It doesn’t take an automotive analyst to figure out truck prices keep rising, but the analysts have confirmed. In fact, average transaction price for pickup trucks is up a staggering 61 percent in just 10 years.
According to The Wall Street Journal JD Power data says the average truck buyer is paying $44,000. To put that into perspective, the average vehicle price for the whole industry is $32,500. The overall number has only increased 28 percent since 2009; a much more logical increase versus the 61 percent increase on the truck side.
Ten years ago many half-ton trucks topped-out at $50,000, but today it doesn’t take long to find a half-ton that will set you back nearly $75,000. Trucks such as the Ram Limited, F-150 Limited and Sierra Denali all crest over $70,000 when fully loaded.
Of course, the main benefactors of this ever-increasing truck price are the Detroit Big Three. Ford, Fiat Chrysler and GM are all using their truck profits to offset losses from passenger cars. The three automakers jointly produce 90 percent of full-size trucks sold in the United States.
The big question going forward is when full-size trucks will hit their price ceiling. Is the maximum amount people are willing to pay $75,000, $80,000 or even more?