Auto Service World
News   September 30, 2022   by Adam Malik

How much the most popular vehicles now cost

2022 Chevrolet Silverado LT

A new report shows that many of the most popular selling cars in the United States have seen a hefty increase over the last three years.

BestBrokers analyzed the price of vehicles in the U.S. and found increases as high as 22.2 per cent. That would belong to the Chevrolet Silverado, which jumped from an average price of $28,300 in 2019 to $34,600 in 2022 (all prices in U.S. dollars).

The Ford F-150, a long-time top-selling vehicle, went from $28,155 to $31,520 over the last three years. That’s a jump of 11.9 per cent.

“This [gives] us an insight into how the automotive industry has faced the changes in supply chains and logistics, imposed by the pandemic and the currently-raging energy crisis,” The BestBrokers report said.

Rounding out the top five most popular cars and their price increases, the Ram 1500 saw a 9.1 per cent increase to $36,500; the Toyota Rav4 went from $25,650 to $26,975, up 5.15 per cent; and the Honda CR-V jumped 9.6 per cent, from $24,450 to $26,800.

The GMC Sierra, the ninth most popular vehicle, saw the second-highest price jump, going from $29,600 to $35,400, a 19.5 per cent increase.

“With the rising inflation and energy prices, it comes as no surprise that the leading car manufacturers raise their prices in order to keep their margins to some extent,” said Alan Goldberg, market analyst at BestBrokers. “However, Toyota is the company that seems to desire even bigger market share than their competitors as they are known for their relatively high production quality, but their prices have increased very little compared to the other automakers.”

Indeed, the Toyota Camry (up 7.6 per cent), Highlander (up 6.3 per cent) and Tacoma (up 5 per cent), along with the Rav4, saw the lowest price jumps over the last three years.

“We are yet to see which direction the fossil fuel car industry will take with the rise in popularity of EV cars and the fossil energy price hike, but surely the market leaders will do their best to take advantage of the obstacles in the industry and try to get a bigger market share, thanks to the technology and resources they can rely on,” Golberg said. “It is very common for Asian automakers’ mentality to look at crises not only in a negative way but also as new opportunities and the minimal increases in Toyota prices seem to be confirming that.”

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