Summer 2022 Was Basically the Worst Time Ever for Car Buyers

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Welp, it’s September. Labor Day is around the corner. Summer’s over. And while that’s usually a sad realization, if you’ve been trying to buy a car this year, you might just be ready for a new season. See, throughout June, July and August of 2022, all kinds of bad news was stirring in both the new-car and used-car markets. Whether it was price hikes, dealer markups, or automakers messing around with the equipment available on new cars due to supply-chain nonsense, this was probably the worst summer for car buyers in a long time.

Here, we’ve rounded up all our coverage from Summer of 2022 to explain just how messed-up the car market was this summer. Hopefully, things will start turning around this fall. Hopefully.

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June 2, 2022: Navigation Disappears on Some New Broncos

From June 2nd: Two months ago, a report broke that 2022 Ford Broncos stood to lose built-in navigation. Ford communications manager Jiyan Cadiz told us the SUV would still be manufactured with nav but that Dearborn was considering “many options to help get vehicles to our customers sooner” amidst the supply chain crunch. Today we may have received a little more insight as to what may actually be happening with the feature. In short, it’s not going away entirely.

June 7, 2022: Texas Won’t Give You its $2,500 Tax Rebate if You Buy a Tesla

From June 7: If you’re looking to buy an electric vehicle in Texas, things just got a little easier. The state recently announced a list of 142 light-duty EVs that will now be eligible for a $2,500 rebate. There is, however, one glaring omission: Not a single Tesla is included on that list, despite the company establishing Austin as its new home base.

June 16, 2022: Tesla Raises Prices Significantly Across Model Lineup

From June 16: Tesla is raising the prices of its cars once again. This time, the price hike is being blamed on global supply-chain issues, according to Reuters. Raw material costs – including aluminum used in Teslas – have been on a big upswing recently.

June 17, 2022: Average Monthly Car Payment Hits Record High of $712

From June 17: The average monthly car payment in May hit an incredible $712, according to Moody’s Analytics, thanks to inflation, inventory shortages and increased demand.

June 27, 2022: The Average Cost of an Electric Car Is Now $54,000

From June 27: Everyone knows that electric vehicles are more expensive than their gas-powered counterparts. Thanks to increasing demand for battery-powered cars and the rising costs of the components needed to make them, many EV manufacturers are raising the prices of their cars even more.

July 5, 2022: Toyota Has Run Out of EV Tax Credits

From July 5: Toyota’s current plug-in hybrids are hot. Dealers can’t keep them on the lot, even when charging absurd prices, thanks to buyers clamoring for those sweet sweet MPGs. But all those sales come with a downside, one that Toyota will now finally see for itself: The expiration of the $7,500-per-vehicle federal EV tax credit.

July 6, 2022: These Are Your Worst Dealership Experiences

From July 6: No one likes spending time at a car dealership. Sure, you might get to drive one of your dream cars, but it comes at the cost of all the dealing you’ll have to do — dealing with salespeople, dealing with finance, and getting a bad deal on a new car. So, we asked for your worst dealership experiences, and you gave us a wealth of horror stories. Here are some of the best.

July 7, 2022: These Are the Worst Dealership Markups on Markups.org

From July 7: I’ve hit the markup beat before with how bad they are. The market is screwed and doesn’t look to be getting any better. But every so often, it’s nice to circle back to all the craziness to get outraged all over again, because this shit it still happening, whether or not it keeps making headlines. It seems as if every time I check on markups, they’ve gotten worse.

July 15, 2022: These Outdated Car-Buying Tips Could Hurt You in Today’s Crazy Market

From July 15: If you’re trying to buy a car right now, you’re probably experiencing a world of frustration, between a lack of inventory and crazy-high prices. There are some helpful tips to navigate this market, but you should know that a lot of conventional wisdom no longer applies in our superheated car market. And some common tips could actually hurt you when buying a car today.

