Trucks Are Getting Cheaper: Why Dealerships Are Slashing Prices
The pickup truck has been a familiar face for almost as long as the automotive industry has had a steady grip on American hearts and minds. First offered in the form of the Chevrolet Model 490 in 1918, the pickup truck became synonymous with hard work and rugged driving.
Pickup trucks became more popular among drivers as history progressed. Their reputations as safe, reliable vehicles that could carry any load and tackle any job only grew – and today, it’s a truck that’s America’s best-selling vehicle. Unfortunately, pickup trucks have climbed in both popularity and price.
Yet now, truck prices are starting to level out, making pickups more accessible than ever. Here’s why dealerships are lowering prices on today’s top trucks.
Truck Sales are Slowing
At the end of 2017, the American automotive industry reported sales of 17.1 million units – down from 17.55 million in 2016 and the first decline in sales since 2010, The Chicago Tribune1 reports. The recession of the late ’00s resulted in a boom in buying directly afterwards. Interest rates dropped and drivers scrambled to get their hands on brand-new pickup trucks.
But interest rates gradually began to increase once again. Today, with interest rates averaging above 3% according to NerdWallet2, people aren’t buying new trucks. And the resulting lack of sales has left the market overpopulated with trucks.
Pickups are also notoriously reliable. Large chassis and heavy bodies mean a lot of aluminum and steel goes into every truck, and in keeping with their original role as utility vehicles, a well-maintained pickup can run for decades. This means that most Americans have no need to replace their truck after only a few years.
The combination of slowing sales and rising interest rates isn’t stopping automakers, though. Manufacturers are pushing forward with their full lineups in spite of these declining sales – in fact, fears of a further decline are making their new trucks more grandiose than ever.
Auto Companies Are at War for Your Money
The automotive industry is fiercely competitive by nature – one only needs to consider the constant one-upping displayed in new truck commercials and advertisements. Years like 2018, when industry profits are expected to decline and automotive companies will be taking hits across the board, are more competitive than ever.
Every new automotive season sees advancements in the same areas, the direct result of automakers competing for sales. For example, the safety bracket has recently been dominated by features that automatically apply brakes before a crash can occur, with all automakers fighting to win drivers over by including the latest technology. In the same way, dealerships are fighting for your attention by offering similar and competitive deals across the country to try and spur truck purchases.
The trick is finding those discounts that truly stand out from the pack.
Top Trucks are Seeing Big Discounts
The upcoming year’s lineup is expansive and drew a lot of attention at the 2018 Detroit Auto Show. Trucks like the Chevy Silverado, the Ram 1500, and the Ford Ranger are making big waves that translate directly into savings for the consumer. Some of these deals even come straight from the manufacturers even while dealerships and private sellers offer incentives of their own.
As the 2019 model year approaches, GMC trucks are seeing great incentives. GMC3 is reducing prices on exciting models from 2018, like the Sierra 1500 – which is available for over $5,000 off MSRP and purchase allowances between $1,200 and $6,000. You can even score special add-on packages at a discount on certain trim levels of the GMC Sierra.
Ram trucks are also seeing an average discount of thousands of dollars right now. Visit Ram Trucks4 to get up to 20% off the MSRP of trucks like the Ram 1500 and Ram 2500. Cash allowances of $2,500 are also available at some local dealerships.
Remember, deals come from so many places that it can be hard to find the best ones in your area.
How to Find These Deals
You can find truck deals in a variety of locations, and you can really benefit from searching for the lowest price. Don’t just fall for the first offer or price you see – often, the greatest incentives can take time to find. Newspapers often feature advertisements from local dealerships that can outstrip those offered by official manufacturers. Monthly automotive magazines can also be a great place to find early information on rebates and new incentives by dealers.
And don’t forget to search online. The internet is a great resource for up-to-date information. Savvy consumers can get an insider’s advantage by researching online and comparing frequently rising and falling prices.
One of the most important things to remember about finding deals on trucks is that the available offers always changing. Make sure to check regularly for updates in your area, especially if you’re actively shopping for the best price.
Interested in the latest truck offers? Start a search today.