How a perfect storm of shortages and rental car chaos sent used-car prices skyrocketing

Cars sit outside a used car dealership with spray paint on the windows advertising the vehicles.
Used car and truck dealers have bought models for more than their original sticker price.

  • Used-car prices have skyrocketed over the last year.
  • A supply crunch in new cars is spurring demand for used models.
  • Prices may not return to normal for at least a year, one expert told Insider.
  • See more stories on Insider’s business page.

If you’re looking to get a sweet deal on a used car to take advantage of the warm summer weather, it’s not going to happen.

The market for secondhand cars is absurdly and unprecedentedly hot right now. Used vehicles went for a whopping 40% more in June than they did before the pandemic in February of 2020, according to data from JPMorgan.

The average nine-year-old car changed hands for $13,250 in June, according to automotive research site Edmunds. That’s a 30% hike over the same month in 2020, while a five-year-old vehicle will run you a staggering $24,000 – up more than $6,000 from a year ago.

The insanity all comes down to simple economics: demand for used cars far outweighs their supply, pushing prices higher and higher. But the reasons for scant inventories and such high interest in used cars get a bit more complicated.

Why are used cars so expensive right now?

The market for used cars is deeply intertwined with the market for new ones, says Kayla Reynolds, an analyst at Cox Automotive. The latter is going through a rough patch, and those troubles are trickling down into the used market.

A devastating shortage of microchips – which are necessary for all manner of critical electrical components – is slowing car production worldwide, choking the supply of new models and driving their prices skyward. High dealer markups and a lack of options are forcing more buyers to shop secondhand, chipping away at used-car inventories, Reynolds said.

To put the magnitude of this shortage into perspective, new-car inventory in the US was down 54% in June as compared to the same month in 2019, according to Cox. Dealer incentives have plummeted and transaction prices for new cars have hit all-time highs as a result.

That’s bringing a whole new set of customers to the used market, people who were prepared to spend serious money on a brand-new set of wheels and are, in turn, driving up used-car prices, says Ivan Drury, senior manager of insights at Edmunds.

Read more: Meet 9 former Tesla execs who left Elon Musk to become power players at rivals like Apple and Rivian

A drop in new cars rolling off assembly lines has upended the flow of vehicles to and from rental agencies, which are typically a major source of used inventory. Rental companies, which sold off cars en masse during the pandemic, usually buy some 2 million new cars every year and turn them over every 1-2 years, Drury said.

With travel surging back, they’ve resorted to snatching up used cars – and they’re not giving them up.

Moreover, with new-car prices through the roof, people are holding onto their aging vehicles longer instead of trading them in, cutting off the flow of cars onto the used market. For the same reason, they’re opting to buy their leased vehicles at the end of the term, rather than swap them in for a new lease.

When will the madness end?

There is good news. Prices seem to have peaked in May and are heading back to Earth.

Between May and June, wholesale car prices declined for the first time since December, suggesting that demand and supply are on a path toward some kind of equilibrium, Cox’s Reynolds said.

She expects that retail prices will soon follow, and that shoppers will start to notice prices on car lots gradually dropping by the fall. The pandemic-induced car-buying frenzy tapering off partially explains the shift, she said.

But the supply crunch brought on by the chip shortage isn’t going away anytime soon, meaning it could be quite a while before shoppers see used-car prices they’re accustomed to. Even once new models are back in stock, the secondhand market won’t snap back to normal overnight, Drury said.

His advice to car buyers: “I’d say give it at least six months. And in all honesty, if you can hold off for an entire year, you’re better off with that.”

Are you a car dealer, buyer, or private seller with a story to share about what it’s like to buy and sell cars in this red-hot market? Contact this reporter at tlevin@insider.com

Read the original article on Business Insider

A supply crunch has sent used car prices sky high. These 16 models are now worth more used than new

2020 Kia Telluride.
A new Kia Telluride costs close to $4,000 less than a used one – if you can find one.

  • Car dealers are facing a supply crunch that’s caused used car prices to go through the roof.
  • Some 2019 and 2020 cars are cheaper to buy new right now, according to a study from iSeeCars.
  • The Kia Telluride now costs $3,564 more to buy used than new.
  • See more stories on Insider’s business page.

Skipping a brand-new car for one that’s lightly used has always been the most wallet-friendly way of going about things. Not anymore.

In the strange and sometimes utterly backward-seeming times we’re living in, it’s actually cheaper to buy some cars new rather than second hand. A recent study from automotive research site iSeeCars.com identified 16 such vehicles, some of which cost thousands more to buy used.

The pandemic has led to a diminished supply of cars and an outsize demand for them, the result being that used vehicle prices are through the roof. Amid financial uncertainty, people have been hanging onto their cars longer, choking one of the key pipelines of used cars to dealers. Meanwhile, an ongoing shortage of microchips has hampered car production globally and slashed the supply of new models.

The result, according to iSeeCars.com’s analysis of some 470,000 2019- and 2020-model-year cars listed for sale in June, is that the gap between used- and new-car prices have shrunk considerably in recent months. In early November, the average lightly used car cost nearly 11% less than its new counterpart. In June, that gap closed to just over 3%.

Some especially popular models – ones that are hard to find new right now – cost thousands more than their MSRP on the second-hand market. See the list of 16 vehicles below:

1. Kia Telluride

2020 Kia Telluride_13
2020 Kia Telluride.

  • Average price new: $44,166
  • Average price used: $47,730
  • Difference: 8.1%; $3,564

2. GMC Sierra 1500

2020 GMC Sierra Denali
GMC Sierra Denali.

  • Average price new: $54,205
  • Average price used: $57,671
  • Difference: 6.4%; $3,466

3. Toyota Tacoma

Toyota Tacoma
The Toyota Tacoma.

  • Average price new: $37,902
  • Average price used: $39,857
  • Difference: 5.2%; $1,955

4. Mercedes-Benz G-Class

mercedes-benz g wagen g550
The Mercedes-Benz G550.

  • Average price new: $182,631
  • Average price used: $190,078
  • Difference: 4.1%; $7,447

5. Toyota Rav4 Hybrid

Toyota RAV4 hybrid
Toyota Rav4 Hybrid.

  • Average price new: $34,995
  • Average price used: $36,352
  • Difference: 3.9%; $1,357

6. Toyota Tundra

 2020 Toyota Tundra
2020 Toyota Tundra.

  • Average price new: $49,643
  • Average price used: $51,474
  • Difference: 3.7%; $1,831

7. Dodge Challenger

2020 Dodge Challenger sports car
2020 Dodge Challenger R/T Scat Pack.

  • Average price new: $39,375
  • Average price used: $40,764
  • Difference: 3.5%; $1,388

8. Toyota 4Runner

2019 Toyota 4Runner
Toyota 4Runner.

  • Average price new: $45,382
  • Average price used: $46,867
  • Difference: 3.3%; $1,485

9. Hyundai Palisade

2020 Hyundai Palisade.
2020 Hyundai Palisade.

  • Average price new: $44,063
  • Average price used: $45,356
  • Difference: 2.9%; $1,293

10. Tesla Model 3

tesla model 3
Tesla Model 3.

  • Average price new: $44,409
  • Average price used: $45,677
  • Difference: 2.9%; $1,268

11. Honda Civic

2019 Honda Civic Sedan Touring
2019 Honda Civic Sedan Touring.

  • Average price new: $26,331
  • Average price used: $27,058
  • Difference: 2.8%; $727

12. Dodge Charger

Dodge Charger
Dodge Charger.

  • Average price new: $38,977
  • Average price used: $39,874
  • Difference: 2.3%; $897

13. Honda Odyssey

2019 Honda Odyssey
Honda Odyssey.

  • Average price new: $37,612
  • Average price used: $38,048
  • Difference: 1.2%; $435

14. Kia Rio

2020 Kia Rio subcompact sedan.
2020 Kia Rio.

  • Average price new: $17,346
  • Average price used: $17,472
  • Difference: 0.7%; $127

15. Subaru Crosstrek

2020 Subaru Crosstrek Premium
2020 Subaru Crosstrek Premium.

  • Average price new: $29,474
  • Average price used: $29,642
  • Difference: 0.6%; $168

16. Subaru WRX

Subaru WRX
Subaru WRX.

  • Average price new: $34,487
  • Average price used: $34,568
  • Difference: 0.2%; $81
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The Tesla Model S Plaid has arrived – here’s how it stacks up to every other Tesla

Tesla Lineup
Tesla’s cars range in price from around $40,000 to $150,000

  • Tesla launched its latest sedan, the $129,990 Model S Plaid, on Thursday.
  • It claims a top speed of 200 mph and a 0-60-mph under two seconds.
  • Tesla sells four models – the Model S, 3, X, and Y – which cost roughly $40,000 to $130,000.
  • See more stories on Insider’s business page.

Tesla has launched its priciest and fastest vehicle to date: the Model S Plaid.

We’ve known the sporty sedan was coming since late 2020 and orders have been open for months. But, after a couple of delays, Tesla kicked off deliveries with an event on Thursday night.

The Plaid may run you $129,990 before options, but it promises to offer some totally bonkers performance in exchange. Think a 200-mph top speed and a sub-two-second 0-60-mph time that could make it the quickest production vehicle on the market.

But a Tesla doesn’t need to cost six figures, and the company offers plenty of electric vehicles for people who are just fine traveling at more normal speeds.

Those shopping for a new Tesla can consult this guide to understand the latest prices of the Tesla Model S, 3, X, and Y, and how the models stack up.

Although add-ons vary between models, any Tesla can be optioned with the $10,000 Full Self-Driving driver-assistance package, which doesn’t currently make Teslas fully autonomous.

Model S

Tesla Model 3
Tesla Model S.

Launched in 2012, the Model S sedan is Tesla’s longest-running model. The luxury four-door got an overhaul at the top of 2021, which included an updated exterior and a controversial new steering yoke. It’s the choice for EV buyers who have a little more to spend and don’t want a crossover.

Here’s how each Model S breaks down:

  • Long Range: For $79,990, the base Model S delivers an estimated range of 375 miles, a top speed of 155 mph, and a 0-60-mph time of 3.1 seconds.
  • Plaid: The $129,990 Model S Plaid, whose name is a reference to the movie “Space Balls,” travels 350 miles on a charge, hits a top speed of 200 mph, and sprints to 60 mph in 1.99 seconds, Tesla says. Both Plaid models have three motors good for more than 1,000 horsepower.

A paint color other than white will run you $1,500 to $2,500, 21-inch wheels cost $4,500, and a white or off-white interior costs $2,500.

Model 3

Tesla Model 3 update
Tesla Model 3.

With the debut of the Model 3 in 2017, Tesla made good on its promise to build a more affordable vehicle than the Model S or Model X that came before it. And since it launched, the Model 3 has proved wildly successful, becoming both Tesla’s most popular model and the overall best-selling EV in the world in 2020.

The Model 3 comes in three flavors:

  • Standard Range Plus: The $39,990 base Model 3 gets an estimated range of 263 miles, a top speed of 140 mph, and a 0-60 time of 5.3 seconds.
  • Long Range: The $48,990 Long Range model has an EPA-estimated range of 353 miles
  • Performance: For $56,990, the sporty Model 3 Performance delivers a 315-mile range, a top speed of 162 mph, and a 0-60-mph time of 3.1 seconds. It also has a lowered suspension, better brakes, and 20-inch wheels as standard.

A paint color other than white will set you back $1,000 to $2,000, 19-inch rims cost $1,500, and a white interior – as opposed to the standard black – costs a $1,000 premium.

Read more: Don’t blame bitcoin for Tesla’s stock slide – it’s high-time faithful investors took some profits

Model X

Tesla Model X
Tesla Model X.

The Model X crossover is Tesla’s second-oldest model behind the Model S. It hit the market in 2015.

There are two versions of the Model X:

  • Long Range: For $89,990, the dual-motor base Model X delivers 350 miles of estimated range and a 155-mph top speed.
  • Plaid: The $119,990 Plaid version steps things up a notch with three motors that Tesla says put out 1,020 horsepower. Tesla says the high-performance crossover will have a 330-mile range and a 0-60-mph time of 2.5 seconds when deliveries start.

Like on Tesla’s other vehicles, a white paint job comes standard – black, silver, blue, or red will run you $1,500 to $2,500. Five seats come standard, and a six-seat or seven-seat layout costs $6,500 and $3,500, respectively.

A white or cream interior costs $2,000, while bigger rims go for $5,500.

Model Y

Model Y Sunset White
Tesla Model Y.

Starting deliveries in early 2020, the Model Y compact crossover is Tesla’s newest vehicle. It’s based on the same platform as the Model 3, but has more cargo capacity, rides higher, and has a general shape more like the Model X. It’s proving to be a hot seller just like its sedan sibling.

The Model Y comes in two versions:

  • Long Range: The $51,990 base vehicle has an EPA-estimated range of 326 miles, a top speed of 135 mph, and makes the sprint to 60 mph in 4.8 seconds.
  • Performance: The sportier option costs $60,990, and although it gets a lower range of 303 miles, it makes up for it in performance upgrades. The crossover accelerates to 60 mph in 3.5 seconds, has a higher top speed, and comes with bigger wheels, better brakes, and a lowered suspension.

There’s also a more affordable Standard Range model that Tesla briefly sold starting in January. Elon Musk said on Twitter it’s still available as an off-menu option.

Buyers can shell out an extra $1,000 for a tow hitch, $1,000 for a white interior, and $3,000 for third-row seating. A non-white paint job costs $1,000 to $2,000, while bigger rims command $2,000.

Read the original article on Business Insider

How to use Carvana to buy a used car online

If you buy through our links, we may earn money from affiliate partners. Learn more.

CarvanaHeader1

  • Carvana is an online-only marketplace of used vehicles that aims to make the car-buying process less stressful.
  • The website allows shoppers to complete the entire buying process on a computer or phone.
  • Here’s how to use Carvana, from applying for financing to finalizing a purchase and getting a car delivered.

Table of Contents: Masthead Sticky

Carvana’s online marketplace of preowned vehicles gives shoppers access to thousands of used cars across the country. Although buying a car on the site isn’t too dissimilar from how a used car lot functions, it’s far less stressful than dealing directly with a salesperson.

If you’ve never bought a car online before, the process may seem more complex than it actually is. To help, we’ve laid out a step-by-step walkthrough of how to use Carvana, from browsing and making a purchase, to applying for in-house financing and setting up delivery.

