We Shouldn’t Be Surprised the Ford F-150’s Price Jumped Over $8K in 2 Years
In 2022, you could buy a Ford F-150 truck for under $30k. After two major price hikes, some reports put the 2024 Ford F-150 XL’s MSRP at $38,565. This $8k price jump may come with some serious sticker shock. But in truth, trucks clung to a $30k price point for longer than they probably should have. This sharp price increase is not entirely surprising.
| Model | Configuration | MSRP |
|---|---|---|
| 2024 Chevrolet Silverado 1500 WT | Regular cab (2-door) | $36,800 |
| 2024 GMC Sierra 1500 Pro | Regular cab (2-door) | $37,700 |
| 2024 Ford F-150 XL | Regular Cab (2-door) | $38,565 |
| 2024 Ram 1500 Tradesman | Quad cab (small 4-door) | $38,750 |
| 2024 Toyota Tundra SR | Double cab (small 4-door) | $39,965 |
| 2024 Nissan Titan S | King Cab (rear suicide doors) | $45,770 |
How much is a 2024 Ford F-150 XL?
The XL is the entry-level trim of Ford’s F-150. For the 2023 model year, Ford bumped the truck’s MSRP by over $3,000, then increased it throughout the year. Car and Driver reports that for 2024, Ford will bump the price by another $2,700, and the truck will start at $38,565.
Not all sources agree with Car and Driver. After Chevrolet announced the Silverado 1500 WT would start at $36,800, Ford tried undercut its competitor in certain markets. The price on Ford’s website is location-dependent. When you price from Detroit, for example, it comes in at $36,570.
Whichever price you end up paying, the 2024 Ford F-150 XL is significantly more expensive ($6k+) than it was at the beginning of 2022. But in many ways, it is a different truck.
Can you get a full-size pickup truck for $30k?
In 2022, you could choose from three full-size pickup trucks for less than $30k. For 2024, the cheapest full-size trucks start at $36k. If Ram continues to offer its fourth-gen Ram 1500 “Classic” in 2024, we expect this work truck to start northwards of $32k, but the brand has not made any announcements.
What happened to the $30k pickup truck? It has probably been dead for years. The 2022 Ford F-150 XL you got for $29,990 had no carpets, vinyl seats, crank-up windows, manual door locks, and cruise control delete. It did have automatic emergency braking and a rear backup camera, but only because Ford had these features on every pickup truck. It even had a naturally aspirated V6 with less towing capacity than some midsize competitors that Ford is finally dropping for the 2024 model year.
Here’s the rub: By the year 2000, an F-150’s MSRP was already tickling $20,000. But since then, the McDonald’s Big Mac has doubled in price, and gasoline prices in some states have tripled. Ford kept the F-150’s MSRP artificially low for marketing reasons.
Is a 2024 Ford F-150 XL worth $38k?
Ford has significantly increased the options that come with its cheapest F-150 XL. In many ways, it is more like a mid-trim truck and probably worth its $38k MSRP.
For 2024, the truck comes with amenities such as power windows and door locks. It also has a turbocharged 2.7-liter V6 that makes 325 horsepower and 400 lb-ft of torque. Every F-150 also has Ford’s cutting-edge 10-speed automatic and the full suite of driver safety software.
Does the new $38k price tag at least partially reflect the global supply chain shortages and inflation of the past two years? You bet. And many truck fans will be disappointed to see the $30k F-150 go. But Ford is also doing its best to offer $38k of value with its latest 2024 Ford F-150 XL MSRP.
Next, find out how much a used $2,000 pickup truck will truly cost you, or see the refreshed 2024 Ford F-150 reviewed in the video below:
