High prices might be driving Americans to fall out of love with pickup trucks
America loves its pickup trucks. In 2023, the three best-selling vehicles in the United States were the Ford F-Series, RAM, and Chevrolet Silverado. However, truck trends are changing and smaller, more efficient vehicles are gaining a larger market share.
America’s seemingly unshakable affinity for pickup trucks could take a backseat to rising prices and swollen interest rates
The Ford F-150 has been “America’s favorite truck” for 48 years. However, the most popular F-Series lost its overall market crown to the Toyota RAV4. Americans bought 475,193 Toyota RAV4s in 2024, up around 9% from the previous year. The reason? Rising prices, inflation, supply chain issues, and bloated interest rates are making it increasingly difficult for American vehicle buyers to justify or even afford expensive pickup trucks.
According to analysts at the Dave Cantin Group (DCG), the United States may have hit “peak truck.” DCG analysis suggests that the data “reflects American consumers’ growing struggle to afford a new vehicle.” That’s all new vehicles, let alone pricey full-size trucks.
“We see a decline in the number of people who believe their next purchase will be a truck or SUV,” said DCG President Dave Cantin on the subject. The analysis also revealed “an equivalent increase in the number who intend to purchase a car,” per Market Watch.
The numbers back it up. According to the analysis, recent sedan purchase plans stretched from 26% to 29%. It makes sense, too. The most affordable, fuel-efficient vehicles on the market are small, sensible sedans.
For instance, the Nissan Versa S, the cheapest new car on the market at the moment, starts at around $18,330. You can read my review of the 2024 Nissan Versa here. In comparison, the most affordable Ford F-150, the XL trim, starts at $39,245, more than twice the ask for the base Versa.
America may be cooling on trucks, but interest is far from gone
It’s a long way down for America’s favorite vehicles. By the year’s end, drivers in the United States took home around 732,139 Ford F-Series pickup trucks. As for the F-Series’ rivals, Americans bought 542,517 Chevrolet Silverados and 373,120 RAM pickup trucks.
Still, in 2023, vehicle shoppers bought 18,650 more F-Series pickup trucks than they did in 2024. As for the RAM, buyers grabbed the keys of around 445,000 of the Stellantis brand’s trucks in 2023. It’s a precipitous drop of nearly 72,000 RAM trucks.
According to DCG’s analysis, younger buyers are increasingly interested in trucks. Car buyers between 18 and 24 showed a 4% increase in likelihood to purchase a truck from 2023 to 2024. However, buyers from 35 to 75 and beyond showed increasing interest in sedans.
