Ford Already Covering UAW Wage Increases With Huge 2024 F-150 Price Hikes
While every new model year sees new price increases, the 2024 Ford F-150 truck prices are eye-watering. Especially for the top-of-the-line King Ranch trim, the price increase from last year is more than $10,000. But the King Ranch F-150 isn’t the only one. The Platinum version price has gone from an MSRP of $66,910 to $75,420, an $8,510 spike.
Ford is also making several changes that may or may not seem like improvements. For instance, the V8 engine is no longer standard for the King Ranch. Now, it comes with a 3.5-liter V6 hybrid engine. The twin-turbo V6 has the same power rating as the V8, at 400 hp, but the hybrid version has 30 more horses. And gas mileage with the V6 is vastly improved.
The base engine on the lower trim F-150 XL is now the 2.7-liter EcoBoost V6 with 325 hp, according to Edmunds. That adds 35 hp over the previous base V6 but increases the price to $38,565. Moving up to the STX model, the price heads north to $45,890. Of course, buyers get a lot more options with this new trim, which partially explains the price bump.
How much are each of the F-150 trims?
Below is a rundown of 2023 and 2024 F-150 pricing to give you a better view.
| Trim | MSRP 2024 | MSRP 2023 | Difference |
| XL | $38,565 | $35,830 | +$2,735 |
| STX | $45,890 | ||
| XLT | $49,615 | $43,935 | +$5,680 |
| Lariat | $66,990 | $59,475 | +$7,515 |
| King Ranch | $75,420 | $65,220 | +$10,200 |
| Platinum | $75,420 | $66,910 | +$8,510 |
| Tremor | $65,945 | $63,325 | +$2,620 |
| Raptor | $79,975 | $78,770 | +$1,205 |
| Raptor R | $111,550 | $109,990 | +$1,560 |
As you can see, the pricing for F-150 performance models, though higher than last year, sees less of an increase. This might be due to the several increases applied during 2023. Still, $111,550 for an F-150, even one that is the Raptor R, is a big bite to chew.
What are the Ford F-150 engines available for 2024?
Part of Ford’s strategy for 2024 is to promote hybrid versions. It is placing more emphasis on them, especially when you consider that the 3.5 hybrid has so much more power than the V8. To wit, here are the power and torque breakdowns for Ford’s F-150 engines.
2.7-liter twin-turbo V6: 325 hp/400 lb-ft torque
5.0-liter V8: 400 hp/410 lb-ft torque
3.5-liter twin-turbo V6: 400 hp/500 lb-ft
3.5-liter hybrid V6: 430 hp, combined with 44 hp/221 lb-ft torque, for an estimated 710 hp/650 lb-ft torque
We know that the UAW wage increases will be affecting all vehicle prices moving forward. But we can’t help but think that Ford is already factoring in some of those expected increases into the 2024 F-150 pricing. Of course, the benefit is when it becomes clearer how much more Ford will need to amortize those wage increases into its vehicles, the jump won’t seem as bad. It began increasing prices before the inevitable increases from higher labor wages.
