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 Remain Unchanged 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.
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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 YAA 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
If you’re thinking about hauling the kids off to school with zero emissions, today’s EVs offer more range, faster charging and greater fuel savings. The best electric cars and SUVs for families are available in a wide range of options to meet your needs, and an even wider range of price points. These are the best electric crossovers and SUVs on sale in 2023, and the ones we’re looking forward to in 2024.
Electric Crossover SUVs for Families
These electric crossover SUVs and full-size SUVs are the highest-rated, most-loved EVs for families today. Spaciousness, pricing, range and charging speeds vary from one electric model to another. We’ve also included NHTSA safety ratings if they’re available. Let us know which EVs you have your eye on!
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The Model Y is the best-selling electric vehicle in America, however prices have increased over 20% since 2020. Although it’s known for autonomous driving, the full capability (known as FSD) is a $15,000 package.
Price: $65,990 to $84,990
Range: 303 to 330 miles
Charging (Public fast charger): can add 200 miles in 15 minutes
Ford’s first serious EV is very popular among small families and speed freaks alike. If the Mustang brand has a special place in your heart, this just might be the EV for you.
Price: $46,895 to $77,000+
Range: 211 to 314 miles of range
Charging (Public fast charger): can add 120 miles in 20 minutes
I was thrilled to drive this IONIQ 5 Limited AWD home. I can confirm that this electric car is great for families.
I can confidently say that the IONIQ 5 is a great family car, and that’s because my wife and I haul our own kiddo around in this segment-bending electric crossover with hot hatch flavors. The IONIQ 5 has won many awards, including Car and Driver’s 2022 EV of the Year.
Price: $40,925 to $57,400+
Range: 256 to 303 miles
Charging (Public fast charger): Adds 200 to 240 miles of range in 20 minutes
The spaceship-styled EV6 is Kia’s version of the Hyundai IONIQ 5, which shares the e-GMP electric powertrain. The Kia EV6 has slightly less passenger and cargo space than the Hyundai, but it’s better range and equally fast charging make it an obvious feature on this list of best electric cars for families.
Price: $41,400 to $55,000+
Range: 274 to 310 miles
Charging (Public fast charger): Adds 200 to 240 miles of range in 20 minutes
Starting in late 2022, the ID.4 is now made in Tennessee. The newest American-made EV is equipped with decent range, okay charging, and a comfortable interior that’s designed for families. However, don’t expect Tesla-level infotainment. The ID.4 is best for those who are content with the simpler things in life.
Price: $38,790 to $55,000
Range: 208 to 275 miles
Charging (Public fast charger): Adds up to 190 miles of range in 30 minutes
When the e-tron first debuted in 2019, it was ahead of its time. Today, the e-tron remains a solid choice for families with a large interior, acceptable range and average charging capabilities. The premium styling and interior comforts make up for what it might lack. The original larger e-tron has recently been joined by the Q4 e-tron crossover.
Price: $53,000 to $94,000
Range: 218 to 244 miles
Charging (Public fast charger): can add 135 miles in 35 minutes
Where are all of the suburban-sized electric SUVs at? Unfortunately for larger families, large SUVs and minivans are not very aerodynamic, and therefore require larger battery packs to travel the same number of miles. As traditional and startup automakers ramp up their EV production, they’re increasingly left with no choice but to ration their batteries. The vast majority of EV automakers rely on battery manufacturers like Panasonic, LG and CATL to produce the batteries they need for their electric vehicles. If an automaker like Ford has signed supply contracts for X number of batteries, does it make sense for them to make 100,000 compact crossovers, or 20,000 full-size SUVs?
However, it looks like electric full-size SUVs are coming due to popular demand. There are just two quite expensive options now, but others are nearing production soon.
If you’re open to plug-in hybrids, the Chrysler Pacifica PHEV is a great vehicle, if you can find one at a fair price.
Tesla Model X
It’s not cheap, but the Model X is the most popular fully-electric three-row SUV today. With gull-wing doors and a massive glass roof, there’s no hiding the fact that the Tesla Model X is a luxury SUV.
Price: $120,990 to $150,000+
Range: 351 miles
Charging (Public fast charger): can add 200 miles in 15 minutes
Rivian is just beginning to ramp up production and sales of the Rivian R1S, the full-size electric SUV companion to the R1T electric truck. The R1S is a blend of luxury and off-road capability.
Price: Starting at $91,000
Range: 316 miles
Charging (Public fast charger): can add 140 miles in 20 minutes
This three-row SUV has a starting price nearly $30,000 below the electric competition in this segment. VinFast is building a massive factory to build EVs in North Carolina. There’s a catch: Batteries are sold separately. VinFast offers two battery subscription plans. The VF9 also has a smaller sibling, the VF8.
