Considering buying a new pick-up truck? Beware. Just like new cars, the average price of a new pickup truck in the United States has increased. It’s now around $50,000, according to automotive analytics businesses like Edmunds and JD Power.
With its calculations, the average price of a new pick-up truck in 2019, according to Edmunds.com was $49,543; JD Power determined the average 2019 new truck price was $51,700. Not all manufacturers’ 2020 models have been unveiled, but the average price is expected to further increase.
Regardless of the source, the new pick-up truck average cost is the highest in history.
Various financial incentives and rebates lower the prices, but industry analysts say truck prices have increased about three percent annually in the past decade.
Pickups on average cost about $11,000 more than other passenger vehicles. The segment includes the Ford F-Series, Ram light-duty pickup, and Chevy Silverado, the country three top-selling vehicles. New pickups account for about 15 percent of new vehicle sales.
Combined, sport utility vehicles and pick-up trucks account for about 70 percent of all new vehicle sales. The split was about 50-50 less than 10 years ago.
The Ford F-Series, Ram 1500 and Chevy Silverado are respectively the top-three vehicles in the United States. All three vehicles have increased in price primarily because of more advanced technology offerings as standard and optional equipment.
Vehicle loan companies know the increasing popularity of trucks and have allowed new vehicle owners to lengthen loans from the once common 36 (three years) to as long as 84 months (seven years).
Here are the top-10 selling pick-up trucks in the United States in 2019:
Ford F-Series, 896,526; Ram Pickup, 633,694; Chevrolet Silverado, 575,569; Toyota Tacoma, 248,801; GMC Sierra, 232,325; Chevrolet Colorado, 134,842; Toyota Tundra, 111,673; Ford Ranger, 83,571; Nissan Frontier, 72,369; Jeep Gladiator, 40,038; Honda Ridgeline, 33,334; GMC Canyon, 32,826; Nissan Titan, 31,514.