Is the 2023 Chevy Silverado 1500 Worth Another Price Increase?

As prices of goods and services continue to rise, automakers pass those increases to consumers. The law of supply and demand allows car shoppers to accept or reject those price hikes by deciding where to spend their money. Time will tell if the 2023 Chevy Silverado 1500 is worth another price increase. But here’s what Chevrolet promises for the higher MSRP.

Expected 2023 Chevy Silverado 1500 updates

2023 Chevy Silverado 1500 price
2023 Chevy Silverado ZR2 Bison | Chevrolet

Recently, GM Authority reported that production of the 2023 Chevy Silverado 1500 pickup truck began in late August 2022. As of this writing, Chevrolet has yet to open its online build tool for 2023 Chevy Silverado models beyond the WT model. So, what can we expect from the 2023 Chevy Silverado 1500 lineup?

GM Authority says the Chevy Silverado 1500 was due for a “mid-cycle refresh for the start of the 2022 model year”; however, pandemic-related parts shortages and other complications have delayed some or all of its implementation. This delay could result in the refresh carrying over into the 2023 model year. Though nothing is certain, it appears unlikely there will be any significant changes from the 2022 Silverado 1500 as advertised.

Planned updates to the 2022 Chevy Silverado 1500 include the following:

  • A new off-road-focused ZR2 model
  • A redesigned front fascia and grille
  • New exterior colors
  • Dark Ash
  • Sand Dune
  • Glacier Blue Metallic
  • A 13.4-inch color infotainment touchscreen
  • A 12.3-inch configurable instrument cluster
  • Google Assistant, Google Maps, and Google Play integration
  • Apple CarPlay and Android Auto connectivity
  • Up to 13,300 pounds of towing capacity with the 3.0-liter turbodiesel engine
  • A 20% torque increase for the turbocharged 2.7-liter inline-four engine 

The 2023 Chevy Silverado price jumps $1,000 across all trims

A $1,000 increase, from $36,395 to $37,395, for the forthcoming 2023 Chevy Silverado 1500 WT compared to a late 2022 version doesn’t sound like much (it’s less than a 3% increase). But the base price for the same model at the beginning of the 2022 model year was only $33,195. Chevrolet implemented a series of price increases throughout 2022 to raise its base price by $3,200 with a few product upgrades. 

The $1,000 increase applies across the 2023 Silverado 1500 lineup, and prices include destination freight charges. 2023 Silverado 1500 configurations range from the base-model WT (Work Truck), equipped with a regular cab, a standard bed, a four-cylinder engine, and two-wheel drive for $37,395, to the High Country trim, fitted with a crew cab, a standard bed, a 6.2-liter V8, and four-wheel drive for $68,890. The new-for-2022 ZR2 Bison tops the lineup at $78,490. The 2023 Silverado 1500 ZR2 Bison comes equipped with a crew cab, a short bed, a 6.2-liter V8, and 4WD.

Is the 2023 model still a good value?

At the beginning of 2022, the Chevy Silverado 1500 provided a good value compared to the competition, with only the Ford F-150 and GMC Sierra 1500 priced lower. Although updates for the new year model are slow coming, the 2023 Chevy Silverado 1500 still provides value for drivers needing a reliable, comfortable pickup truck whether it receives updates or not. And the $1,000 uptick is simply the cost of waiting for the 2023 models to roll out. 

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