The Hyundai IONIQ 7 will be Hyundai’s first three-row electric SUV. It will be joined by Kia’s version, the Kia EV9 electric SUV. Both of these should bring somewhat more affordable electric full-size SUVs to the American market. The IONIQ 7 and EV9 remain concept cars for now, with production details to be released this year.
NIO is a Chinese automaker very likely on a path to North American auto sales. With a corporate headquarters already open in California and US-market job postings, it’s all but certain. The NIO ES8 is a three-row electric SUV likely to make an American debut in 2024.
Electric Crossovers That Didn’t Make the List
These EVs are great around town, but not recommended for family road trips.
Toyota bZ4X
With disappointing fast-charging capabilities, the bZ4X would be a real hassle on a road trip. The most capable all-wheel drive variant is rated at just 228 miles on a charge. That would be a non-issue if it wasn’t restricted to 100 kW at a DC fast charger. In the real world, the bZ4X and its sibling the Subaru Solterra would require 45 minute to hour-long charging stops every 175 miles or so on the interstate. That’s a lot of waiting around with a family!
Weeks after deliveries began, all bZ4X electric crossovers were recalled due to the risk of the wheels literally falling off. See our full breakdown of the Toyota bZ4X here. With faster charging, it would be a much better option!
Subaru Solterra
The Solterra is the Subaru-branded sibling to the Toyota bZ4X. It’s essentially an electric Crosstrek. While standard all-wheel drive stays true to its Subaru roots, once again it’s the pitifully outdated charging capabilities that keep the Solterra off of our recommendations. Range is below average at 222 to 228 miles of range. It could be worth a look if you never hit the highway. Learn more about the Subaru Solterra.
Chevrolet Bolt
You’re probably starting to see what makes or breaks an EVs suitability for families. Range, safety, interior room and charging speed are all important. If you travel, range and charging speed matter a lot. If you plan to stick around home, you have many more affordable electric vehicles to consider. The Bolt really only fails in one of these categories, but it fails in a big way. The 2023 Chevrolet Bolt has the same 55 kW DC fast charging limitation as the original Bolt did way back in 2017. With 259 miles of range (that’s not bad!), that means you’d be stopping to charge for 45 minutes to an hour every 180 to 200 miles on a road trip. About 90% of EV charging is done at home on average, but the Bolt requires a lot of patience on road trips. We covered the 2023 Chevy Bolt in detail here.
Nissan Leaf
The Leaf was the first mainstream EV to go on sale in North America. It’s been a much-appreciated affordable option since 2011, but Nissan has failed to update the Leaf as competitors entered the scene. A top-of-the-line 2023 Nissan Leaf is rated for 212 miles on a charge, but the peak charging speed is outdated. In a best case scenario, it takes 40 minutes to add 175 miles of range. Plus, the Leaf has an outdated charge port style known as CHAdeMO. You’ll have to haul an adapter around with you to charge in public.
Will Electric Vehicles Get Cheaper in 2023?
It would be a welcome surprise if electric car prices dropped in 2023. Right now, EV prices are headed in the opposite direction. It seems like every week automakers from Tesla to Ford are announcing price increases for their electric models. In 2022, the average transaction price for an electric vehicle was $66,000, more than $11,000 higher than traditional vehicles. Fuel savings add up, but higher prices can bite into fuel and maintenance savings for years. See break even times for today’s most popular EVs.
Simply put, the more you drive, the quicker you will reach a break-even point with your EV purchase. If you drive less than 10,000 miles per year, going electric just doesn’t make sense right now when it comes to cost. However, it sure is great eliminating tailpipe emissions.
A new analysis by iSeeCars finds that used electric car prices are rising much faster than their combustion counterparts. The report finds that EV prices are up 54% year-over-year. ICE vehicles were up 10.1% during that same period. There are more signs that used car prices are beginning to drop, but it’s within the realm of possibility that EV and PHEV prices will remain elevated even as the overall used car market softens. People are scrambling to buy EVs, and demand continues to exceed supply.
The New EV Tax Credit Helps Some, But Not All
The Inflation Reduction Act of 2022 eliminated the original EV tax credit and replaced it with a completely revised tax credit. For vehicles that qualify, up to $7,500 in tax credits are available. However, the incentive is based on battery sourcing, which will be determined by the automakers. Income limits restrict buyer eligibility, too. See the full details on qualifying models here.
There’s also a used EV tax credit for the first time, but a price cap of $25,000 eliminates every single family EV on this list. See what does qualify.
