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We track new car inventory monthly, and it’s been encouraging to see automakers like Ford and Toyota having more cars shipped to dealers. Still, automakers are selling every car they can make. With that said, more drivers are placing factory orders for vehicle builds that might not arrive until well into next year, or worse. Here’s how long car buyers are waiting for the vehicle they want. We want to send a special thank you to CarEdge Coach Mario for sharing this update with our audience!
Important note: These times are strictly for factory ordered cars. Many of these models are now available on dealer lots.
Kia and Hyundai Wait Times
Hyundai Motors owns 51% of Kia, and the two Korean automakers have grown increasingly close over the past decade. Today, many of their vehicles share components, and therefore have been similarly impacted by supply chain constraints.
These are the factory order wait times our team of Car Coaches is hearing in 2025:
Kia Telluride – 2 to 3 months
IONIQ 5 – 3 months for factory orders
Elantra (some trims) – 2 to 4 months
Kia Sportage – 2 to 3 months
Subaru Wait Times
Right now, buyers placing orders for a Subaru are regularly being told that the wait time for delivery will be between one and four months, and in some cases longer. Subaru was hit hard by the chip shortage, and has yet to pull out of the slump.
In general, 2-3 months wait can be expected for any custom-ordered Subaru in 2025. Here are some additional details from what CarEdge Coaches are seeing:
Ascent: 1-4 months
Crosstrek: 1-3 months
Forester: 1-2 months
Impreza: 1-3 months
Legacy: 1-3 months
Toyota Factory Order Wait Times
How long you should expect to wait depends on the Toyota model and spec that you want. For Toyota deliveries, you’ll be looking for an available allocation rather than a custom order. For Toyota hybrids and plug-in hybrids, wait times are generally much longer.
In 2025, most Toyota models no longer have long waitlists for an available allocation, with the exceptions being the Prius, GR86, GR Corolla, Grand Highlander Hybrid, Land Cruiser, Sienna, Supra M/T and Spec Edition TRD Pros. For these models, you can expect to wait 3-4 months for an allocation that’s not already spoken for.
It is worth noting that more Toyota hybrid models may start seeing longer wait times as demand increases during summer buying season.
Honda Wait Times
On average, Honda factory orders (or allocations) placed today can expect a short wait before delivery, generally less than two months. The only remaining Honda models with inventory constraints are the Civic Si and Civic Type R.
Otherwise, these are the Honda factory order wait times we’re seeing in 2025:
For Jeep and Ram factory orders, wait times depend on what model and trim you want. Don’t forget that these two brands have the highest new car inventory in the industry right now, so lot inventory is especially negotiable. Don’t expect the same negotiability with Ram and Jeep factory orders.
These are the Ram truck factory wait times our team is encountering in 2025:
Ford Factory Orders Wait Times Faring Slightly Better
These are the Ford factory order wait times we’re seeing this year:
Bronco: 6-9 months
Ford F-150: 5-6 month wait time for higher trims (King Ranch, Tremor, Platinum), less than 3 months on XL, XLT and Lariat F-250: 2-3 months F-350: 2-3 months Mustang: 3 months
Tesla Wait Times
Tesla regularly updates wait times for the Model Y, Model 3, Model S and Model X. As of 2025, here are Tesla wait times as shared on Tesla.com. Note that there are many possible configurations that affect estimated delivery dates, so check Tesla’s configurator for the most accurate estimate.
Model 3 RWD with Aero wheels: Less than 1 month
Model 3 RWD with Sport wheels: Less than 1 month
Model 3 Long Range AWD with Sport wheels: Less than 1 month
Model Y Long Range with Gemini wheels: 1-3 months
Model Y Long Range with Induction wheels: 1-3 months
Model S Dual-Motor with Arachnid wheels: Less than 1 month
Model X Dual-Motor with Cyberstream wheels: 1-3 months
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Average monthly car payments have been increasing ever since the beginning of the chip shortage in 2020. Today, the average monthly car payment for a new car exceeds $700 for the first time ever, while the average monthly car payment for a used vehicle is more than $500.
Over the last 18+ months we’ve covered the tenuis rise of car prices. It’s shocking to think that the average car payment is now closing in on the average mortgage payment in America. Data from Edmunds shows that 12% of new car buyers in June are paying more than $1,000 a month. In 2021 the average home mortgage payment was roughly $1,000 a month. Let that sink in.
Here’s the latest data on new and used car payments, affordability, and which vehicles you should consider if you are looking for a relative “bargain” in today’s market.
Let’s dive in.
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Average monthly payment on a new car
Data from J.D. Power/LMC Automotive suggests that the average new car transaction price was $45,844 in June. As compared to data from Cox Automotive, this average transaction price is actually down considerably when compared to prices from the end of 2021 and earlier in 2022.
For example, at the end of 2021 the average transaction for a new vehicle was $47,077 according to Cox Automotive, however the average monthly payment was only $688. This was a function of cheaper interest rates.
Today, the average monthly payment for a new car stands at $712 dollars. That is more than rent for a one bedroom apartment in some cities.
City
Rent
Akron, OH
$640
Wichita, KS
$710
Lubbock, TX
$720
Shreveport, LA
$740
Lexington, KY
$800
El Paso, TX
$860
Baton Rouge, LA
$860
Tallahassee, FL
$860
Oklahoma City, OK
$870
Des Moines, IA
$890
Average loan terms for a new car sit at 70 months, with most consumers opting for 6 year financing terms at an average interest rate of just over 5%. Back in December of 2021 the average new car interest rate was under 4%, accounting for the uptick in monthly payment amounts.