July 25, 2022: New Car Prices Average $48,000 for the First Time

From July 25: You may not have noticed, but car prices at this very moment are bad and getting worse. Between low incentives, high markups, and an increasing number of new vehicles that rely on tax credits to subsidize their cost, buyers are now paying more than ever for both new and used vehicles. So much more, in fact, that average new car prices have hit a new record high: Over $48,000.

July 26, 2022: The Average GM Car Cost $6,600 More Last Quarter Alone

From July 26: GM ended the second quarter reporting a 40-percent slide to net income versus the same period last year due to the ongoing semiconductor crunch, though rising vehicle prices — particularly for large trucks and SUVs — allowed it to rake in $1.6 billion more in net revenue. The company still believes it’ll achieve its forecasted full-year net income between $9.6 billion and $11.2 billion, but concern over a potential recession has caused it to curtail hiring, for now.

August 4, 2022: California’s EV Rebate Programs Are Shutting Down

From August 4: California wants residents to purchase EVs in droves, to continue building it’s green-supporting reputation. But like nearly all new vehicles, the prices for them aren’t getting any cheaper and thousands of people are still shut out of buying them because of unaffordability. While there are rebate programs at the state, county, and sometimes local levels, many of these programs aren’t helpful because people cant use them. As the Ventura County Star reports, many California EV rebate programs are either shutting down or running out of money.

August 8, 2022: Several EVs Lose Federal Tax Credit Perk in the Senate’s Passed Version of Inflation Reduction Act

From August 8: Do you remember the good old days of last week, when buying an EV meant you got a cool $7,500 back on your taxes? It was a great system: You bought a shiny new car, and Uncle Sam took some of the financial hit off of you, when you did file your taxes. The key word, however, is was — as fossil fuel millionaire Joe Manchin just took all that away.

August 8, 2022: Dealer Markups Are Hurting Brand and Dealership Loyalty

From August 8: Brand and dealership loyalty is continuing its steady decline, and it’s all because of high vehicle prices. Research done by Growth from Knowledge AutoMobility confirms this trend. It turns out asking people to pay above retail price for a Toyota RAV4 could hurt repeat customers. Who knew?

August 9, 2022: GM Adds $1,500 OnStar “Option” That Can’t Be Removed From a Vehicle’s Price

From August 9: General Motors is tacking on a bit of a sneaky option on some of its new luxury vehicles. The automaker is adding an additional $1,500 charge to cover a new OnStar connectivity package, according to The Detroit Free Press. The report says the package is listed under “options” on the window sticker, but it cannot be removed, even if a customer has no interest in it.

August 9, 2022: Ford Jacks Up F-150 Lightning Prices by as Much as $8,500

From August 9: The Ford F-150 Lightning is the first truly mainstream electric pickup truck, built for regular truck buyers. At least, that was the idea. Now, things seem to be trending further away from that, as Ford tacks several thousand dollars onto the sticker price of each all-electric pickup it will build from here on out.

August 9, 2022: Mazda Considers Raising Prices by $350 to Combat Inflation

From August 9: New cars continue to get more expensive. As material costs have gone up, combined with inflation, automakers are doing what they can to stay profitable. The latest automaker to grapple with this is Mazda, as Automotive News reports the Japanese brand is considering some small price hikes.

August 10, 2022: The Average New Car Price Hit $48,182 in July, A New All-Time Record

From August 10: Does anyone else remember when $50,000 could get you a pretty luxurious new car? According to Kelley Blue Book, those days are long over: In July, the average new car sold in the U.S. cost $48,182 here in America, beating out the previous record, which was only set in June.

August 15, 2022: It Sure Feels Like a Car Loan Crisis Is Coming

From August 15: There could be bad news around the corner as more and more car buyers are having difficulty keeping up with auto loan payments. According to a report from Automotive News, 1.63 percent of auto loans haven’t received a payment in at least 60 days. That number is 0.4 percent higher than it was the same time last year, and the highest in the past four years.

