The seemingly never-ending pandemic. It’s thwarted vacation plans, forced people to stay home, and, all in all, has been pretty harrowing. For some, however, it’s pushed them to explore an entirely new segment of vehicles. And according to CarGurus, that exploration has resulted in millennials buying more pickup trucks than ever before. But will millennials remain committed to the pickup segment once the pandemic has passed us by?
Millennials are snatching up pickup trucks left and right
According to CarGurus, the COVID-19 pandemic helped drive pickup truck sales throughout 2020. CarGurus reported that this was especially true among younger buyers, who CarGurus say were drawn to the sense of escapism trucks offered them.
Compared to previous pickup owners, CarGurus reports that pandemic pickup truck buyers were 24% more likely to be Gen Z or millennials. They were also two times more likely than older pandemic pickup buyers to have been planning to buy a car before the pandemic.
What is it that has younger generations snatching up pickups? Well, per CarGurus data, 40% of Gen Z and millennials that scooped up pickups did so for a road trip. Another 29% told CarGurus they simply wanted to treat themselves.
Affordability has been an issue
Pickup owners are, however, concerned about how affordable the segment is. Those concerns shouldn’t come as a surprise, though. According to CarGurus, affordability issues have been pushing pickup owners out of the segment for quite some time, and 17% of truck owners say they probably won’t buy another pickup because of it.
But it’s younger pickup owners that are more at risk of abandoning the segment altogether. CarGurus reports that 20% of Gen Z and millennial owners probably won’t buy another pickup in the future.
Electric pickup trucks are generating excitement among millennials
There is, perhaps, hope for the future. While 20% of Gen Z’ers and millennials told CarGurus they probably wouldn’t buy another pickup truck in the future, 18% of Gen Z and millennial owners say they will likely own an electric truck in the next year. Another 30% say they will definitely own one in the next five years, and 40% said they would own one in the next 10 years.
Fortunately, automakers are paying attention, and a slew of electric pickups have been introduced into the market. Earlier this year, Ford announced it would be releasing an electrified version of the iconic Ford F-150. The GMC Hummer EV is another electric pickup that Gen Z’ers and millennials are sure to be interested in.
And most recently? Fiat Chrysler said it’s working on releasing an electric Ram pickup truck. Though CEO Mike Manley has yet to provide any specific details, he did say, ““I do see that there will be an electrified Ram pickup in the marketplace, and I would ask you just to stay tuned for a little while, and we’ll tell you exactly when that will be.”
Is it time that you bought a pickup truck?
There are plenty of new and used pickup trucks out there. Whether you’re considering a road trip or are after a vehicle that offers endless utility, you can’t go wrong when buying a pickup truck. (If you can afford it, of course.)