diff --git a/src/authInfo.ts b/src/authInfo.ts
index 16d4589ddb..dc67d3b4c6 100644
--- a/src/authInfo.ts
+++ b/src/authInfo.ts
@@ -58,6 +58,8 @@ export interface AuthFields {
   createdOrgInstance?: string;
   devHubUsername?: string;
   instanceUrl?: string;
+  instanceApiVersion?: string;
+  instanceApiVersionLastRetrieved?: number;
   isDevHub?: boolean;
   loginUrl?: string;
   orgId?: string;
diff --git a/src/connection.ts b/src/connection.ts
index 378ee8ad79..44c56935d0 100644
--- a/src/connection.ts
+++ b/src/connection.ts
@@ -5,8 +5,8 @@
  * For full license text, see LICENSE.txt file in the repo root or https://opensource.org/licenses/BSD-3-Clause
  */
 import { URL } from 'url';
-import { maxBy, merge } from '@salesforce/kit';
-import { asString, ensure, getNumber, isString, JsonCollection, JsonMap, Optional } from '@salesforce/ts-types';
+import { Duration, maxBy, merge, env } from '@salesforce/kit';
+import { asString, ensure, getNumber, getString, isString, JsonCollection, JsonMap, Optional } from '@salesforce/ts-types';
 import {
   Connection as JSForceConnection,
   ConnectionOptions,
@@ -107,29 +107,45 @@ export class Connection extends JSForceConnection {
     this: new (options: Connection.Options) => Connection,
     options: Connection.Options
   ): Promise<Connection> {
-    const configAggregator = options.configAggregator || (await ConfigAggregator.create());
-    const versionFromConfig = asString(configAggregator.getInfo('apiVersion').value);
     const baseOptions: ConnectionOptions = {
-      // Set the API version obtained from the config aggregator.
-      // Will use jsforce default if undefined.
-      version: versionFromConfig,
+      version: options.connectionOptions?.version,
       callOptions: {
         client: clientId,
       },
     };
 
+    if (!baseOptions.version) {
+      // Set the API version obtained from the config aggregator.
+      const configAggregator = options.configAggregator || (await ConfigAggregator.create());
+      baseOptions.version = asString(configAggregator.getInfo('apiVersion').value); 
+    }
+
     // Get connection options from auth info and create a new jsForce connection
     options.connectionOptions = Object.assign(baseOptions, options.authInfo.getConnectionOptions());
 
     const conn = new this(options);
     await conn.init();
-    // verifies that subsequent requests to org will not hit DNS errors
 
-    if (!versionFromConfig) {
-      await conn.useLatestApiVersion();
+    try {
+      // No version passed in or in the config, so load one.
+      if (!baseOptions.version) {
+        const cachedVersion = await conn.loadInstanceApiVersion();
+        if (cachedVersion) {
+          conn.setApiVersion(cachedVersion);
+        }
+      } else {
+        conn.logger.debug(`The apiVersion ${baseOptions.version} was found from ${options.connectionOptions?.version ? 'passed in options' : 'config'}`);
+      }
+    } catch(e) {
+        if (e.name === DNS_ERROR_NAME) {
+          throw e;
+        }
+        conn.logger.debug(`Error trying to load the API version: ${e.name} - ${e.message}`);
     }
+    conn.logger.debug(`Using apiVersion ${conn.getApiVersion()}`);
     return conn;
   }
+
   /**
    * Async initializer.
    */
@@ -361,6 +377,40 @@ export class Connection extends JSForceConnection {
     }
     return result.records[0];
   }
+
+  private async loadInstanceApiVersion(): Promise<Optional<string | null>> {
+    const authFileFields = this.options.authInfo.getFields();
+    const lastChecked = authFileFields.instanceApiVersionLastRetrieved;
+    let version = getString(authFileFields, 'instanceApiVersion');
+
+    // Grab the latest api version from the server and cache it in the auth file
+    const useLatest = async () => {
+      // verifies DNS
+      await this.useLatestApiVersion();
+      version = this.getApiVersion();
+      this.options.authInfo.save({
+        instanceApiVersion: version,
+        instanceApiVersionLastRetrieved: Date.now(),
+      });
+    };
+
+    const ignoreCache = env.getBoolean('SFDX_IGNORE_API_VERSION_CACHE', false);
+    if (lastChecked && !ignoreCache) {
+      const now = Date.now();
+      const has24HoursPastSinceLastCheck = now - lastChecked > Duration.hours(24).milliseconds;
+      this.logger.debug(`Last checked on ${lastChecked} (now is ${now}) - ${has24HoursPastSinceLastCheck ? '' : 'not '}getting latest`);
+      if (has24HoursPastSinceLastCheck) {
+        await useLatest();
+      }
+    } else {
+      this.logger.debug(`Using the latest because lastChecked=${lastChecked} and SFDX_IGNORE_API_VERSION_CACHE=${ignoreCache}`);
+      // No version found in the file (we never checked before)
+      // so get the latest.
+      await useLatest();
+    }
+    this.logger.debug(`Loaded latest apiVersion ${version}`);
+    return version;
+  }
 }
 
