The Average New Pickup Truck Costs $10,000 More Than Other Vehicles Simply by Being Cool
Trucks are America’s favorite vehicles. In fact, pickups have been best-sellers for decades. That popularity means high demand, allowing automakers to make mountains of money from truck sales. Americans want these vehicles so badly that many are willing to pay a $10,000 premium for a new pickup truck simply because it’s cooler than other options.
New trucks have a hidden perk for owners
Cars.com recently released the results of a study showing intriguing insights into pickup trucks and truck ownership. The automotive classified website conducted the survey on Aug. 31 and Sept. 1, 2023, with a sample size of 1,378 people. While all trucks provide useful capabilities, such as powerful towing capacity and plenty of cargo space, the study shows an additional benefit for drivers.
Owners claim they receive more compliments about their pickups than other vehicles they’ve driven. Similarly, the survey says 47% of consumers think truck owners are more attractive. That boils down to what the site calls “the cultural and social influence of pickup trucks.”
In other words, trucks are cool, and they make their owners look cool, too.
New pickup truck costs are higher for Americans no matter what
Of course, not all Americans think like that. Still, the average new pickup truck costs significantly more than other vehicle types. And truck prices are growing faster, too.
In August 2023, the average price of a new car in America was about $50,000. That’s a 4% increase over the same period last year. By comparison, the average price for a new truck in the U.S. was $60,000. That’s 6% higher than last year.
There are many reasons for those elevated prices. Some observers blame electric trucks. There is some truth to that, as the average new electric pickup truck costs $94,000.
However, EVs are a tiny part of the truck market. The Cars.com survey shows that 75% of truck owners don’t plan to buy an electric pickup as their next purchase. The main reason is pricing. 58% of truck shoppers say they’re concerned about the high price of electric trucks. Given how the truck segment is doing, electric truck prices probably won’t drop significantly anytime soon.
Used trucks are expensive, too
Used car prices finally began falling after the supply chain crisis eased. However, used truck prices haven’t seen a similar drop.
The purchase price of the average used car in America is $30,000 — a 6% drop since last year. On the other hand, the average used truck costs around $43,000. That’s a 9% year-over-year growth, Cars.com reports.
All of this data ultimately shows that Americans think trucks are cool, and consumers are willing to pay extra for them. U.S. truck shoppers also don’t seem to care that used pickup prices are high because demand remains high.