The average truck price has increased dramatically over the past two decades, and many news outlets have reported on it. Part of the rise is due to government regulations requiring new vehicles to meet increased emissions and safety standards. Inflation is also playing a part. While the price of a new truck is still low in comparison to a used one, that may not last forever. If you’re interested in purchasing a new truck, read on for some useful tips on truck pricing.
Pickup trucks aren’t cheap these days, and the average full-size truck purchased in the United States topped $50,000 in 2019. However, even though demand for these vehicles has never been higher, prices have risen dramatically. In recent years, the Ford F-Series, Ram light-duty pickups, and Chevy Silverado have been the three most popular trucks in the country. In fact, new pickups and sport utility vehicles represent 15 percent of the country’s total new vehicle sales, up from a 50-50 split 10 years ago.
While pickup truck prices have risen due to new features, the low price of gas has played a large role in their recent rise. Besides this, pickups are increasingly becoming the vehicles of choice for families. This has helped drive up their prices. But what about the median truck price? It used to be $31,000 nine years ago, and now hovers at $43,000. So how do we know which truck is worth the price tag? Let’s take a closer look at truck pricing.
As with other vehicles, pickup truck prices vary across manufacturers. Typically, a new pickup truck can cost more than $50,000, depending on the model year. With the exception of trucks that are used by the military, the average transaction price of a full-size pickup in the U.S. has increased 6% over the past decade. A truck’s base price does not include the consumer price. If you’re buying a truck for work or pleasure, keep in mind the primary purpose of the truck.
Trucks are popular with Americans, and they’re willing to pay more for them than for cars. In recent years, this trend has grown significantly. The fact that Americans are willing to pay more for a pickup makes it possible for automakers to boast huge profit margins while cars have very slim margins. Ford, Toyota, and other automakers proudly point out how high profit margins they have on their “trucks” at earnings calls.
Full-size pickup trucks are generally more expensive than average cars. A stripped-down full-size GMC Sierra 1500 can set you back $31,195. The Ford F-150 Raptor is an exception to this price pyramid. It can reach more than $100,000. However, it still remains cheaper than cars or SUVs. If you’re looking for a full-sized pickup for work purposes, consider leasing it. The low monthly payments are the only thing stopping you from purchasing it.
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