS also includes:
21″ dark aero wheels
Black-painted grille panel and lower fascia with sporty flow-through rocker molding
Heated flat-bottom steering wheel
Available 19.2 KW Level 2 home charging charging module (for adequately equipped homes)
Available Spring 2024
Why do I think the higher trims will costs over $20,000 more than GM’s “aroud $30,000” starting price? It’s VERY difficult to make money selling EVs at $40,000 right now, not to mention ten grand cheaper. Ford recently admitted they aren’t turning a profit on the Equinox’s rival the Mustang Mach-E. Raw material prices have shot up by over 100% since 2020, and inflation is real.
Chevrolet Equinox EV Tax Credits
In August of 2022, President Biden signed the Inflation Reduction Act of 2022 into law. With the new law arrived a completely revamped EV tax credit and future rebate. We’ve already covered the details of the new EV tax credit and which models will qualify, but here’s a summary of the biggest changes:
Income is capped at $150,000 for individuals, and $300,000 for joint filers
The credit is all about battery sourcing and vehicle manufacturing
Qualifying models must be made in North America
Up to $7,500 is available, depending on where battery minerals and components are sourced from
The tax credit becomes available as a rebate option in 2024
The Equinox EV will qualify for at least half ($3,750) of the new EV tax credit. GM plans to build it in Mexico with Ultium batteries made in America. Whether or not the Equinox qualifies for the full $7,500 will depend on where GM sources the lithium and other minerals in their batteries.
Yes, it’s true: With incentives, the 2024 Equinox EV may cost as little as $23,000. That would be a true turning point in EV adoption.
The Competition
The 2024 Chevrolet Equinox EV will be up against stiff competition in this burgeoning electric crossover segment. These are some of the most popular competitors:
Stay tuned to the latest EV coverage by subscribing to our CarEdge Electric YouTube channel. Join the thousands of EV buyers, owners and enthusiasts in the Electric Vehicle forum at caredge.kinsta.cloud. Bring your questions, the community has answers!
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