Car price change 2023 report
Which cars have the biggest price increase in a decade?
- New study found that the Ford Mustang GT has a huge price increase of 86.53% in 2023, making it the car with the highest increase in price over the decade.
- Toyota Corolla and Toyota Camry have actually become more affordable considering the inflation, making the cars by 7.79% and 9.97% cheaper, respectively.
- BMW M5 and BMW X5, have nearly doubled their prices in 2023, which is still high even when adjusted with inflation rates.
The Ford Mustang GT had the biggest price increase in 2023, according to data from automotive industry experts at Rerev.
Research was conducted to identify which cars have the biggest price increase/decrease in 2023. It compares the market prices of America’s most popular cars from 2013 to their 2023 equivalent. Using the CPI inflation calculator, they also adjusted these figures for a 10-year inflation rate of 31.80% to have a more fair comparison.
The Ford Mustang GT tops the list of the cars that have the biggest price increase in 2023 with the price nearly doubling to $58,000 from its initial price 10 years ago. This is even higher than what it would be with inflation.
The second in the list is the BMW M5, with price jumping to $108,895 from $60,100 in 2023, outpacing even the inflation. This price increase is partially due to the redesign and enhanced tech features.
The third place takes another BMW, the X5, with its price rising from $60,100 to $108,900 which is still 36.5% higher than what it would be with inflation. A focus on luxury redesign and similar upgrades to BMW M5 Model have likely influenced this price rise.
In fourth place is the Ram Pickup, with an increase of 46.92% from its initial price a decade ago. The 2023 model’s added costs are likely due to a broader range of engine options and major interior upgrades.
Lastly, the Ford F-Series pickups have seen a 37% price increase over the last decade, now priced at $33,835. This rise is likely due to expanded engine options, including a more powerful version and a hybrid variant, which are generally the costliest upgrades.
|Model||2013 price||2013 price (inflation adjusted)||2023 price||Percent change (nominal)||Percent change (inflation adjusted)|
|Ford Mustang GT||$31,095||$40,983||$58,000||86.53%||41.52%|
The Ford Escape is the top car that’s become much cheaper over the past 10 years, especially when considering inflation. Its current price is $28,000, making it 15.26% cheaper than 10 years ago. Thanks to Ford’s improved production, it’s now more budget-friendly even with better engines and technology.
The Nissan Altima continues the list with decreased price considering inflation. Its current price of $25,490 is 13.21% more affordable than its price from a decade ago. Even with its enhanced engine and tech advancements, Nissan stays relatively affordable for today’s market.
The Honda Accord follows in third with a current price of $27,295. While it seems more expensive than its price a decade ago, it’s actually 11% cheaper by considering the inflation rate. Honda’s competitive positioning has helped to keep the car relatively budget-friendly, even with new engine choices and enhanced interiors.
Toyota Camry is the fourth in the list, now priced at $27,760. Compared to its price with inflation from 10 years ago, it’s 7.79% more affordable. Thanks to a consistent engine choice and Toyota’s economies of scale, the current model offers better value when compared to inflation prices.
Finally, Toyota Corolla sums up the list of the cars having the least increase in value over the decade. Even though the price is $21,700 now, it’s actually cheaper compared to its price ten years ago considering the inflation. This makes it 7.79% more affordable today. Having the same upgrades as Camry, Toyota uses the same strategy for Corolla models as well to have a more competitive price.