Buying a new car, truck, or SUV was a straightforward process. These days, the process is a lot more convoluted. While the vehicles buyers want the most are pickup trucks, sport utility vehicles are a close second. One thing is clear, though: buyers still love Toyota and Ford, no matter the type of vehicle.
The vehicles buyers want the most are pickup trucks
According to Kelley Blue Book’s third quarter Brand Watch survey, buyers are putting more thought into vehicle purchases than ever before. While high gas prices have driven some buyers into hybrids and electric vehicles, not all buyers are convinced. According to buyers, the Ford F-150 pickup truck is the most considered vehicle. However, the Ford F-150 comes in so many configurations it makes sense many buyers are considering it.
Following the Ford truck is the Chevy Silverado in second place. There is one more truck on the list, the Toyota Tacoma. While trucks were in the top spot, SUVs seem to be the vehicles buyers want the most. More than two-thirds of buyers considered an SUV this time around.
On the list of most considered vehicles, the Honda CR-V, Toyota RAV4, and the Chevy Tahoe were some of the best SUV options. The RAV4 Hybrid also made the list as buyers are concerned with rising gas prices.
Toyota was the brand of vehicles buyers wanted the most
Kelley Blue Book says that out of all of the brands in the U.S., buyers considered Toyota cars, trucks, and SUVs the most. Unfortunately for Toyota, it was also one of the brands with the lowest inventory this year. The brand has been at the top of buyers’ minds over the last five years, but Ford is only 5% behind Toyota now. Chevrolet was just 29% behind Chevrolet.
How are other brand gaining on Toyota? The ongoing semiconductor chip shortage and COVID-19 shutdowns at factories in Asia have impacted inventory across the board. These roadblocks hit Toyota particularly hard. Toyota dealerships had a 10-day supply of vehicle inventory at the end of October.
Before the pandemic, most automakers would have a six-week supply of new vehicles. The shortages obviously make it harder to buy a car, but the impacts can be widespread. If a buyer wants a Toyota RAV4 but can’t get ahold of one for eight months, that’s an excellent opportunity for Ford to gain a new fan.
Ford and Toyota lead the way in the U.S. market
While the Ford F-150 pickup was the vehicle buyers wanted the most, Toyota remained in the top spot, with 35% of buyers considering a Toyota. Ford was a close second with 30% of buyers, and Chevrolet had 29%. One more interesting thing Kelley Blue Book discovered is that more buyers are considering sedans and coupes than in previous years. Last year, less than 30% of buyers considered a sedan or coupe. These days, it is around 40%.
While the vehicles buyers want the most are variations of the Ford F-150 truck, Toyota has a lot of work left to keep that top spot. The final quarter of 2022 could be a game-changer for either brand if supply dwindles for the competition.