In 2019, market analysis and research firm Deloitte predicted that electric vehicles would reach price parity with combustion-powered counterparts in 2022. One year later, General Motors Chief Technology Officer Matt Tsien shared his optimism about EV prices. Cost parity between EVs and conventionally powered vehicles “will come sooner than many people think,” he said during a keynote speech at a Society of Automotive Analysts event. Skip forward to the second half of 2022, and EV prices are running away from ICE cars. The latest analysis from iSeeCars.com reveals just how much more expensive used EVs are, and recent MSRP hikes are driving new EV prices even higher.
Used Electric Car Prices Up 54.3% In One Year
Used car prices are dropping rapidly at the wholesale level, however buyers have yet to see any significant price drops at the retail level. Over the past eight weeks, used car prices have dropped nearly 5 percent at dealer auctions. Could the car price bubble be finally coming to an end? If you’re in the market for an electric vehicle or plug-in hybrid, we’re far from it.
According to data from iSeeCars, used electric car prices saw an increase of 54.3% from July of 2021 to July 2022. Over the same period, gas-powered cars were up just 10.1%. Number crunchers at iSeeCars analyzed the prices of over 13.8 million 1-5 year old used cars sold between January and July of 2021 and 2022 to determine the price growth of electric cars compared to ICE vehicles.
As gas prices reached new records this spring, the demand for EVs rose in parallel. However, a closer look at the data reveals that the few affordable electric cars on the market saw the greatest price increases, and by a long shot.
At a time when the average EV transaction price is over $66,000, the future of electric mobility is riding on the success of more affordable options. The number of sub-$40,000 EVs seems to be shrinking by the day.
Are Affordable EVs Going Extinct? It Appears So
iSeeCars found that America’s two most affordable electric cars saw prices increase the most. Used Chevrolet Bolt prices were up 29.3% since 2021, and used Nissan Leaf prices were up 45%. For the Leaf (which starts at $27,800 new), this massive price spike translates to an average sale price of $28,787 in July 2022. The average used Chevy Bolt sold for $28,291 last month. Considering the specs of the Bolt (notably charging capabilities), that’s a lot of money for a used EV.
With DC fast charging times typically around 45 minutes to one hour to add 200 miles of range, both of these electric models are likely to see drastic depreciation as much faster charging EVs become more commonplace. This is especially true for the Leaf, which lacks the decent range of the Bolt.
The Kia Niro EV seems to be the outlier here. With 239 miles of EPA-rated range and 77 kilowatt DC fast charging capability, it almost seems like a good deal with used Niro EV prices ‘only’ increasing 15.7% year-over-year. At the time of writing, used Kia Niro EVs are priced between $35,000 and $43,000.
Another Day, Another EV Price Hike
New electric vehicles are seeing price hikes, too. Just last week, Ford announced that the 2023 Mustang Mach-E was getting a massive price increase. The base Select trim now starts at $48,195 (up $3,200). The rear-wheel drive option was eliminated, effectively canceling the most affordable Mustang Mach-E. The most popular trim, the Premium AWD Mustang Mach-E, now starts at $56,175 before the $1,300 destination fee. That’s a $6,075 increase from earlier in 2022.
When Ford reopened F-150 Lightning orders in August, the news was accompanied by a $6,000 to $8,500 price increase. The most affordable F-150 Lightning now starts at $46,974. Most buyers will want the XLT with extended range, and that option now starts at $80,974. Will Ford lower the price by $1,000 to qualify for the new EV tax credit? We’ll find out soon enough.
Tesla prices are up over 20% since early 2021. The Model 3 is now 27% more expensive, and the most popular EV in America, the Model Y, now costs 30% more with a starting price of $65,990. Rivian made headlines when they canceled the most affordable configuration of the Rivian R1T electric truck. Anyone with basic math skills (or a calculator) can see that new and used EVs alike are becoming more expensive.
When Will EV Prices Go Down?
This right here is the question we’re all doing our best to answer. Still, it’s hard to tell. Here’s what needs to happen before EV prices will go down:
EV production and inventory must increase
For that to happen, supply chain constraints must ease
Battery suppliers must continue to meet demand
Automakers need to commit to affordable models rather than luxury EVs
More EV competition may drive prices down
Is there any good news? It depends on which EVs you’re interested in, and your buying timeline. The new EV tax credit is the first to ever offer a used EV tax credit and future rebate, however strict eligibility requirements for both are causing an uproar. For some, buying an EV may soon be thousands of dollars cheaper. For others, federal EV incentives vanished when President Biden signed the Inflation Reduction Act of 2022 into law. See which new EVs and used EVs qualify for the revised incentives.
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