Read the original article on Business Insider

Can’t find chicken wings, diapers, or a new car? Here’s a list of all the shortages hitting the reopening economy.

GettyImages 1212992700
Empty shelves and shoppers at a Target store in Dublin, California, on March 15, 2020.

  • As the US economy increasingly reopens, it is seeing shortages of all sorts of items.
  • If you’ve tried to buy (or rent) a car or eat some chicken wings, you’ve probably noticed.
  • Insider rounded up some of the major supply shortages and why they’re lagging.
  • See more stories on Insider’s business page.
Computer chips

computer chip biden
President Joe Biden holds a semiconductor chip at the White House in Washington, U.S., February 24, 2021.

An ongoing computer-chip shortage has affected cars, iPads, and dog-washing technology alike. Chipmakers like Intel had already seen production issues pre-pandemic, but as with many industries, COVID-19 brought a variety of new supply-chain issues. The chip shortage is a problem for consumers wanting basically anything with a computerized component, which is much of the economy. Take cars as an example.

The semiconductor shortage has hit automakers the hardest. In January, the consulting firm Alix Partners estimated the automotive industry would lose $61 billion in revenue from the shortage this year. As Insider’s Katie Canales reported, demand for chips has gone up as consumers scrambled to buy cars and other technologies that use them.

But as more cars went into production, chip competition went up. Since then, many carmakers have been forced to shut down plants and prioritize which models they produce, while car prices at dealerships have continued to go up.

Last week, Tesla CEO Elon Musk said the semiconductor shortage has caused “insane difficulties” for the electric carmaker. Even Apple — a company that many thought would be able to dodge the shortage after it started making its own high-powered computer chips last year — said it will delay production on its iMac and iPad.

 

Used cars and rental cars

car buying

Buyers are still looking for vehicles, creating a competitive used-car market. As USA Today reported, used-car prices are on the rise as the aforementioned chip shortages affect new-car production, and buyers have turned to older ones instead, while Axios reported the average price of a used car has hit $17,609.

A UBS note estimated that in April, used cars saw their largest monthly price increase in 68 years of tracking, with prices rising between 8.2% and 9.3%.

If you’re looking to rent, you might also be out of luck: Insider’s Brittany Chang reported on the “perfect storm” hitting rental cars right now, with prices surging and demand increasing. Americans are itching to go on vacation this summer, as more people are vaccinated and some restrictions loosen. That’s leading to far more demand — but rental-car companies had sold off parts of their fleets early into the pandemic, leaving fewer cars to go around. 

It’s not all bad news for used-car lovers, though: As USA Today reports, the trade-in market is hot, too, meaning your old car could be worth more right now.

Gas

gas station
A man fills up a car at a filling station.

Industry experts say drivers will face fuel shortages this summer.

Demand for fuel and interest in travel has risen as vaccination rates have increased. Lower gasoline-production rates have also made the commodity more valuable, as OPEC has been slow to curb production cuts. 

Gas prices have skyrocketed in recent months, jumping 22.5% in March from the previous year, according to the US Bureau of Labor Statistics’ Consumer Price Index. Much of the surge in gas prices started with the extreme Texas freeze, which halted a fifth of the country’s oil-refining capacity in its tracks for weeks at a time.

 

Plastics and palm oil

plastics manufacturing

The devastating winter storms in Texas also left their mark on the plastics industry. As Insider’s Natasha Dailey reported, the state is a key plastics exporter — and the storms made many plants, which are difficult to reactivate, press pause.

According to the Financial Times, rising plastic prices have led to an increase in packaging costs. Citing data from Mintec, the Financial Times reported that those costs have increased by nearly 40% from the start of 2020, marking “historic highs.”

Palm oil, which is in a majority of those packaged products, also saw its prices climb, according to the Financial Times. That’s due to yet another labor shortage; the industry had already been contending with finding more sustainable production methods.

Trucking

truck driver
A contract port truck driver, Giraldo has seen work dry up as imports slow during the coronavirus outbreak. He gets fewer than four hauls a week, compared with at least 12 in normal times.

The Wall Street Journal reported that increased shipping demand has combined with a lack of drivers and trucks to result in climbing shipping costs. 

In September, Insider’s Rachel Premack reported that pay for truck drivers was on the rise, coming in at “record-smashing levels.” But the pay hike — and increased demand — comes after an exodus of drivers in 2019; Premack reported at the time on what some called a “trucking bloodbath,” as trucking companies saw profits fall, with some even going bankrupt.

Now demand is surging, according to The Journal, and if everything continues as is, that gap could deepen.

Homes and vacation houses

House for sale US
A house’s real estate for sale sign shows the home as being “Under Contract” in Washington, DC, November 19, 2020.

The US was facing a shortage of 3.8 million homes as of April, according to Freddie Mac. Home builders have been struggling to keep up with demand as remote work fuels interest in spacious housing, with house prices rising at their fastest pace in 15 years, The Wall Street Journal reported. Lumber prices are also driving the cost of new homes even higher.

In the past year alone, the median cost of a home in the US shot up 15% from $300,000 in 2019 to $340,000 by the end of 2020, according to data from the National Association of Realtors. That measure does not even begin to account for hot housing markets like Austin, Texas, where the average home went for more than $800,000 in April.

Even vacation-home rentals are at an all-time high. A house in the Hamptons rented for $2 million this summer, and 85% of vacation rentals in popular destinations like Cape Cod, the Outer Banks, and the Jersey Shore are booked through August, according to the rental site VRBO.

Lumber

Lumber

If you’re wondering why the houses around you are getting more expensive, look to their component parts. No, seriously: Lumber prices have soared, and, as Insider’s Ayelet Sheffey and Libertina Brandt reported, builders are even increasing house prices in an attempt to offset demand.

It’s due to another pandemic disruption, as lumber mills were forced to temporarily close for safety concerns. When they reopened, they couldn’t keep up with a scorching-hot housing market, goosed by a work-from-home economy, record low mortgage rates, and the need for personal space during the pandemic.

According to an April analysis from the National Association of Home Builders, soaring lumber prices added $36,000 to the cost of a new home. Lumber prices “remain stubbornly high,” according to the report, due to mills shutting down, unexpected demand from big-box retail and DIY-ers, and tariffs imposed on Canadian lumber.

Household products like toilet paper and tampons

Stockpiling toilet paper

Many household goods including toilet paper, diapers, and tampons are also facing supply problems.

One of the biggest producers of the pulp used to create toilet paper told Bloomberg that port delays and high shipping costs are causing companies to push delivery dates back months. 

Shortages and shipping delays are causing many companies to hike prices. Last month, Proctor & Gamble said it would raise prices for baby-care and feminine-care products, as well as adult diapers to combat shortages and shipping costs. The same week, Kimberly Clark hiked the price of its Huggies diapers and Scott toilet paper. 

Furniture

GettyImages 151031026
La-Z-Boy store

The work-from-home lifestyle helped the furniture industry boom but to such an extent that customers are seeing delivery dates that are months out.

In February, La-Z-Boy executives said customers could expect delivery dates that are five to nine months out from their order dates. Other furniture companies like Kasala, a Seattle-based chain, said they don’t expect to get furniture parts until at least December.

