Truck prices grew 50% faster than average
vehicle prices year over year, but for many consumers, the
real value is in the perks
CHICAGO, Sept. 27,
2023 /PRNewswire/ -- Car-shopping marketplace
Cars.com™ (NYSE: CARS) today released its first-ever Pickup Truck
Buying Guide, an in-depth, comprehensive review of America's 2023
truck-market landscape that speaks to Americans' enduring love for
pickups. The report provides consumers with deeper insight into the
crowded field of trucks to help make more informed purchasing
decisions, especially as affordability is top of mind.
"Pickup trucks are consistently some of the most searched
vehicles on Cars.com. In fact, searches for new pickups — despite
the increasingly high price — are as strong as ever, up 4% over
2022," said Aaron Bragman,
Cars.com's Detroit bureau chief.
"And for good reason: Pickup trucks offer more versatility and
utility and can haul, tow and go off-road — and are increasingly
becoming great family vehicles. For shoppers ready to take the
plunge, our new Pickup Truck Buying Guide helps them navigate the
current market and narrow down their choices."
Cars.com's Pickup Top Picks
In its inaugural Pickup Truck Buying Guide, Cars.com considered
more than 25 pickup trucks and evaluated each make and model on
features, performance and pricing to arrive at its 2023 list of Top
Picks:
- Budget-Friendly: 2024 Ford Maverick
- Family: 2023 Ram 1500
- Towing, Light Duty: 2024 Chevrolet Silverado 1500
- Towing, Heavy Duty: 2023 Ford Super Duty F-250/350
- Luxury: 2023 Ram 1500 Limited, Limited Longhorn
- Off-Road: 2023 Ford F-150 Raptor
- Urban: 2024 Hyundai Santa Cruz
Raking in the Cachet
According to a recent survey by Cars.com, truck owners get more
compliments about their truck than other vehicles they've owned,
and about 47% of consumers say pickup truck owners are more
attractive.1
"Pickups are a popular choice for many practical reasons, but
the cultural and social influence of pickup trucks in America
shouldn't be underestimated — there's a certain cachet that comes
with being a pickup truck owner," continued Bragman. "But trucks
come at a steep price. Shoppers can prepare financially and
consider all the options that fit their budget on Cars.com."
Luxury Pricing Meets Rugged Reputations
As the automotive market continues to fluctuate, a notable
disparity has emerged between the price of pickup trucks compared
to the average car. The average price tag on a new vehicle is over
$50,000, marking a nearly 4% increase
year over year in August. This amount is eclipsed by the average
price of new pickup trucks, which has soared to more than
$60,000 — a nearly 6% surge
YOY.2
This trend is also mirrored in the used-vehicle market, albeit
with a larger contrast: While the average price of used vehicles is
down almost 6% YOY, settling at over $30,000, used pickup trucks are seeing a
substantial hike in value. The price for used trucks is currently
averaging nearly $43,000,
representing a significant 9% upswing YOY.2
Is the Spark There Yet? The Current State of Electric Pickup
Trucks
As consumers become more interested in electric vehicles, pickup
trucks are also starting to get the electric treatment. Fully
electric trucks bring the benefits of not using fossil fuels, high
power output and the potential for strong off-roading capabilities,
but at the cost of limited towing range and payload capacity — key
selling points for truck owners.
That's not the only cost consumers have to face. The average
price in August for a new electric pickup was more than
$94,000.2 Consumers have
taken notice: Three in four pickup truck shoppers surveyed say they
are not likely to purchase an EV for their next truck purchase,
citing purchase price as their top concern (58%) followed by range
limitations (49%).3
For more information, read the 2023 Cars.com Pickup Truck Buying
Guide. For more reviews, car-buying advice and tips, visit
Cars.com/News.
Methodology
The Cars.com Pickup Truck Buying Guide evaluates a variety of
pickup trucks available on the market today, based on real-world
testing by Cars.com's team of editorial experts.
1 Cars.com consumer survey; Aug. 31-Sept. 1, 2023; 1,378 responses
2 Cars.com internal data; August
2023
3 Cars.com consumer survey; Aug.
18-Sept. 5, 2023; 1,934 responses
ABOUT CARS.COM INC.
Cars.com Inc. is a leading automotive marketplace platform that
provides a robust set of digital solutions that connect car
shoppers with sellers. Launched in 1998 with the flagship
marketplace Cars.com and headquartered in Chicago, the company empowers shoppers with
the data, resources and digital tools needed to make informed
buying decisions and seamlessly connect with automotive retailers.
In a rapidly changing market, Cars.com Inc. enables dealerships and
OEMs with innovative technical solutions and data-driven
intelligence to better reach and influence ready-to-buy shoppers,
increase inventory turn and gain market share.
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SOURCE Cars.com Inc.