Average monthly payment on a used car
As you very well know, used car prices have skyrocketed ever since the beginning of the chip shortage. For the first time ever, the average used car monthly payment sits above $500. Data for Q1 of 2022 shows an average interest rate of 8.6% and an average loan term of 68 months. We expect data for Q2 to show a significant increase in the interest rate and monthly payment. We would not be surprised to see 9%+ as the average interest rate on a used car loan, and monthly payments in excess of $525 for the first time ever.
Used hybrids and electric vehicles are especially expensive in today’s market, with monthly payments on more fuel efficient vehicles in excess of $700.
What vehicles have the most affordable monthly payments?
Cox Automotive tells us that the average transaction price for a new car was $47,148 in May 2022. Where are the new car values?
Sadly, non luxury vehicles are seeing their prices increase rapidly as more consumers look for “value”. The average price paid for a new non-luxury vehicle in May was $43,338; on average a customer paid $1,000 over MSRP for a new non-luxury vehicle. We are seeing some below MSRP deals on Stellantis brands; Jeep, Ram, Alfa Romeo, Chrysler.
The average luxury car buyer paid $65,379 in May. They also spent about $1,000 over MSRP to get their new car.
The average electric vehicle buyer paid $64,000 in May. The Chevrolet Bolt represents the only real “bargain” in the EV space.
The average truck buyer paid $56,216 in May, while the average van buyer paid $48,671, and the average SUV buyer paid $46,073. The only “value” segment on the list are cars, where the average sedan buyer paid $41,902 in May.
Automakers such as Nissan have average transaction prices of $34,681. Compared to other automakers such as Toyota ($40,036) and Hyundai ($35,988) they represent a relative “steal”.
Ford, Stellantis, and GM have seen their average transaction prices increase significantly. Ford’s average transaction price stands at $49,528. Stellantis is at $53,212, and GM is at $50,854.
Update: The public comment period is NOW OPEN. The deadline is September 12, 2022! Here’s how you can submit a comment. Share with your friends and family!
On June 27th, The Federal Trade Commission proposed a new set of rules that would make many commonplace car dealer sales tactics illegal. Let’s break down the proposal and discuss what tactics dealers use to take advantage of customers.
FTC Bureau of Consumer Protection Director Samuel Levine explained the reasoning behind the proposed rules. “As auto prices surge, the commission is taking comprehensive action to prohibit junk fees, bait-and-switch advertising and other practices that hit consumers’ pocketbooks. Our proposed rule would save consumers time and money and help ensure a level playing field for honest dealers.”
From time to time, consumer’s voices are actually heard by those who have the power to make a change. The FTC explained the role of consumer complaints in the drafting of this proposal.
“Consumer complaints suggest that some dealers have added thousands of dollars in unauthorized charges, including for add-ons that consumers had already rejected. These issues are exacerbated when pre-printed consumer contracts automatically include charges for optional add-ons, when consumers are rushed through stacks of paperwork, or when they are asked to sign blank documents.”
Without further ado, these are the four anti-consumer dealer practices targeted by the FTC’s proposed rules.
Selling Products with No Benefit to the Customer
The new FTC rule would ban all add-ons that do not add any benefit to the product. Examples of included products are nitrogen-filled tires that contain no more nitrogen than is normally found in the air, duplicate warranty coverage and unnecessary GAP insurance, a product that not every car buyer will benefit from.
Advertising the Real Price of the Car Online
How many times have you inquired about a specific car that was advertised, only to learn of a ‘market adjustment’ or slew of dealer add-ons? Transparent pricing is a novelty in today’s auto sales, however the FTC’s proposed rule would require that dealers advertise the true price of the car online.
Non-Discriminatory Practices for Cash Buyers
Why should any car buyer be penalized for paying cash? The new FTC rule would require auto dealers to advertise the cash price of the vehicle without add-ons. The customer would have to be told the price of the car, with and without financing. Notably, this mandatory price disclosure would have to be without optional add-ons from the get-go. No more teasing it out of the salesperson.
If the customer agrees to pay something different, both they and a dealership manager must sign a document saying so.
“Express, informed consent” would be required for add-ons commonly pushed on buyers in the financing and insurance (F&I) office when buying a car. What would be different? Disclosures and consent options must go beyond “a signed or initialed document, by itself” or “prechecked boxes,” the FTC said. I’m wondering, why wasn’t it always like this?
As this is breaking news, it’s too soon to know what dealership lobbies like the National Automobile Dealers Association think of it. I think we can all assume they won’t be fans of the proposal. The NADA spends $3 million a YEAR on lobbying efforts in Washington, and their influence is strong at the state level, too.
Opposition to the new FTC proposal came from one of the panel’s own members. FTC Commissioner Christine Wilson felt “unlawful practices persist” within the auto retail industry, but said the proposal courted “unintended but negative consequences.” Commissioner Wilson cited prior regulations which had hurt competition and proved difficult to keep current. Interestingly, she also cited the rise of direct-to-consumer sales and Carvana’s online sales model as reasons for opposing the rule.
One state where the auto dealer lobby has enormous power is Florida. Over 1,000 car dealers belong to the Florida Automobile Dealers Association. Dissenting FTC Commissioner Wilson happens to be from Florida. Coincidence? Maybe.
Ironically, the FTC Could Be Doing Dealers a Favor
The new Ford F-150 Lightning will soon be sold online with no-haggle pricing via Ford Model e. Can dealers compete with direct-to-consumer sales?
Can the dealership model save itself from the rise of direct-to-consumer sales? Transparent pricing would be a step in the right direction. With the dealer markups and bait-and-switch tactics all too common in today’s car buying experience, wouldn’t you opt for honest pricing given the chance?
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.
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.
CarEdge Insights