August 16, 2022: EV Makers Are Scrambling to Get Buyers Their Credits Before It’s Too Late

From August 16: When President Biden signs the Inflation Reduction Act into law today, those who were expecting to save a chunk of change on their forthcoming electric vehicles may find themselves suddenly on the hook for about $7,500 more than they were planning, depending on the make and model. Rivian and Lucid are among the brands scrambling to ensure their reservation holders “lock in” those credits before it’s too late.

August 19: Used Car Prices Are Rising Again

From August 19: I hate to be the bearer of bad news, but after several months of a decline, the average price of used cars sold in America actually increased in July to $28,219, according to Kelley Blue Book. That’s an 11 percent increase over the same time last year. In mid-April, prices were up 28 percent over the same time in 2021.

August 19, 2022: Rivian Just Pissed off a Lot of Customers by Raising Prices

From August 19: Like everyone else, Rivian is raising prices. And they’re doing it at the wrong time. The Verge reports that the EV automaker has gotten rid of the base model of its R1T pickup and R1S SUV and pissed off customers in the process, since it also axed the models that had already been pre-ordered.

August 24, 2022: EVs Still Cost too Damn Much, and Prices Are Still Rising

From August 24: Electric vehicle prices are continuing to rise. An analysis by iSeeCars shows that the prices of EVs outpaced the price of gas cars at a high rate, even as the prices of standard combustion-engined vehicles continue to rise.

August 25, 2022: Ford Mustang Mach-E Prices Have Increased By Up to $8,300 For 2023

From August 25: Just a few weeks after raising prices on its F-150 Lightning EV pickup Ford is raising prices again, this time on the Mustang Mach-E. First, a small FYI: While Ford is talking prices excluding the destination charges, I’ve included them because, as I’ve said before, they aren’t separate charges. They have also risen by $200, to $1,300.

August 25, 2022: The Majority of Car Loans Are Now Going Toward Used Cars

From August 25: Credit reporting company Experian says drivers are opting for used cars over new ones more than ever before. In the second quarter of 2022, 62 percent of car buyers financed a used car, which is a steady increase from 60 percent earlier this year and an even bigger increase from the same quarter last year at 58 percent, according to Automotive News.

August 25, 2022: American Vehicle Prices Are Hitting Record Highs, Again

From August 25: Remember learning about supply and demand in school? Turns out that’s real, with low car inventories driving prices ever higher — even as loans get more and more expensive.

August 26, 2022: Why Are Dealers Running Ads For Cars They Don’t Have?

From August 26: Welcome back to “Ask Car Buying!” Where you send us your questions on how to navigate this tricky market and we do our best to help. This week we are discussing why dealers are putting ads on the airways for cars they can’t sell you.

August 30, 2022: NPR Dives Into the Rise of the ‘Stealership’

From August 30: I’ve heard countless horror stories from people trying to buy lately. We all know that this market is a seller’s heaven and a buyer’s hell, but when you’re in desperate need for a vehicle, those concerns kind of move to the wayside, leaving people dealing with a network of so-called “stealerships.”

Summer 2022 Was Basically the Worst Time Ever for Car Buyers

Summer's over, and if you spent this season trying to buy a car, you're probably saying good riddance.

June 2, 2022: Navigation Disappears on Some New Broncos

June 2, 2022: Navigation Disappears on Some New Broncos

June 7, 2022: Texas Won’t Give You its $2,500 Tax Rebate if You Buy a Tesla

June 7, 2022: Texas Won’t Give You its $2,500 Tax Rebate if You Buy a Tesla

June 16, 2022: Tesla Raises Prices Significantly Across Model Lineup

June 16, 2022: Tesla Raises Prices Significantly Across Model Lineup

June 17, 2022: Average Monthly Car Payment Hits Record High of $712

June 17, 2022: Average Monthly Car Payment Hits Record High of $712

June 27, 2022: The Average Cost of an Electric Car Is Now $54,000

June 27, 2022: The Average Cost of an Electric Car Is Now $54,000

July 5, 2022: Toyota Has Run Out of EV Tax Credits

July 5, 2022: Toyota Has Run Out of EV Tax Credits

July 6, 2022: These Are Your Worst Dealership Experiences

July 6, 2022: These Are Your Worst Dealership Experiences

July 7, 2022: These Are the Worst Dealership Markups on Markups.org

July 7, 2022: These Are the Worst Dealership Markups on Markups.org

July 15, 2022: These Outdated Car-Buying Tips Could Hurt You in Today’s Crazy Market