Many US furniture stores use parts from China. The global shipping-container shortage, as well as delays at key ports in Southern California have not only made the goods more expensive, but have also pushed back delivery dates by several months.

The furniture shortage has been exacerbated by a spike in homeownership, as the number of available and unsold homes sits at record lows. In other words, a lot of new homeowners are waiting a long time for their new living-room sets.

Chicken

AP708281044246

If you’ve been having trouble finding chicken wings, you’re not alone: They’re hard to come by as supply tightens. Insider’s Avery Hartmans reported that chicken-wing supply is dwindling while prices rise. It’s due in part to increased demand and shortages caused by devastating winter storms in Texas.

The Washington Post reported that shortages go beyond just wings, with all chicken harder to get ahold of. One phenomenon The Post notes: Fried chicken sandwiches, which have gained viral popularity in the past few years. McDonald’s has even launched its own. Insider’s Mary Meisenzahl reported that the KFC Nashville hot chicken has been so popular on TikTok that the chain is running out of the hot sauce for it.

Bacon and hot dogs

GettyImages 494330628

Bacon and hot dogs will likely be in short supply this summer.

The pig shortage dates back to the onset of COVID-19 and outbreaks in at least 167 meat-processing plants forcing almost 40 plants to close as of June 2020. As vaccination rates pick up and people prepare for summer vacations and cookouts, analysts told Insider’s Natasha Dailey demand will outstrip supply.

With pork companies still struggling to overcome lower production rates in 2020, the matter only intensified when high instances of disease hit the hog population this past winter.

 

Imported foods like cheese, coffee, and olive oil

coffee pot

Imported goods including coffee, cheese, seafood, and olive oil are facing months of shipping delays.

Dozens of mega-containers ships are waiting to dock off the coast of Los Angeles. The site accounts for about one-third of US imports, and the backlog is causing ships to wait weeks to dock and unload.

Some companies are already seeing the impact on their shelves. In March, Costco said its supplies of cheese, seafood, and olive oil were running low. 

General Mills said it has been forced to raise prices due to the delays increased shipping costs.  Coca-Cola also raised prices to combat the supply-chain crunch. Neither company specified which products would be affected.

Coffee has also been hit by delays, Bloomberg reported in March. Peet’s and JM Smucker, the brands behind Folgers and Dunkin’ coffee, have said they’re facing rising costs. Reuters reported that in February, port delays pushed coffee prices to their highest point in more than a year.

 

 

 

Chlorine

pool cleaning
Chlorine can kill germs, but alcohol is more effective.

This summer pool owners will see the worst chlorine shortage in US history, according to CNBC.

Supplies of the chemical have been strained since a fire at the chlorine manufacturer BioLab in Louisiana in September. The price for chlorine used in pools has nearly doubled this past year and is expected to rise even more to meet demand this summer.

Insider’s Annabelle Williams reported that pool owners could help avoid the shortage by resorting to saltwater pools.

Corn

corn maze

Corn is a key crop for many products, including fuel and different foods. As supply concerns loom, corn prices are popping off, according to Axios

There’s a few reasons that demand is so high: After an outbreak of swine fever in China, pig herds were “decimated,” according to Axios, leading to huge corn demand in China. That spike in demand is coupled with corn crops in Brazil and Argentina experiencing both bad weather and pandemic-related labor shortages.

Now corn prices are on a record-setting clip, rising by 16% in April alone. 

And, as Fortune reported, there could be a domestic supply issue too. Droughts and a rough winter are both concerning — and if American crops can’t fill in the gaps, prices could rise even more.

 

Labor

now hiring

Finally, a commodity unlike all the others is in surprisingly short supply: workers.

Major labor shortages are hitting businesses across America. As Insider’s Kate Taylor reported, chains like Dunkin’ and Starbucks are struggling to find workers — leading to reduced hours and hesitance on opening indoor dining back up.

There’s a few possible reasons that unemployed workers are opting not to return, according to Insider’s Ayelet Sheffey. They include workers making more on unemployment benefits than in their prior work as well as continued concerns over COVID-19 and the need to provide childcare at home.

As Insider previously reported, female tipped workers experienced lower tips and increased harassment during the pandemic.  

One potential solution for ending this shortage, according to Taylor? Paying workers more.

Read the original article on Business Insider

Tesla just upped the prices of its most popular cars by $500 – here’s how much each model will set you back

Tesla Lineup
Tesla’s cars range in price from around $40,000 to $150,000

  • Tesla raised the price of some Model 3 and Model Y vehicles again, this time by $500.
  • Tesla sells four models – the Model S, 3, X, and Y – which cost roughly $40,000 to $150,000.
  • Options for them include different interior colors, extra seats, and performance packages.
  • See more stories on Insider’s business page.

Tesla has raised its prices yet again, upping the cost of some Model 3 and Model Y trims by $500 on Thursday.

It’s just the latest price hike from a company that’s known for quietly raising and lowering prices seemingly at random.

In October, Tesla CEO Elon Musk dropped the price of the Model S sedan to $69,420 after rival Lucid announced its sedan would start at $69,900. And in March, the company hiked the price for four of its models by up to $10,000. Earlier in April, Tesla bumped the price of Model 3 and Model Y trims by up to $1,000.

With price changes happening constantly, it can be tough to keep track of it all. Those shopping for a new Tesla can consult this guide to understand the latest prices of the Tesla Model S, 3, X, and Y, and how the models stack up.

Although add-ons vary between models, any Tesla can be optioned with the $10,000 “full self-driving” driver-assistance package, which doesn’t currently make Teslas fully autonomous.

Model S

Tesla Model 3
Tesla Model S.

Launched in 2012, the Model S sedan is Tesla’s longest-running model. The luxury four-door got an overhaul at the top of 2021, which included an updated exterior and a controversial new steering yoke. It’s the choice for EV buyers who have a little more to spend and don’t want a crossover.

Here’s how each Model S breaks down:

  • Long Range: For $79,990, the base Model S delivers an estimated range of 375 miles, a top speed of 155 mph, and a 0-60-mph time of 3.1 seconds.
  • Plaid: The $119,990 Model S Plaid, whose name is a reference to the movie “Space Balls,” travels 350 miles on a charge, hits a top speed of 200 mph, and sprints to 60 mph in 1.99 seconds, Tesla says. Both Plaid models have three motors good for more than 1,000 horsepower.
  • Plaid Plus: The $149,990 Plaid Plus is the most advanced Model S yet. Tesla says it will do 0-60 mph in under two seconds, has a top speed of 200 mph, and has a range of more than 520 miles. Deliveries are set to start in 2022.

A paint color other than white will run you $1,500 to $2,500, 21-inch wheels cost $4,500, and a white or off-white interior costs $2,500.

Model 3

Tesla Model 3 update
Tesla Model 3.

With the debut of the Model 3 in 2017, Tesla made good on its promise to build a more affordable vehicle than the Model S or Model X that came before it. And since it launched, the Model 3 has proved wildly successful, becoming both Tesla’s most popular model and the overall best-selling EV in the world in 2020.

