3 Reasons to Wait Before Buying a Compact Truck
Are you interested in buying a new compact truck in 2022? There are a few significant reasons to wait on making that purchase. Models like the 2023 Ford Maverick and 2023 Hyundai Santa Cruz are tempting for a number of reasons. However, it might be best to wait it out because it’s not the best time to make this purchase. Here are three reasons to wait before buying a compact truck.
1. Compact truck market and availability
We recommend waiting before buying a compact truck because of the current market and availability. You probably already know the story if you’re interested in the popular Ford Maverick. However, if you’re uninformed on the subject, the Maverick is incredibly difficult to buy right now. Since it went on sale some time ago, buyers have been scooping up the cheapest Ford truck before anyone can see it.
Due to production difficulties, the automaker struggles to keep up with preorders. As a result, people who ordered a 2022 model year Maverick still haven’t gotten it. Many of these reservations were transferred to a 2023 model-year vehicle instead. Thankfully, production for most vehicles delayed due to microchip shortages is improving. As a result, we expect the next year, or longer, to yield much better results. That’s why it’s best to wait to buy the Ford Maverick and other compact trucks in high demand.
2. New models are on the way
Although the midsize truck segment features many models, the compact truck class is short on options. Only the 2023 Ford Maverick and 2023 Hyundai Santa Cruz are considered compact. Other competitors are larger in size and therefore have a higher starting price. However, with the success of the Maverick and Santa Cruz since their release, other automakers have taken notice.
In the coming years, it’s rumored that we will be seeing at least two new entry-level compact trucks. One of which is a Toyota RAV4 pickup truck. As an insanely popular compact SUV, the RAV4 platform transforming into a tiny truck is the perfect Toyota selection. Alternatively, we’re also rumored to be getting a Ram small pickup. Likely using the name of the old Dodge Dakota, it’ll likely be a tiny version of the Ram 1500, looking to compete in the compact truck segment.
Will other automakers reveal more affordable pickup options? Only time will tell.
3. Buying a used compact truck will get easier
The final reason to wait before buying a compact truck is that buying a used model will get easier with time. For many, new vehicles are simply out of the budget. Buying a brand-new model seems silly even for some who can afford to put out that kind of cash. Why not find a gently used version that costs $10,000 or less? This practice has been in place for many years but isn’t possible yet with compact trucks.
The 2023 Ford Maverick and 2023 Hyundai Santa Cruz haven’t existed long enough to have many used offerings. By waiting a few years, these vehicles will get traded in and come off of their lease. As a result, not only will the used models be more available, but they’ll also be cheaper. New models coming to the end of their lease, which usually lasts two to three years, lower the price of a used car in the market.
We think in another one to three years, there will be many more Ford Maverick and Hyundai Santa Cruz models available. Additionally, with more inventory population, the price will decline. The used-car market is also steadily going back to normal from the pandemic’s effects. By waiting, most buyers will likely get a compact truck for a much more reasonable price.
Wait before buying a compact truck
In conclusion, it’s probably best to wait before buying a compact truck. Although the Ford Maverick and Hyundai Santa Cruz are tempting, the segment is going to improve. First, models like the Maverick are still challenging to find, especially at MSRP. Next, automakers like Toyota and Ram plan to emulate Ford’s success, so new compact options are coming soon. Finally, used compact trucks are almost impossible to find, especially at a good price. We think this will improve with time, as more will come off-lease and get traded in to dealers.