In recent years, SUVs have been favored by drivers. For many car buyers, these three letters represent a durable and impressive vehicle that can navigate off-road and on slopes smoothly.
Last year, SUV sales reached 36.72 million vehicles, setting a new sales record and achieving the highest market share ever. Between 2022 and 2023, SUV sales increased by 16%, accounting for nearly 47% of the global passenger car total sales last year.
China, the United States, and Canada remain the largest markets for SUVs, representing 54% of the global total. Felipe Munoz, a senior analyst at JATO Dynamics, stated that in recent years, manufacturers producing SUVs have been actively improving their models to ensure that SUVs provide versatility and attractive new designs.
With so many SUV models available in the market to choose from, they cater to the needs of busy parents shuttling between work and school runs during the week as well as satisfying the desire for family outings on weekends. However, SUVs generally come with a hefty price tag.
Some automotive experts predict that prices of certain SUV models may rise in the fall. Well-known finance website gobankingrates reported that automotive expert and “All About Wheels” blog author Blake Shaw explained that increased demand, rising production costs, and supply chain issues could be contributing factors to the price hikes of SUVs.
Shaw stated that prices of certain SUV models may witness significant increases.
Here are three SUVs that are likely to see considerable price hikes this fall.
While fans of this renowned SUV may be thrilled about the strong comeback of the Bronco due to its off-road capabilities and nostalgia factor, supply chain issues (especially certain parts) might lead to prices exceeding consumer expectations.
The Ford Bronco has a long history, with the first generation released in 1966, but production of the fifth-generation Ford Bronco ceased in 1996. The all-new fifth-generation Ford Bronco marks a revival for the model and includes the addition of the all-new Ford Bronco Sport series.
Positioned below the Ford Bronco, the Ford Bronco Sport leans more towards urban usage in style and is more budget-friendly in terms of pricing. However, it still retains a rugged style and offers good off-road capabilities.
Apart from trucks, the Toyota RAV4 is currently highly popular in the United States. Among the most sought-after Toyota RAV4 series, hybrid models have been a favorite choice for consumers. Not only are they more fuel-efficient than conventional RAV4 models, but they also provide a smoother drive and enhanced quality.
Although the RAV4 hybrid has become a favorite among SUV enthusiasts due to its low fuel consumption, Shaw believes that its price is set to increase.
“I can almost guarantee that the price of the RAV4 hybrid will rise this fall, primarily due to the high demand for fuel-efficient vehicles and the long waiting times for new orders,” she said.
With a high demand for the RAV4, prices might soar, and the waiting period for new car deliveries could extend up to six months or even longer.
“Due to the current unpredictability of oil prices, consumers are more inclined to choose electric and fuel-efficient SUVs,” Shaw stated.
The Subaru Forester is potentially a cornerstone in the lineup of popular SUVs due to its adaptability and ability to handle off-road terrains, maintaining its appeal to drivers. However, Shaw anticipates that the price of this vehicle will also significantly rise this fall.
“Due to increased demand and manufacturing costs, the Forester is likely to see a price increase in autumn, especially in regions where drivers enjoy outdoor adventures,” she said.
The Forester is widely regarded as a great vehicle, particularly for those who enjoy self-drive trips. It boasts a minimum ground clearance of 213mm, which is considered quite impressive among most models, and its all-wheel-drive system can easily tackle various road conditions. The comfort level of the chassis is also outstanding.