Of all vehicle segments, the full-size pickup truck has seen massive price increases in a 10 year period. In fact, pickup trucks have shown the largest price increases out of any vehicle segment with a 48 percent jump.
The Detroit Free Press reported pickups are quickly moving away from affordable and closer to luxury prices. Often, average prices rival German luxury brands (another issue those brands are trying to cope with). Through September, the average price of a new full-size pickup truck checked in at $48,369. In 2008, the average price was just $32,694.
“A 48-percent increase in price is the highest price increase for that time period out of all vehicle categories,” said Ivan Drury, senior analyst at Edmunds. “Even at $45,000, it prices a lot of people out.”
The actual average price is a far cry from what many buyers expect to pay for a new full-size truck. Additional research from Cox data showed buyers expect to pay $38,529. While full-size trucks like the 2019 Chevrolet Silverado start under $30,000, they lack the creature comforts many buyers have come to expect from vehicles, especially as trucks become more akin to family vehicles than just workhorses.
The average price paid for a new Chevrolet Silverado rang in at $42,162 in September, while the average price for a GMC Sierra was $51,794. Denali models fetched even more with an average price of $58,738. What perhaps reflects a shift in the pickup truck’s perception is the average household income for truck buyers. In 2018, the average truck buyer came from a $100,000 household compared to the average car buyer who came from a $95,000 household. Truck buyers have more income at their disposal, and it further underscores their reputation as status symbols and luxury vehicles in today’s age.
Only 15 percent of truck buyers use their truck for work, research also showed. But, 12 percent of them used their pickup to drive their kids around daily, up from 7 percent in 2009.
Low fuel prices have ultimately led to booming truck prices, but only supply and demand will cause the inflated transaction prices to come down.