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Buying from a dealership can be a stressful, painful experience in 2023. If you’re on the hunt for a good deal, chances are you have experienced this frustration firsthand.
What if there was a way to rate and review car dealers so that buyers can cut through the clutter (and rip-offs) and reward honest, fair dealers with their business? The CarEdge team saw the need for a one-stop shop for dealer reviews, so we made it a reality. We’re thrilled to introduce CarEdge Dealer Reviews.
CarEdge Dealer Reviews Uses Crowdsourcing to Empower Car Buyers
With thousands of dealer and deal reviews and counting, consumers are eager to have their voices heard, and even more determined to help others navigate today’s hectic car buying process.
When submitting your own dealer rating, CarEdge’s Dealer Reviews will ask basic questions about the vehicle you’ve purchased. In addition to sharing the make and model of your new auto, you can tell the world if the dealer is charging above MSRP, requiring dealer add-ons, and simply treating customers with respect and good business practices.
With your contributions, we hope that CarEdge Dealer Reviews will help car buyers feel in control of their next vehicle purchase.
Dealer Ratings Are Vetted by the CarEdge Team
At CarEdge, we value honesty and transparency. There’s no room for ‘sponsored reviews’ or hidden agendas, we all know there’s an abundance of misleading advertising already out there. That’s why CarEdge fully vets every dealer review that is submitted. Thank you for putting your trust in CarEdge’s consumer advocates.
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CarEdge Dealer Reviews takes the guesswork out of the dealership experience. Check out our growing database of dealer reviews to see the good, the bad, and the ugly! More auto dealers are added to our reviews daily.
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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!
May 2022 Truck Price Increases
Chevrolet Silverado HD
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.
Rivian R1T
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.
Luxury And High-End Trucks See The Biggest Price Hikes
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.
Are There Any Affordable Trucks?
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!
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.
Kia: 19
Volkswagen: 29 days
Nissan: 34
Hyundai: 35
Chevrolet: 39
Ford: 40
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.
Make plans for charging your electric car
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.
Do you need fast 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.
Taxes, rebates and more: When will you benefit the most from EV incentives?
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.
Where will you go for EV service?
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.
Consider upcoming models and updates before buying
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.
CarEdge’s Take
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.
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.
How will higher interest rates impact new car buyers?
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.
What is a good interest rate for a new car?
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.
How will higher interest rates impact used 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.
What is a good interest rate for a used car?
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.
Will there be more interest rate hikes?
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.
Every year, Consumer Reports sends dozens of car models through half a million miles of track testing and data collection. The non-profit organization buys all of its test cars anonymously from dealers and does not accept free samples from automakers. The Consumer Reports testing regimen includes more than 50 scientific tests on every vehicle it evaluates.
The respected organization combines their findings with survey data from their 6 million subscribers to publish their annual Consumer Reports brand rankings. The pinnacle of the Consumer Reports’ annual rankings is the overall scores tallied for each brand.
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In 2022, Consumer Reports scored 32 automotive brands based on their overall scores in reliability, consumer satisfaction, road testing and safety. This year’s rankings bring surprising changes and a new leader.
Subaru Overtakes Mazda as the Top-Ranked Auto Brand
Subaru climbed two spots to number one in the 2022 Consumer Reports brand rankings. The Japanese automaker known for standard all-wheel drive dethroned Mazda with an overall score of 81. The 2022 Subaru Forester has ranked among Consumer Reports’ top picks for the 9th consecutive year. Fascinatingly, six of the top 10 brands in 2022 are Japanese automakers: Subaru, Mazda, Honda, Lexus, Toyota and Infiniti.
The highest ranking American automakers in 2022 are Buick (72), Chrysler (71), and Dodge (67). Cadillac and Ford just barely passed the test, scoring 63 and 62 overall. Chrysler and Dodge have been known for reliability issues in the past, so it’s great to see them improving. Likewise, BMW’s luxury vehicles have long been known for their maintenance expenses, so to achieve #3 overall is a notable feat.
As more automakers make advanced safety features standard on their models, the weight of Consumer Reports’ safety scoring is separating the winners from the losers.
The Best Car Brands in 2022
With Subaru now number one overall, Mazda falls to second place, followed by BMW, Honda, Lexus, Audi, Porsche, Mini, Toyota, and Infiniti. Here are the overall brand scores from Consumer Reports.
Source: Consumer Reports
Tesla Slips With Polarizing Steering Wheel
Tesla fell seven spots to #23 in Consumer Reports’ overall brand rankings. In a press release, Consumer Reports cited the so-called ‘yoke’ steering wheel in the refreshed Tesla Model X and Model S as causes for concern and consumer dissatisfaction. Jake Fisher of Consumer Reports told Automotive News that Tesla’s tendency to push the limits is partly to blame. “It dropped more than any other automaker, kind of due to their own decisions,” he said.
Consumer Reports Green Choice Awards Remain Hybrid-Focused
2022 Toyota Prius
Everyone’s talking EVs, however Toyota’s hybrid powertrains remain the top-rated low-emissions choice at Consumer Reports. As part of their focus on low-emissions transportation, CR included the Green Choice designation for the second year. Toyota (9th overall) leads the Green Choice awards with 11 hybrid and plug-in hybrid models on the list.
What’s particularly interesting about this is the fact that Toyota has yet to release a single fully-electric vehicle. Their first, the 2023 Toyota bZ4X, is due to arrive later this year.
You can access the detailed 2022 Consumer Reports brand rankings with a membership to the non-profit.
CarEdge Insights