The Model 3 comes in three flavors:

  • Standard Range Plus: The $38,990 base Model 3 gets an estimated range of 263 miles, a top speed of 140 mph, and a 0-60 time of 5.3 seconds.
  • Long Range: The $47,990 Long Range model has an EPA-estimated range of 353 miles
  • Performance: For $56,990, the sporty Model 3 Performance delivers a 315-mile range, a top speed of 162 mph, and a 0-60-mph time of 3.1 seconds. It also has a lowered suspension, better brakes, and 20-inch wheels as standard.

A paint color other than white will set you back $1,000 to $2,000, 19-inch rims cost $1,500, and a white interior – as opposed to the standard black – costs a $1,000 premium.

Read more: Don’t blame bitcoin for Tesla’s stock slide – it’s high-time faithful investors took some profits

Model X

Tesla Model X
Tesla Model X.

The Model X crossover is Tesla’s second-oldest model behind the Model S. It hit the market in 2015.

There are two versions of the Model X:

  • Long Range: For $89,990, the dual-motor base Model X delivers 350 miles of estimated range and a 155-mph top speed.
  • Plaid: The $119,990 Plaid version steps things up a notch with three motors that Tesla says put out 1,020 horsepower. Tesla says the high-performance crossover will have a 330-mile range and a 0-60-mph time of 2.5 seconds when deliveries start in May.

Like on Tesla’s other vehicles, a white paint job comes standard – black, silver, blue, or red will run you $1,500 to $2,500. Five seats come standard, and a six-seat or seven-seat layout costs $6,500 and $3,500, respectively.

A white or cream interior costs $2,000, while bigger rims go for $5,500.

Model Y

Model Y Sunset White
Tesla Model Y.

Starting deliveries in early 2020, the Model Y compact crossover is Tesla’s newest vehicle. It’s based on the same platform as the Model 3, but has more cargo capacity, rides higher, and has a general shape more like the Model X. It’s proving to be a hot seller just like its sedan sibling.

The Model Y comes in two versions:

  • Long Range: The $50,990 base vehicle has an EPA-estimated range of 326 miles, a top speed of 135 mph, and makes the sprint to 60 mph in 4.8 seconds.
  • Performance: The sportier option costs $60,990, and although it gets a lower range of 303 miles, it makes up for it in performance upgrades. The crossover accelerates to 60 mph in 3.5 seconds, has a higher top speed, and comes with bigger wheels, better brakes, and a lowered suspension.

There’s also a more affordable Standard Range model that Tesla briefly sold starting in January. Elon Musk said on Twitter it’s still available as an off-menu option.

Buyers can shell out an extra $1,000 for a tow hitch, $1,000 for a white interior, and $3,000 for third-row seating. A non-white paint job costs $1,000 to $2,000, while bigger rims command $2,000.

Read the original article on Business Insider

The 19 electric vehicles you can buy new right now, from Mini’s $30,000 hatchback to Porsche’s $185,000 super sedan

Mustang Mach E GT Performance Edition 03
The Mustang Mach-E is Ford’s first mass-market electric vehicle.

  • There are more electric options on the market than ever before.
  • The nearly 20 EVs you can buy new today range in price from under $30,000 to well over $100,000.
  • Some have a range of under 200 miles, while others can travel more than 400 miles between fill-ups.
  • See more stories on Insider’s business page.

There’s never been a better time to shop for an electric vehicle.

Right now there are 19 new battery-powered models for sale in the US – and they run the gamut in terms of price, range, performance, size, and features. Plus, a sweeping infrastructure plan from Joe Biden may soon make buying and owning an EV cheaper and easier than ever thanks to investments in consumer rebates and charging stations.

EVs currently for sale include high-dollar luxury sedans like the Porsche Taycan and Tesla Model S, economical hatchbacks like the Mini Cooper SE and Chevrolet Bolt, and plenty in between. Drivers looking to make the switch from fossil fuels to zero emissions can consult this guide to learn a bit about the various EVs on the market, how much they cost, and what they can get for their budget.

Dozens more EVs are on the way, and this guide does not include vehicles that are still in the preorder phase, like the GMC Hummer EV, Rivian R1S, and Audi E-Tron GT.

Audi E-Tron – $65,900

Audi E-Tron.
Audi E-Tron.

The Audi E-Tron starts at around $66,000 and stretches up to just over $79,000 for the top trim. It’s powered by two electric motors – one on each axle – that put out 355 horsepower and 414 lb-ft of torque.

Things get a little less exciting as far as range is concerned. The crossover gets a range rating of 222 miles, which isn’t all that much for such a high-end vehicle.

Audi E-Tron Sportback – $69,100

Audi E-Tron Sportback.
Audi E-Tron Sportback.

The E-Tron has a sibling called the E-Tron Sportback. It comes with a roof that slopes down in the back at the expense of some trunk space.

It gets a range rating of 218 miles, slightly less than the standard E-Tron. Both crossovers benefit from a sport mode that can temporarily boost output to 402 horsepower, Audi says. They’ll be joined by the cheaper and more compact Q4 E-Tron and Q4 E-Tron Sportback toward the end of 2021.

BMW i3 – $44,450

2013 BMW i3.1
BMW i3.

The BMW i3 starts at $44,450 for an all-electric hatchback with 153 miles of range. There’s also a $47,650 version with a range-extending gas engine that brings the total range to 200 miles. The quirky car is BMW’s only EV in the US, but that’s about to change with the launch of the i4 sedan and iX SUV.

Chevrolet Bolt EV – $36,500

2020 Chevrolet BoltEV 002
Chevrolet Bolt EV.

The 2021 Chevy Bolt offers up a respectable 259 miles of range for a starting price of $36,500. But it’s worth waiting for the 2022 model, which can go just as far for nearly $5,000 less. The latest generation will also have a sleeker design and a crossover cousin.

Ford Mustang Mach-E – $42,895

All Electric Mustang Mach E
The Ford Mustang Mach-E.

Ford raised some eyebrows when it decided to lend its first EV the storied Mustang moniker. But the crossover has received heaps of praise since deliveries began in early 2021.

The Mach-E starts at $42,895 for the base model, which has an EPA-estimated range of 230 miles. Buyers can choose from several other trim levels, too, including a GT Performance model with 634 lb-ft of torque.

Hyundai Kona Electric – $37,390

2022 Hyundai Kona Electric.
2022 Hyundai Kona Electric.

Sharing a platform with the Kia Niro EV, the Kona Electric comes equipped with a 201-horsepower motor and a healthy 258-mile range. Hyundai revamped the model for 2022, giving it a sleeker design but no changes under the hood. It hasn’t said how much the updated version will cost.

Hyundai Ioniq Electric – $33,245

2021 Hyundai Ioniq Electric.
2021 Hyundai Ioniq Electric.

With a starting MSRP of $33,245, the 2021 Hyundai Ioniq Electric isn’t exactly cheap. But it’s still one of the least expensive EVs on the market.

The sedan comes in two trims – a $33,000 SE version and a $39,000 Limited model – both of which earn an EPA-rated range of 170 miles. The Ioniq also comes in hybrid and plug-in hybrid variants.

Jaguar I-Pace – $69,850

Jaguar I-Pace.
Jaguar I-Pace.

When it came to bringing an electric car to the US market, Jaguar beat bigger and more popular luxury brands like Mercedes and Audi to the punch. On sale since 2018, the all-wheel-drive I-Pace crossover puts out 394 horsepower and a hefty 512 lb-ft of torque, according to Jaguar. Its 90-kWh battery is good for a range of 234 miles, according to the EPA.

