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2015 Chevrolet Colorado Starts at $20,995, GMC Canyon at $21,880

The 2015 Chevrolet Colorado midsize pickup will undercut both of its direct competitors in price when it goes on sale this fall, as the new midsize pickup will start at $20,995 including destination. That price is for the extended-cab model with the 2.5-liter four-cylinder engine and the standard six-speed manual transmission. Its 2015 GMC Canyon twin comes with a bit more standard equipment and starts at $21,880.

Standard equipment for the base trim of the 2015 Chevrolet Colorado includes power windows, a backup camera, and a locking tailgate. The GMC Canyon's $885 price premium accounts for its extra standard equipment including a power driver's seat, 16-inch alloy wheels, LED lighting accents, and a CornerStep rear bumper.

Both of these prices compare favorably with the equivalent 2014 Nissan Frontier and 2014 Toyota Tacoma, which start at $21,370 and $21,500, respectively for their extended-cab models. The Frontier does come with a five-speed automatic as standard as opposed to the Colorado's standard six-speed manual. Chevrolet has not yet released full pricing, but we would expect the six-speed automatic transmission to add around $800-$1000 to the starting price.

This relatively low starting price is also significantly less than the cheapest extended-cab Chevrolet Silverado ($30,695) and GMC Sierra ($31,195), showing that GM is doing its best to quell criticisms about these midsize trucks being too close to full-size pickups in size, price, and capability.

The 2015 Chevrolet Colorado and GMC Canyon will be available in extended- and crew-cab versions, with either a five-foot short bed or a six-foot long bed option. The base 2.5-liter four-cylinder engine makes 200 hp and 191 lb-ft of torque, and the optional 3.6-liter V-6 engine—which comes standard with a six-speed automatic and should cost around $1000 extra—makes 305 hp and 269 lb-ft of torque.

Both engines come standard with rear-wheel drive and will offer four-wheel drive as an option. A GM spokesperson told us that the four-cylinder engine is standard on all models except for long box and four-wheel-drive crew cab models, which will have the V-6 as standard. The 2015 Chevrolet Colorado and GMC Canyon's maximum tow rating of 7000 lbs requires the towing package, which can only be added to V-6 models. A 2.8-liter four-cylinder turbodiesel engine will join the 2015 Chevrolet Colorado's engine lineup next year. .

Three trim levels will be offered for the 2015 Chevrolet Colorado: the base Work Truck trim, the upgraded LT, and the off-road-oriented Z71. The GMC Canyon lineup is similarly arranged, with base, SLE, and SLT models. Although details for the full lineup will be revealed in a few weeks, GM did provide a few prices for a few example configurations that will likely be popular among retail buyers. For instance, a two-wheel-drive, short box, crew cab Colorado LT model costs $27,985, and a four-wheel-drive, short box, crew cab Colorado Z71 costs $34,990, both including destination. For the Canyon, a rear-wheel-drive, extended cab, short box Canyon SLE costs $27,520 and a four-wheel-drive, crew cab, short box Canyon SLT tops out at $37,875 with features like leather, auto climate control, alloy wheels, and remote start.

Stay tuned for more detailed info on the 2015 Chevrolet Colorado and 2015 GMC Canyon pickups including option pricing and EPA fuel economy ratings as we get closer to their arrival in dealerships.