Truck Prices In 2022: MSRP Increases Across The Board

Truck Prices In 2022: MSRP Increases Across The Board

2022 Chevrolet Silverado price increase

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.

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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.

Rivian R1T

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:

Base Models See Modest Price Increases

Silverado price increase
2024 Silverado EV WT base model

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.

In fact, let us know about your dealership experience, good or bad!

Luxury And High-End Trucks See The Biggest Price Hikes

GMC Sierra price increase

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.

YAA 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? YAA’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!

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Is Now a Good Time to Buy a Car?

Is Now a Good Time to Buy a Car?

We receive a lot of questions from YAA Members, and this one comes to us nearly everyday; “Is now a good time to buy a car?” While the past year has been anything but normal (used car prices increased more than 35% in 2021), we may actually be coming up on a period of time where buying a car might make sense. I promise we’ll explain below.

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Let’s discuss if right now is a good time to buy a car. Whether you should buy new or used, or if you should consider leasing. Let’s also keep in mind that the same rule applies as it did last year: if you don’t need to buy a car right now, please don’t. Prices are inflated, and while we are seeing some renewed deal-making, that doesn’t necessarily reflect a “great” value.

Let’s dive in.

Is now a good time to buy a car

Yes. The short answer is “yes.” How can we possibly say that when used car prices have increased 35%+, and new cars are typically selling for MSRP (or more)? Well, the answer is pretty simple, we’re seeing that dealerships are starting to get nervous about the expensive inventory they’ve purchased, and some are ready to get back to deal-making.

This is true on both used and new vehicles.

New vehicles

Take this 2022 Ram 2500 factory order deal for example.

2022 Ram 2500 deal

Ryan’s deal is a perfect example of what’s possible in the used car market right now. This is nearly 12% under MSRP. For months now we have seen dealerships selling cars, trucks, and SUVs at well over MSRP, and this is proof that not all deals have to be that way.

New car inventory levels are slowly starting to creep back up, and while dealerships do not have as much inventory as they did pre-pandemic, they are slowly but surely beginning to negotiate again. If you are going to factory order a vehicle, be sure to watch this video to get the best price possible.

Used vehicles

Okay, so that’s new cars. What about used vehicles. Is now a good time to buy a used car? It pains me to say it, but yes. Right now, after a very slow January (car sales were down nearly 10% in the United States), car dealers are getting cold feet while they floorplan very expensive used car inventory.

Interest rates are increasing, and that means that the cost to hold inventory at a dealership is increasing as well. Each day a vehicle sits on a car dealer’s lot they lose money. A few months ago this wasn’t much of a concern because interest rates were very low, and consumer demand was very high.

Now, interest rates are creeping up, and after a slow start to the year, many dealers are getting nervous that they bought their inventory high, and may end up having to sell it low. In January we saw four consecutive weeks of wholesale used car price declines. A few months ago, if a dealer bought a used car for an inflated price they could simply go back to the auction and sell it for even more (used cars were appreciating). That’s not happening right now, and so dealers are more willing then they have been to negotiate and make a deal with a retail customer.

From our sources, we are hearing that dealers are taking up to $2,000 losses on used cars, simply to sell them and try and make the profit up on the “back end” of the car deal (the finance, extended warranty, etc.)

As a savvy YAA Member, we encourage you to go to Deal School, and come in prepared with financing and extended warranty quotes so that you can play offense instead of defense when you do go to the F&I Office.

When to buy a car in 2022

Is right now the best time to buy a car in 2022? That’s a great question. While we do think right now is a good time to buy, it may not be the best. Traditionally the end of the year is the best time to buy , that’s when dealerships typically have incentives from their manufacturers to hit volume-based sales objectives. As a result of the chip shortage those objectives have vanished.

With that in mind, the end of the year is no longer the absolute best time to buy a car. In 2022 what will dictate the best or worst time to buy a car will be based on how many vehicles automakers need to take out of production. Last year we lost 11 million vehicles globally as a result of the chip shortage. The expectation for this year is that we’ll lose 1 million.

If there are more new cars produced earlier in the year, and less losses than expected, we could be in for end of year car deals. If that doesn’t happen, then we could be looking at continued high prices.

We expect that used car prices will increase again in the spring with tax returns getting into consumers hands. Right now appears to be a very good time to buy a car in 2022 (again, with the caveat being, only if you need to).

Let YAA help you buy your car

YAA Members get exclusive access to car buying coaches, negotiations tips and tricks, and the information you need to drive away satisfied every time. We founded YAA in 2019 to help level the playing field for consumers. Whether you’re buying a car, getting a repair done, or selling your vehicle, our team of experts is here to help you save money and get rid of the the headache.

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