 export const SingleRecordQueryErrors = {
diff --git a/test/unit/connectionTest.ts b/test/unit/connectionTest.ts
index fee948d9e3..87f72f8ba1 100644
--- a/test/unit/connectionTest.ts
+++ b/test/unit/connectionTest.ts
@@ -13,6 +13,8 @@ import { MyDomainResolver } from '../../src/status/myDomainResolver';
 import { ConfigAggregator, ConfigInfo } from '../../src/config/configAggregator';
 import { Connection, SFDX_HTTP_HEADERS, DNS_ERROR_NAME, SingleRecordQueryErrors } from '../../src/connection';
 import { testSetup, shouldThrow } from '../../src/testSetup';
+import { fromStub, stubInterface, StubbedType } from '@salesforce/ts-sinon';
+import { Duration } from '@salesforce/kit';
 
 // Setup the test environment.
 const $$ = testSetup();
@@ -24,18 +26,8 @@ describe('Connection', () => {
   let requestMock: sinon.SinonStub;
   let initializeStub: sinon.SinonStub;
 
-  const testAuthInfo = {
-    isOauth: () => true,
-    getConnectionOptions: () => testConnectionOptions,
-  };
-
-  const testAuthInfoWithDomain = {
-    ...testAuthInfo,
-    getConnectionOptions: () => ({
-      ...testConnectionOptions,
-      instanceUrl: 'https://connectionTest/instanceUrl',
-    }),
-  };
+  let testAuthInfo: StubbedType<AuthInfo>;
+  let testAuthInfoWithDomain: StubbedType<AuthInfo>;
 
   beforeEach(() => {
     $$.SANDBOXES.CONNECTION.restore();
@@ -46,6 +38,22 @@ describe('Connection', () => {
     requestMock = $$.SANDBOX.stub(jsforce.Connection.prototype, 'request')
       .onFirstCall()
       .resolves([{ version: '42.0' }]);
+
+      // Create proxied instances of AuthInfo
+    testAuthInfo = stubInterface<AuthInfo>($$.SANDBOX, {
+      isOauth: () => true,
+      getFields: () => ({}),
+      getConnectionOptions: () => testConnectionOptions,
+    });
+
+    testAuthInfoWithDomain = stubInterface<AuthInfo>($$.SANDBOX, {
+      isOauth: () => true,
+      getFields: () => ({}),
+      getConnectionOptions: () => ({
+        ...testConnectionOptions,
+        instanceUrl: 'https://connectionTest/instanceUrl',
+      }),
+    });
   });
 
   it('create() should throw on DNS errors', async () => {
@@ -53,14 +61,14 @@ describe('Connection', () => {
     $$.SANDBOX.stub(MyDomainResolver.prototype, 'resolve').rejects({ name: DNS_ERROR_NAME });
 
