Why Are Trucks So Expensive?
$51,700. That is the average price of new trucks sold in America (2019) according to the folks over at J.D. Power. Sure, there are typically some large incentives that bring the average price down to somewhere around $42,000, but this number still represents a staggering amount of money for a new vehicle.
If you have spent any time searching for or pricing out today’s modern trucks, you’re keenly aware of this trend and you probably wonder “Why are trucks so expensive?” as often as we do.
Sure, these behemoths of the road pack truly perform every task asked of them, ranging from family hauler to job site office, but why are these vehicles nearly $10,000 above the average new car sold in America?
In this article, we’ll break down why pickups cost so much and explore why Americans keep shelling more and more cash for these vehicles every year. Trust us, the answer will surprise you. Read on to learn more.
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Innovation drives competition (and costs)
For the purposes of this conversation, we’re going to use the shining example of the all-American pickup truck: the Ford F-150. This is not only Ford’s best-selling vehicle but it is in fact the best-selling vehicle in the country. This has been this way for decades.
It also happens to have more redesigns, refreshes, and innovations packed into its burly frame than any other vehicle in Ford’s large lineup.
The reasons for this can be summed in two separate buckets: competition and fuel economy.
As you can imagine, there’s a whole lot of cash to be made from selling pickup trucks. As Ford’s absolute sales leader, other manufacturers like General Motors and RAM want in on a slice of the F-150’s pie. Remember the muscle car area of the 1960s? Well, just think of the modern truck era in the same way.
Manufacturers are doing everything they can to vie for your dollar and that includes stuffing in incredible amounts of innovation to these road-going behemoths.
20 years ago, you would never have thought that you would see the technology on the level that is now seen in the modern pickup truck. Everything from extremely large infotainment screens (some as large as 12.4”) to active safety equipment proliferates the lineup of American truck manufacturers.
This causes each manufacturer to outdo the next and all that innovation costs money, which drives the price of new trucks up.
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Improvements to fuel economy mean more complicated engines
The other pervasive issue is increasingly stringent fuel economy standards that all manufacturers must meet. To remain compliant, manufacturers need to come up with smart ways to increase the gas mileage of vehicles that are simply not made to have good gas mileage!
If you’ve followed trucks for a while, you’ll remember a time when the EcoBoost from Ford engines were a new thing. They delivered the fuel economy of a six-cylinder engine with the power of V8.
This has clearly caught on throughout the rest of Ford’s lineup and has been a wild success for the Dearborn crew. For the model year 2021, the fully redesigned F-150 receives a full-hybrid power plant that encompasses a hybrid battery pack and Ecoboost engine!
Yes, that’s right, you can get over 25 miles per gallon in a full-size Ford F-150 that can also tow 12,500 pounds. This type of innovation costs money and the R & D cost is transferred down to consumers through rising prices.
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Trucks are popular do-it-all vehicles
For many active families, the modern truck is the true ‘do it all’ vehicle that they need. Got kids? The full-size trucks have room inside for 3 car seats across the back and a bed to hold all your gear.
Have a boat or a trailer? Well, trucks pull with ease and are designed to do so from the start. Commute? Well, newer trucks are seeing gas mileage in the mid to high 20’s!
When it comes right down to it, the truck is becoming the full-size station wagon of our day and Americans can’t get enough of them. So, why are trucks so expensive? That’s because they are one of the best all-around vehicles for the American family.
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