Everyone has heard how badly car sales have been damaged by the COVID-19 pandemic, but the slump hasn’t been across the board. In fact, pickup trucks during the month of April pickup trucks outsold cars by over 17,000 units.
This has never happened before, so it’s understandably a shock to the industry. Pickup sales have been important, in part because trucks bring bigger profit margins than cars, but raw sales figures have always tipped towards cars.
Of course, nothing during this pandemic has been all that normal. Many people have lost their jobs or seen their income shrink. Many are tightening the financial belt and bracing for the worst. Automakers and dealerships have responded by offering a number of incentives to get shoppers in showrooms and signing contracts.
There are a few factors analysts feel have caused the change, and it might not go back to the way everything was anytime soon. For starters, pickup trucks are more popular in many of the states which haven’t been hit hard by COVID-19.
Lenders have been more willing to extend 0-percent financing for up to 84 months for pickup trucks. While that might sound crazy, for quite a few people it was music to their ears.
People are also looking to be ready for just about anything at this point. The utilitarian nature of pickup trucks can be a comfort for people who might need them to do any number of things in the future.