After watching prices on new vehicles come down over the course of 2023, several brands rolled out price increases on their 2024 models. Jeep, Dodge, Toyota, Volkswagen and GMC all hiked prices from as little as $150 to more than $4,000 — although GMC did cut the price on one vehicle.
Many automakers punched up prices for 2024. Some Dodge Durangos are nearly $4,000 more for the new model year.
For much of 2023, new vehicle buyers celebrated the slow, but steady decline of the average transaction price of new vehicles. This slide came despite the rise of interest rates throughout the year.
Some of the latest increases came because there was more content on the vehicle while other vehicles saw price jumps because, well, popular vehicles help automakers make money and if they cost more the company makes more.
While it’s tough to fault automakers for making hay while the sun shines, some of the price hikes are a bit more than expected, including a $3,985 jump for the 2024 Dodge Durango pulled from J.D. Power’s Autodata and reported by AutoBlog.com.
Dodge raised prices on the 2023 Durango during the final quarter of three, according to AutoBlog.com. Three months ago, the 2023 SXT started at $40,140, which is $2,095 less than the price for a 2023 Durango right now, $3,225 less than the price for a 2024 Durango. The rest of the 2024 lineup hovers between about $2,400 and $4,000 more than the September pricing for the 2023 Durango.
An exception
The 2024 GMC Sierra AT4X did run counter to the trend. The brand cut the price on the AT4X, but it also cut two cylinders off its base engine too.
GMC did provide an update for its 2024 Sierra 1500 from the prior year’s model, and it included a price cut — but it also cut two cylinders in the process.
The beefy Sierra AT4X was only available with the 6.2-liter V8 in 2023; however, for 2024 the full-size off-roader comes standard with a 3.0-liter Duramax diesel inline-6 the standard engine and costs $2,400 less on the base price compared to last year’s 6.2-liter. On top of that, the 6.2-liter AT4X costs $500 less than last year.
But don’t worry, GMC raised price on some of its other offerings with increases ranging from as little as $395 all the way up to $1,000. Also, the brand raised its destination charge by $100 to $1,995. However, there are still plenty of 2023 models sitting on GMC dealer lots, some with discounts as much as $8,000, according to the GM Authority.
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