     try {
-      await shouldThrow(Connection.create({ authInfo: testAuthInfoWithDomain as AuthInfo }));
+      await shouldThrow(Connection.create({ authInfo: fromStub(testAuthInfoWithDomain) }));
     } catch (e) {
       expect(e).to.have.property('name', DNS_ERROR_NAME);
     }
   });
 
   it('create() should create a connection using AuthInfo and SFDX options', async () => {
-    const conn = await Connection.create({ authInfo: testAuthInfo as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfo) });
 
     expect(conn.request).to.exist;
     expect(conn['oauth2']).to.be.an('object');
@@ -71,12 +79,40 @@ describe('Connection', () => {
   });
 
   it('create() should create a connection with the latest API version', async () => {
-    const conn = await Connection.create({ authInfo: testAuthInfo as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfo) });
+    expect(conn.getApiVersion()).to.equal('42.0');
+  });
+
+  it('create() should create a connection with the provided API version', async () => {
+    const conn = await Connection.create({ 
+      authInfo: fromStub(testAuthInfo),
+      connectionOptions: { version: '50.0' }
+     });
+    expect(conn.getApiVersion()).to.equal('50.0');
+  });
+
+  it('create() should create a connection with the cached API version', async () => {
+    testAuthInfo.getFields.returns({
+      instanceApiVersionLastRetrieved: Date.now() - Duration.hours(10).milliseconds,
+      instanceApiVersion: '51.0'
+    });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfo) });
+    expect(conn.getApiVersion()).to.equal('51.0');
+  });
+
+  it('create() should create a connection with the cached API version updated with latest', async () => {
+    testAuthInfo.getFields.returns({
+      instanceApiVersionLastRetrieved: 123,
+      instanceApiVersion: '40.0'
+    });
+
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfo) });
     expect(conn.getApiVersion()).to.equal('42.0');
+    expect(testAuthInfo.save.called).to.be.true;
   });
 
   it('setApiVersion() should throw with invalid version', async () => {
-    const conn = await Connection.create({ authInfo: testAuthInfo as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfo) });
 
     try {
       conn.setApiVersion('v23.0');
@@ -97,7 +133,7 @@ describe('Connection', () => {
     };
 
     const conn = await Connection.create({
-      authInfo: testAuthInfoWithDomain as AuthInfo,
+      authInfo: fromStub(testAuthInfoWithDomain),
     });
     // Test passing a string to conn.request()
     const response1 = await conn.request(testUrl);
@@ -113,7 +149,7 @@ describe('Connection', () => {
     const testUrl = 'connectionTest/request/url/describe';
 
     const conn = await Connection.create({
-      authInfo: testAuthInfoWithDomain as AuthInfo,
+      authInfo: fromStub(testAuthInfoWithDomain),
     });
 
     // Test passing a RequestInfo object and options to conn.request()
@@ -134,7 +170,7 @@ describe('Connection', () => {
     requestMock.onSecondCall().returns(Promise.resolve(testResponse));
 
     const conn = await Connection.create({
-      authInfo: testAuthInfoWithDomain as AuthInfo,
+      authInfo: fromStub(testAuthInfoWithDomain),
     });
 
     const testUrl = '/services/data/v42.0/tooling/sobjects';
@@ -157,7 +193,7 @@ describe('Connection', () => {
     const querySpy = $$.SANDBOX.spy(jsforce.Connection.prototype, 'query');
     const soql = 'TEST_SOQL';
 
-    const conn = await Connection.create({ authInfo: testAuthInfo as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfo) });
     const queryResults = await conn.autoFetchQuery(soql);
 
     expect(queryResults).to.deep.equal({
@@ -175,7 +211,7 @@ describe('Connection', () => {
     requestMock.onSecondCall().returns(Promise.resolve(queryResponse));
     const soql = 'TEST_SOQL';
 
-    const conn = await Connection.create({ authInfo: testAuthInfo as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfo) });
     const toolingQuerySpy = $$.SANDBOX.spy(conn.tooling, 'query');
     const queryResults = await conn.tooling.autoFetchQuery(soql);
 