Kia Niro EV – $39,090

2020 Kia Niro EV.
2020 Kia Niro EV.

The Kia Niro EV launched in 2019 as an electric version of the gas-powered model of the same name. The compact crossover gets an EPA-estimated range of 239 miles and comes in two trims starting at $39,090 and $45,560.

Mini Cooper SE – $29,900

Mini Cooper SE.
Mini Cooper SE.

Surprising as it may be given that Mini is owned by BMW, the Mini Cooper SE is the cheapest electric car currently for sale in the US.

But that low MSRP means the electric Mini gets an EPA-estimated range of only 110 miles, far less than some of its pricier rivals. However, like its gas-powered siblings, the Mini Cooper SE is meant to be more of a city car than one for long highway journeys.

Read more:US buyers have exceptionally good credit scores right now – and they’re using them to spend more than ever on everyday cars

Nissan Leaf – $31,670

2021 Nissan Leaf.
2021 Nissan Leaf.

Launched in 2010, the Nissan Leaf is among the longest-running electric cars on the market today. The roughly $31,700 base model gets you an EPA-estimated 149 miles of range, while the $38,270 S Plus trim delivers 226 miles on a charge.

It was never the sleekest car on the block, but a 2017 refresh brought the Leaf’s styling up to date.

Polestar 2 – $59,900

2021 Polestar 2_KL_1
2021 Polestar 2.

Polestar may not be a household name just yet, but the luxury offshoot of Volvo and its Chinese parent, Geely, is making some of the best electrified cars on the market. Its debut EV, the Polestar 2, wasn’t just Insider’s favorite electric car of 2020, it was our favorite car, period.

The sleek $60,000 sedan has a range of 233 miles, according to the EPA. Plus, the car has lots going for it on the sustainability front aside from running on electrons rather than fossil fuels. Its seats, interior plastics, and carpets are made from recycled plastic bottles, discarded cork, and recycled fishing nets.

Porsche Taycan – $79,900

2021 Porsche Taycan._KL28
2021 Porsche Taycan.

Porsche dove into the EV market guns blazing in 2019 with its first-ever EV, the Taycan. The four-seat sedan currently comes in four versions, all of which offer outrageous specs.

The 402-horsepower base model – the only Taycan sedan with a single motor instead of a pair – costs around $80,000. Just under $104,000 gets you the Taycan 4s version with 227 miles of EPA-estimated driving range and 522 horsepower. Roughly $151,000 buys you the Turbo model with a 212-mile range and 670 horsepower. And the top of the line Turbo S version delivers 750 horsepower and a 0-60-mph time of 2.6 seconds – all for $185,000.

Tesla Model 3 – $38,490

Tesla Model 3.
Tesla Model 3.

The Model 3 may be Tesla’s entry-level sedan – costing less than half the price of some of its higher-end offerings – but that doesn’t mean it skimps on quality. Around $38,500 buys you the base model, which can travel 263 miles on a charge.

Buyers can shell out an extra $9,000 for a “Long-Range” model with an EPA-rated 353 miles of range. A $57,000 sport model blasts to 60 mph in 3.1 seconds, according to Tesla.

Read more: How much does a Tesla cost? Breaking down the Model S, 3, X, and Y

Tesla Model S – $79,990

Tesla Model S.
Tesla Model S.

Tesla’s second production vehicle and its longest-running model, the Model S has set the standard for EVs for nearly a decade. It proved that electric cars could be cool, and, arguably, kicked off the EV revolution that’s now in full swing.

A Model S will run you $80,000 to start, and two high-performance models are on offer for $120,000 and $150,000.

Tesla Model X – $89,990

Tesla Model X.
Tesla Model X.

The Model X is Tesla’s second-oldest offering behind the Model S. It comes with gull-wing doors, a dual-motor setup, and a 350-mile range, but it doesn’t come particularly cheap. A base Model X starts at around $90,000, and the high-performance “Plaid” version commands roughly $120,000.

Tesla Model Y – $50,490

Tesla Model Y.
Tesla Model Y.

The Model Y is Tesla’s newest model, going on sale in early 2020, and it’s already proved to be a hit. The crossover shares a lot with the Model 3, but it rides a bit higher and has some extra interior space. It starts at $50,490 for a “Long Range” model with 326 miles of range, but there’s also an off-menu “Standard Range” version that’s cheaper still.

Volkswagen ID.4 – $39,995

2021 Volkswagen ID.4.
2021 Volkswagen ID.4.

The Volkswagen Group is launching an all-out electric offensive in coming years, and the ID.4 crossover is its namesake brand’s debut EV for the US market. It pairs a friendly starting price of $39,995 with a respectable 250-mile range. Deliveries began in March.

Volvo XC-40 Recharge – $53,990

2021 Volvo XC40 Recharge.
2021 Volvo XC40 Recharge.

For its very first battery-powered vehicle, Volvo decided to electrify its popular compact crossover, the XC40. The XC40 Recharge gets an EPA-estimated range of 208 miles and a peppy 402-horsepower motor that can send it to 60 mph in under five seconds, Volvo says.

The Swedish brand plans to go fully electric by 2030.

Read the original article on Business Insider

Tesla just hiked the prices of its most popular cars – here’s how much each model will set you back

Tesla Lineup
Tesla’s cars range in price from around $40,000 to $150,000

  • Tesla sells four models – the Model S, 3, X, and Y – in several different trim levels.
  • Options for them include different interior colors, extra seats, and performance packages.
  • Teslas range in price from roughly $40,000 to $150,000.
  • See more stories on Insider’s business page.

Tesla is known to quietly raise and lower prices seemingly at random.

In October, Tesla CEO Elon Musk dropped the price of the Model S sedan to $69,420 after rival Lucid announced its sedan would start at $69,900. And in March, the company hiked the price for four of its models by up to $10,000. On Friday, it raised the cost of some Model 3 and Model Y trims by up to $1,000.

With price changes on a constant basis, it can be tough to keep track of it all. Those shopping for a new Tesla can consult this guide to understand the latest prices of the Tesla Model S, 3, X, and Y, and how the models stack up.

Although add-ons vary between models, any Tesla can be optioned with the $10,000 “full self-driving” driver-assistance package, which doesn’t currently make Teslas fully autonomous.

Model S

Tesla Model 3
Tesla Model S.

Launched in 2012, the Model S sedan is Tesla’s longest-running model. The luxury four-door got an overhaul at the top of 2021, which included an updated exterior and a controversial new steering yoke. It’s the choice for EV buyers who have a little more to spend and don’t want a crossover.

Here’s how each Model S breaks down:

  • Long Range: For $79,990, the base Model S delivers an estimated range of 375 miles, a top speed of 155 mph, and a 0-60-mph time of 3.1 seconds.
  • Plaid: The $119,990 Model S Plaid, whose name is a reference to the movie “Space Balls,” travels 350 miles on a charge, hits a top speed of 200 mph, and sprints to 60 mph in 1.99 seconds, Tesla says. Both Plaid models have three motors good for more than 1,000 horsepower.
  • Plaid Plus: The $149,990 Plaid Plus is the most advanced Model S yet. Tesla says it will do 0-60 mph in under two seconds, has a top speed of 200 mph, and has a range of more than 520 miles. Deliveries are set to start in 2022.

