Automakers Have a Truck Pricing Problem

While truck owners are known for being quite loyal, a recent survey from Car Gurus paints a troubling picture. Thanks to wild price inflation, former and current truck owners are reconsidering their vehicle choices.

Automakers should know 70 percent of those surveyed said if their favorite brand raised prices by $10,000, they would seriously consider switching to a different make. That’s a 6 percent increase versus the previous year, demonstrating that brand loyalty alone won’t keep truck shoppers happy.

Almost 20 percent of current truck owners say they likely won’t buy another pickup. Out of those who have switched to another vehicle, the No. 1 reason was bad fuel economy. The second most popular reason was that trucks have become too expensive, a sentiment that seems to be growing lately.

Consider that the 2019 Ford F-150 starts at $28,155, but the 2009 model started at about $22,000. Sure, you get more luxuries and features, but some people actually want a basic, stripped-down pickup while pocketing the extra cash.

Will automakers pay attention to these surveys? Likely not. Instead, they’ll pay attention when enough people stop buying new pickup trucks.

Source: CarGurus