Ford is dropping the 2023 F-150's base 100A package and making the 101A equipment package standard, raising the lowest XL trim's base price. Higher trim levels also see big price increases due to similar equipment changes.
The 2022 Chevy Silverado 1500 has also seen three price increases this year, according to a report from GM Authority.
These MSRP increases cause headaches for shoppers in an inflationary marketplace; meanwhile, the manufacturers are publicly battling their dealerships over price gouging on popular models.
While Ford and GM are hard at work clamping down on dealers price gouging on popular models, both companies are actively upping the prices of their most popular trucks, the Ford F-150 and Chevrolet Silverado 1500. MSRPs, or manufacturer suggested retail prices, for both models have been steadily rising beyond what's common for typical model-year adjustments.
For 2023, the least expensive F-150 you can buy is $35,880, while the cheapest Silverado is $35,845; for the 2021 model year, the cheapest F-150 was $30,895 and a base Silverado was available for less than $30,000. Between 2018 and 2021, the base price of the F-150 increased by an average of $593. Since then, the F-150's base price has gone up over $2000 for each of the last two years.
The increases are not just for the cheapest models, either. Higher-end F-150 models such as the Raptor and the Limited are up as well. The Raptor's base price will increase by $5220 for 2023, with the Limited going up $6285. The price for our preferred trim, the Lariat, swells $7580 from 2022 to the 2023 model year. Much like the Fords, the top-end Chevys are getting big bumps. The Silverado High Country will go up $4250 while the off-road ZR2 is increasing by $4800.
There are a variety of reasons for these price jumps. Ford confirmed to C/D that it is dropping the lowest equipment group available for a number of the trucks available in the 2023 F-150 range, as first reported by Ford Authority. The XL's 100A package is gone, with the 101A equipment package now serving as the base for this lowest trim level, commanding a $1815 premium. Admittedly, the standard 100A package was remarkably stripped-out, as 101A includes basic features such as power windows, power door locks, keyless entry, cruise control, and a reverse sensing system. Equipment changes are applied to other models, too, with the Lariat dropping 500A in favor of 501A and the Raptor dropping 800A in favor of 801A. This means that previously optional equipment is now standard, such as an upgraded audio system, additional USB ports, and other extras.
For Chevy’s part, the Silverado's price bumps can be partially explained by its facelift for 2022. All trim levels feature a redesigned front end for 2022, while the LT and up models get a redesigned interior. The Silverado's 4.3-liter V-6 engine was also dropped from the lineup for the 2022 model year, leaving the costlier turbocharged 2.7-liter inline-four as the base engine.
The Silverado's destination charge also increased by $100, and Chevy has applied several mid-year price increases for the Silverado throughout the 2022 model year. According to GM Authority, all trims saw price increases of between $800 and $1200 earlier this year, and then another $1300 was added to every model more recently. Looking ahead to the 2023 model entering production later this month, the Silverado's base price will increase a further $1000.
With chip shortages, supply chain issues, and rising inflation plaguing manufacturers, it's not exactly a surprise to see rising prices for any consumer product these days. But these rapidly rising MSRPs cast the automakers' public pricing disputes with dealerships in a different light. Either way, buyers are still the ones dealt the hardest blow.
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