The automotive landscape is rapidly evolving, leading to significant shifts in the types of vehicles available and, consequently, their prices. For consumers in the market for a new car, understanding the factors influencing the Average Car Cost is more crucial than ever. This article delves into how model mix changes, particularly the industry’s pivot towards EVs, SUVs, and trucks, are reshaping the average price of vehicles and what this means for buyers.
Ford’s strategic decision to discontinue many car models in favor of more profitable trucks, SUVs, and electric vehicles provides a clear illustration of this trend. Looking back at Ford’s lineup from 2019 compared to their current offerings highlights a significant price shift driven by this model transition.
Ford’s Discontinued Models vs. New Additions
In 2019, Ford offered a range of affordable car models that are no longer available. These included:
- EcoSport, priced between $19,995 and $27,610
- Fiesta, ranging from $14,260 to $21,340
- Flex, with a price range of $30,575 to $43,590
- Fusion, costing between $22,840 and $40,015
- Taurus, priced from $27,800 to $42,975
Contrast these discontinued models with Ford’s new additions, which reflect the shift towards higher-priced categories:
- Bronco, priced from $32,295 to $73,780
- Bronco Sport, ranging from $29,215 to $44,655
- F-150 Lightning, with prices between $59,974 and $98,074
- Maverick, costing from $22,195 to $30,175
- Mach-E, priced between $45,995 and $63,995
Chevrolet presents a similar narrative. Examining their 2019 lineup versus upcoming 2024 models reveals a comparable trend in model retirement and introductions, impacting the average Chevrolet car cost.
Chevrolet’s Model Evolution: 2019 vs. 2024
Chevrolet’s 2019 offerings included several car models that are being phased out by 2024:
- Bolt, priced between $36,620 and $40,905
- Camaro, ranging from $25,905 to $67,500
- Cruze, with a price range of $17,995 to $26,120
- Impala, costing between $28,020 and $36,720
- Sonic, priced from $15,420 to $21,520
- Spark, ranging from $13,220 to $17,720
- Volt, priced from $33,200 to $37,570
Looking ahead to 2024, Chevrolet is introducing new EV models, which generally come with a higher price tag, although prices are anticipated to decrease over time due to technological advancements and expanding infrastructure:
- Blazer EV, priced from $47,595 to $65,995
- Equinox EV, with an estimated range of $30,000 to $48,000
- Silverado EV, ranging from $39,900 to a high of $105,000
The Silver Lining: Value in Mainstream Cars and SUVs
Despite the increasing average car cost influenced by EVs, large SUVs, and trucks, it’s important to recognize the continued value offered by mainstream small and midsized cars and SUVs. These segments often provide excellent options for budget-conscious buyers.
According to Jake Fisher, senior director of Consumer Reports’ auto test program, “Sharp shoppers know that if you look beyond the flashiest new models, there is still lots of value in today’s car market. Cars like the Toyota Corolla and Subaru Forester are excellent values and are actually cheaper today than they were 20 years ago when you adjust their prices for inflation.” He further highlights that modern vehicles are “larger, safer, faster, cleaner, more fuel efficient, and packed with features” while remaining relatively affordable when considering these advancements.
Over the past two decades, significant improvements have been made in fuel efficiency and safety. Average fuel economy has improved by 30 percent, translating to substantial lifetime fuel savings. Simultaneously, safety standards have been elevated through stricter crash-test protocols, mandated safety features like electronic stability control and backup cameras, and the widespread availability of advanced driver assistance systems.
Focus on Your Needs, Not Market Averages
While the sticker price of new vehicles might seem daunting, it’s crucial to consider the enhanced value proposition of modern cars and SUVs. As Gabe Shenhar, Consumer Reports’ associate director, advises, “Buyers shouldn’t base their spending goals on the market average. Instead focus on your own budget and needs.” Especially in an environment with elevated interest rates, aligning your purchase with your financial situation and practical requirements is more prudent than trying to match the average spending or keep up with perceived market trends. The real average car cost depends heavily on individual needs and smart purchasing decisions.