@@ -195,7 +231,7 @@ describe('Connection', () => {
     const queryResponse = { totalSize: 50000, done: true, records };
     requestMock.returns(Promise.resolve(queryResponse));
 
-    const conn = await Connection.create({ authInfo: testAuthInfo as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfo) });
     const toolingQuerySpy = $$.SANDBOX.spy(conn.tooling, 'query');
     $$.SANDBOX.stub(ConfigAggregator.prototype, 'getInfo').returns({ value: 50000 } as ConfigInfo);
     await conn.tooling.autoFetchQuery(soql);
@@ -212,7 +248,7 @@ describe('Connection', () => {
     const queryResponse = { totalSize: 5, done: true, records };
     requestMock.returns(Promise.resolve(queryResponse));
 
-    const conn = await Connection.create({ authInfo: testAuthInfo as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfo) });
     const toolingQuerySpy = $$.SANDBOX.spy(conn.tooling, 'query');
     $$.SANDBOX.stub(ConfigAggregator.prototype, 'getInfo').returns({ value: 3 } as ConfigInfo);
     await conn.tooling.autoFetchQuery(soql);
@@ -226,7 +262,7 @@ describe('Connection', () => {
     const errorMsg = 'QueryFailed';
     requestMock.onSecondCall().throws(new Error(errorMsg));
     const conn = await Connection.create({
-      authInfo: testAuthInfoWithDomain as AuthInfo,
+      authInfo: fromStub(testAuthInfoWithDomain),
     });
 
     try {
@@ -245,7 +281,7 @@ describe('Connection', () => {
     const soql = 'TEST_SOQL';
     requestMock.onSecondCall().resolves({ totalSize: 1, records: [mockSingleRecord] });
 
-    const conn = await Connection.create({ authInfo: testAuthInfoWithDomain as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfoWithDomain) });
 
     const queryResult = await conn.singleRecordQuery(soql);
     expect(queryResult).to.deep.equal({
@@ -255,7 +291,7 @@ describe('Connection', () => {
 
   it('singleRecordQuery throws on no-records', async () => {
     requestMock.returns(Promise.resolve({ totalSize: 0, records: [] }));
-    const conn = await Connection.create({ authInfo: testAuthInfoWithDomain as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfoWithDomain) });
 
     try {
       await conn.singleRecordQuery('TEST_SOQL');
@@ -267,7 +303,7 @@ describe('Connection', () => {
 
   it('singleRecordQuery throws on multiple records', async () => {
     requestMock.returns(Promise.resolve({ totalSize: 2, records: [{ id: 1 }, { id: 2 }] }));
-    const conn = await Connection.create({ authInfo: testAuthInfoWithDomain as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfoWithDomain) });
 
     try {
       await conn.singleRecordQuery('TEST_SOQL');
@@ -279,7 +315,7 @@ describe('Connection', () => {
 
   it('singleRecordQuery throws on multiple records with options', async () => {
     requestMock.returns(Promise.resolve({ totalSize: 2, records: [{ id: 1 }, { id: 2 }] }));
-    const conn = await Connection.create({ authInfo: testAuthInfoWithDomain as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfoWithDomain) });
 
     try {
       await conn.singleRecordQuery('TEST_SOQL', { returnChoicesOnMultiple: true, choiceField: 'id' });
@@ -298,7 +334,7 @@ describe('Connection', () => {
     requestMock.returns(Promise.resolve({ totalSize: 1, records: [mockSingleRecord] }));
     const soql = 'TEST_SOQL';
 
-    const conn = await Connection.create({ authInfo: testAuthInfoWithDomain as AuthInfo });
+    const conn = await Connection.create({ authInfo: fromStub(testAuthInfoWithDomain) });
     const toolingQuerySpy = $$.SANDBOX.spy(conn.tooling, 'query');
     const queryResults = await conn.singleRecordQuery(soql, { tooling: true });
     expect(queryResults).to.deep.equal({