A paint color other than white will run you $1,500 to $2,500, 21-inch wheels cost $4,500, and a white or off-white interior costs $2,500.

Model 3

Tesla Model 3 update
Tesla Model 3.

With the debut of the Model 3 in 2017, Tesla made good on its promise to build a more affordable vehicle than the Model S or Model X that came before it. And since it launched, the Model 3 has proved wildly successful, becoming both Tesla’s most popular model and the overall best-selling EV in the world in 2020.

The Model 3 comes in three flavors:

  • Standard Range Plus: The $38,490 base Model 3 gets an estimated range of 263 miles, a top speed of 140 mph, and a 0-60 time of 5.3 seconds.
  • Long Range: The $47,490 Long Range model has an EPA-estimated range of 353 miles
  • Performance: For $56,990, the sporty Model 3 Performance delivers a 315-mile range, a top speed of 162 mph, and a 0-60-mph time of 3.1 seconds. It also has a lowered suspension, better brakes, and 20-inch wheels as standard.

A paint color other than white will set you back $1,000 to $2,000, 19-inch rims cost $1,500, and a white interior – as opposed to the standard black – costs a $1,000 premium.

Read more: Don’t blame bitcoin for Tesla’s stock slide – it’s high-time faithful investors took some profits

Model X

Tesla Model X
Tesla Model X.

The Model X crossover is Tesla’s second-oldest model behind the Model S. It hit the market in 2015.

There are two versions of the Model X:

  • Long Range: For $89,990, the dual-motor base Model X delivers 350 miles of estimated range and a 155-mph top speed.
  • Plaid: The $119,990 Plaid version steps things up a notch with three motors that Tesla says put out 1,020 horsepower. Tesla says the high-performance crossover will have a 330-mile range and a 0-60-mph time of 2.5 seconds when deliveries start in May.

Like on Tesla’s other vehicles, a white paint job comes standard – black, silver, blue, or red will run you $1,500 to $2,500. Five seats come standard, and a six-seat or seven-seat layout costs $6,500 and $3,500, respectively.

A white or cream interior costs $2,000, while bigger rims go for $5,500.

Model Y

Model Y Sunset White
Tesla Model Y.

Starting deliveries in early 2020, the Model Y compact crossover is Tesla’s newest vehicle. It’s based on the same platform as the Model 3, but has more cargo capacity, rides higher, and has a general shape more like the Model X. It’s proving to be a hot seller just like its sedan sibling.

The Model Y comes in two versions:

  • Long Range: The $50,490 base vehicle has an EPA-estimated range of 326 miles, a top speed of 135 mph, and makes the sprint to 60 mph in 4.8 seconds.
  • Performance: The sportier option costs $60,990, and although it gets a lower range of 303 miles, it makes up for it in performance upgrades. The crossover accelerates to 60 mph in 3.5 seconds, has a higher top speed, and comes with bigger wheels, better brakes, and a lowered suspension.

There’s also a more affordable Standard Range model that Tesla briefly sold starting in January. Elon Musk said on Twitter it’s still available as an off-menu option.

Buyers can shell out an extra $1,000 for a tow hitch, $1,000 for a white interior, and $3,000 for third-row seating. A non-white paint job costs $1,000 to $2,000, while bigger rims command $2,000.

Read the original article on Business Insider

Here are the cheapest electric vehicles on sale under $35,000 in 2021

EMBARGO 2/14/2022 4PM ET 2022 Chevrolet BoltEV 006
2022 Chevrolet Bolt EV.

  • Electric vehicles aren’t quite cheap yet, but they’re less expensive than ever before.
  • Several can be had for under $35,000, less than the average price of a new car in the US.
  • Some of the lowest-cost EVs available include the Mini Electric, Chevy Bolt EV, and Kia Niro EV.
  • Visit the Business section of Insider for more stories.

Tesla quietly raised the prices of several of its models on Thursday, but there are still more inexpensive electric vehicles on the market than ever before.

EVs have burst into the mainstream market in recent years, and as an increasing number of car companies make ambitious pledges to ramp up sales, zero-emission vehicles have steadily decreased in price. This year, shoppers will be able to choose from an array of at least 10 new EVs that cost less than $35,000.

But not all sub-$35,000 EVs are created equal. Estimated ranges for the cars listed below span 110 miles on the low end to more than 250 miles on the high end. Some are luxury offerings from Mini, while others come from mass-market brands like Volkswagen and Nissan.

Only General Motors and Tesla have sold enough EVs that their offerings are no longer eligible for the $7,500 federal tax credit that’s meant to spur sales of low-emission and zero-emission cars. This means that most of the vehicles below can be had for much less than their official MSRP, and why a few of the cars listed retail for more than $35,000.

Mini Electric – $29,900

Mini Electric
Mini Electric.

BMW unveiled the Mini Electric back in 2019 and started selling it last year. It’s the lowest-cost electric car currently available in the US, and its eligibility for the $7,500 federal EV tax credit makes the deal even sweeter.

That low MSRP means that the Mini Electric only gets an estimated 110 miles of range, but it’s aimed primarily at people who live in cities and probably don’t drive long distances. And with a claimed 181 horsepower and a 0-60-mph time of under seven seconds, it’s pretty quick.

Nissan Leaf – $31,620

2021 Nissan Leaf
2021 Nissan Leaf.

Introduced in 2010 and now in its second generation, the Nissan Leaf is one of the longest-running electric cars on the market.

The base model gets an EPA-estimated 149 miles of range, while pricier trim levels promise up to 226 miles along with a more powerful motor.

Chevrolet Bolt EV – $31,995

EMBARGO 2/14/2022 4PM ET 2022 Chevrolet BoltEV 002
2022 Chevrolet Bolt EV.

Like the Leaf, the Chevrolet Bolt EV was one of the first EVs to go mainstream. Chevrolet recently unveiled the revamped 2022 Bolt EV, which will retail for more than $5,000 less than the outgoing model when it hits dealers this summer.

The latest generation of the Bolt EV promises 259 miles of range across all its trim levels – just like the previous generation – but sports a much sleeker design all around.

Hyundai Ioniq Electric – $33,045

Hyundai Ioniq Electric
Hyundai Ioniq Electric.

While the Hyundai Ioniq Electric’s base price is appealing – especially with the addition of a federal tax credit – the hatchback isn’t sold in every state and has less range than some of its rivals. It gets an EPA-estimated range of 170 miles.

There’s also a more expensive $38,615 trim level available with the same powertrain but an upgraded interior and tech features.

Chevrolet Bolt EUV – $33,995

EMBARGO 2/14/2022 4PM ET 2022 Chevrolet BoltEUV 010
2022 Chevrolet Bolt EUV.

The 2022 Bolt EUV is a brand new electric crossover from GM that shares its innards with the Bolt EV. Since it’s a little bigger than the hatchback, it has a slightly reduced range of 250 miles.

It affords a few inches more legroom to rear passengers than the Bolt EV and offers GM’s semi-autonomous driver-assistance tech, Super Cruise, as an option.

Hyundai Kona Electric – $37,390

Hyundai Kona Electric
Hyundai Kona Electric.

The base 2021 Hyundai Kona Electric sports a 201-horsepower motor and a respectable EPA-estimated range of 258 miles.