July 15, 2022: These Outdated Car-Buying Tips Could Hurt You in Today’s Crazy Market

July 25, 2022: New Car Prices Average $48,000 for the First Time

July 25, 2022: New Car Prices Average $48,000 for the First Time

July 26, 2022: The Average GM Car Cost $6,600 More Last Quarter Alone

July 26, 2022: The Average GM Car Cost $6,600 More Last Quarter Alone

August 4, 2022: California’s EV Rebate Programs Are Shutting Down

August 4, 2022: California’s EV Rebate Programs Are Shutting Down

August 8, 2022: Several EVs Lose Federal Tax Credit Perk in the Senate’s Passed Version of Inflation Reduction Act

August 8, 2022: Several EVs Lose Federal Tax Credit Perk in the Senate’s Passed Version of Inflation Reduction Act

August 8, 2022: Dealer Markups Are Hurting Brand and Dealership Loyalty

August 8, 2022: Dealer Markups Are Hurting Brand and Dealership Loyalty

August 9, 2022: GM Adds $1,500 OnStar “Option” That Can’t Be Removed From a Vehicle’s Price

August 9, 2022: GM Adds $1,500 OnStar “Option” That Can’t Be Removed From a Vehicle’s Price

August 9, 2022: Ford Jacks Up F-150 Lightning Prices by as Much as $8,500

August 9, 2022: Ford Jacks Up F-150 Lightning Prices by as Much as $8,500

August 9, 2022: Mazda Considers Raising Prices by $350 to Combat Inflation

August 9, 2022: Mazda Considers Raising Prices by $350 to Combat Inflation

August 10, 2022: The Average New Car Price Hit $48,182 in July, A New All-Time Record

August 10, 2022: The Average New Car Price Hit $48,182 in July, A New All-Time Record

August 15, 2022: It Sure Feels Like a Car Loan Crisis Is Coming

August 15, 2022: It Sure Feels Like a Car Loan Crisis Is Coming

August 16, 2022: EV Makers Are Scrambling to Get Buyers Their Credits Before It’s Too Late

August 16, 2022: EV Makers Are Scrambling to Get Buyers Their Credits Before It’s Too Late

August 19: Used Car Prices Are Rising Again

August 19: Used Car Prices Are Rising Again

August 19, 2022: Rivian Just Pissed off a Lot of Customers by Raising Prices

August 19, 2022: Rivian Just Pissed off a Lot of Customers by Raising Prices

August 24, 2022: EVs Still Cost too Damn Much, and Prices Are Still Rising

August 24, 2022: EVs Still Cost too Damn Much, and Prices Are Still Rising

August 25, 2022: Ford Mustang Mach-E Prices Have Increased By Up to $8,300 For 2023

August 25, 2022: Ford Mustang Mach-E Prices Have Increased By Up to $8,300 For 2023

August 25, 2022: The Majority of Car Loans Are Now Going Toward Used Cars

August 25, 2022: The Majority of Car Loans Are Now Going Toward Used Cars

August 25, 2022: American Vehicle Prices Are Hitting Record Highs, Again

August 25, 2022: American Vehicle Prices Are Hitting Record Highs, Again

August 26, 2022: Why Are Dealers Running Ads For Cars They Don’t Have?

August 26, 2022: Why Are Dealers Running Ads For Cars They Don’t Have?

August 30, 2022: NPR Dives Into the Rise of the ‘Stealership’

August 30, 2022: NPR Dives Into the Rise of the ‘Stealership’