This month, Hyundai revealed a refreshed 2022 Kona Electric (pictured above) with a sleeker design but no powertrain changes. It hasn’t said how much the new model will cost yet.

Kia Niro EV – $39,090

Kia Niro EV 1
Kia Niro EV.

The Kia Niro EV shares a battery pack and motor with the Hyundai Kona Electric, which is no surprise given that both brands fall under the same umbrella. Specs are slightly different however, with the Niro EV getting an EPA-estimated range of 239 miles.

Volkswagen ID.4 – $39,995

Volkswagen ID.4
Volkswagen ID.4.

Volkswagen’s first EV for the US market hits streets this year, with the first deliveries beginning in March. The vehicle promises a 250-mile range and a familiar crossover shape that’s all the rage right now, so it very well may give the Tesla Model Y a run for its money.

Nissan Ariya – $40,000

Nissan Ariya front quarter_1 source
Nissan Ariya.

Another new entry to the electric-crossover market is the Nissan Ariya, the Japanese brand’s first major EV since it launched the Leaf more than a decade ago.

Details are still scant, as the Ariya isn’t set to go on sale in the US until late 2021, but we do know that the base model will start at around $40,000, there will be an all-wheel-drive option, and the longest-range model will travel up to 300 miles on a charge.

Ford Mustang Mach-E – $42,895

Mustang Mach E GT Performance Edition 03
Mustang Mach-E GT Performance Edition.

Since the 2021 Mustang Mach-E is Ford’s first major electric car – and the Blue Oval hasn’t sold very many EVs yet – the vehicle is eligible for the $7,500 federal tax credit, bringing its theoretical starting price to just over $35,000.

That starting price gets you an EPA-estimated 230 miles of range for the rear-wheel-drive model, and 211 miles for the all-wheel-drive version. There are also several other trims, including one with a 300-mile range and a high-performance model in the works that Ford claims will hit 60 mph in 3.5 seconds.

Read the original article on Business Insider

Tesla just hiked prices by up to $10,000 – here’s how much each model will set you back

Model Y Side Blue
Elon Musk’s electric automaker currently sells four models in a wide range of trims.

  • Tesla sells four models – the Model S, 3, X, and Y – in several different trim levels.
  • Options for them include different interior colors, extra seats, and performance packages.
  • Teslas range in price from roughly $40,000 to $150,000.
  • See more stories on Insider’s business page.

Tesla is known to quietly raise and lower is prices whenever it sees fit.

In October, Tesla CEO Elon Musk dropped the price of the Model S sedan to $69,420 after rival Lucid announced its sedan would start at $69,900. And on Thursday, the company hiked the price for four of its models by up to $10,000.

With price changes happening left and right, it can be tough to keep track of it all. People shopping for a new Tesla can consult this guide to understand the latest prices of the Tesla Model S, 3, X, and Y, and how the models stack up.

Although add-ons vary between models, any Tesla can be optioned with the $10,000 “full self-driving” driver-assistance package, which doesn’t currently make Teslas fully autonomous.

Model S

Tesla Model 3
Tesla Model S.

Launched in 2012, the Model S sedan is Tesla’s longest-running model. The luxury four-door got an overhaul at the top of 2021, which included an updated exterior and a controversial new steering yoke. It’s the choice for EV buyers who have a little more to spend and don’t want a crossover.

Here’s how each Model S breaks down:

  • Long Range: For $79,990, the base Model S delivers an estimated range of 375 miles, a top speed of 155 mph, and a 0-60-mph time of 3.1 seconds.
  • Plaid: The $119,990 Model S Plaid, whose name is a reference to the movie “Space Balls,” travels 350 miles on a charge, hits a top speed of 200 mph, and sprints to 60 mph in 1.99 seconds, Tesla says. Both Plaid models have three motors good for more than 1,000 horsepower.
  • Plaid Plus: The $149,990 Plaid Plus is the most advanced Model S yet. Tesla says it will do 0-60 mph in under two seconds, has a top speed of 200 mph, and has a range of more than 520 miles. Deliveries are set to start in 2022.

A paint color other than white will run you $1,500 to $2,500, 21-inch wheels cost $4,500, and a white or off-white interior costs $2,500.

Model 3

Tesla Model 3 update
Tesla Model 3.

With the debut of the Model 3 in 2017, Tesla made good on its promise to build a more affordable vehicle than the Model S or Model X that came before it. And since it launched, the Model 3 has proved wildly successful, becoming both Tesla’s most popular model and the overall best-selling EV in the world in 2020.

The Model 3 comes in three flavors:

  • Standard Range Plus: The $37,490 base Model 3 gets an estimated range of 263 miles, a top speed of 140 mph, and a 0-60 time of 5.3 seconds.
  • Long Range: The $46,490 Long Range model has an EPA-estimated range of 353 miles
  • Performance: For $55,990, the sporty Model 3 Performance delivers a 315-mile range, a top speed of 162 mph, and a 0-60-mph time of 3.1 seconds. It also has a lowered suspension, better brakes, and 20-inch wheels as standard.

A paint color other than white will set you back $1,000 to $2,000, 19-inch rims cost $1,500, and a white interior – as opposed to the standard black – costs a $1,000 premium.

Read more: Don’t blame bitcoin for Tesla’s stock slide – it’s high-time faithful investors took some profits

Model X

Tesla Model X
Tesla Model X.

The Model X crossover is Tesla’s second-oldest model behind the Model S. It hit the market in 2015.

There are two versions of the Model X:

  • Long Range: For $89,990, the dual-motor base Model X delivers 350 miles of estimated range and a 155-mph top speed.
  • Plaid: The $119,990 Plaid version steps things up a notch with three motors that Tesla says put out 1,020 horsepower. Tesla says the high-performance crossover will have a 330-mile range and a 0-60-mph time of 2.5 seconds when deliveries start in May.

Like on Tesla’s other vehicles, a white paint job comes standard – black, silver, blue, or red will run you $1,500 to $2,500. Five seats come standard, and a six-seat or seven-seat layout costs $6,500 and $3,500, respectively.

A white or cream interior costs $2,000, while bigger rims go for $5,500.

Model Y

Model Y Sunset White
Tesla Model Y.

Starting deliveries in early 2020, the Model Y compact crossover is Tesla’s newest vehicle. It’s based on the same platform as the Model 3, but has more cargo capacity, rides higher, and has a general shape more like the Model X. It’s proving to be a hot seller just like its sedan sibling.

The Model Y comes in two versions:

  • Long Range: The $49,990 base vehicle has an EPA-estimated range of 326 miles, a top speed of 135 mph, and makes the sprint to 60 mph in 4.8 seconds.
  • Performance: The sportier option costs $60,990, and although it gets a lower range of 303 miles, it makes up for it in performance upgrades. The crossover accelerates to 60 mph in 3.5 seconds, has a higher top speed, and comes with bigger wheels, better brakes, and a lowered suspension.

There’s also a more affordable Standard Range model that Tesla briefly sold starting in January. Elon Musk said on Twitter it’s still available as an off-menu option.

Buyers can shell out an extra $1,000 for a tow hitch, $1,000 for a white interior, and $3,000 for third-row seating. A non-white paint job costs $1,000 to $2,000, while bigger rims command $2,000.

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