From CNBC:
“During the second quarter, more than 1 in 4 vehicle shoppers in Texas and Wyoming committed to paying more than $1,000 a month, which experts say is due to the high volume of large truck purchases in those states, according to Edmunds. More than 1 in 5 shoppers in seven other states — Colorado, Kansas, Louisiana, Montana, Nebraska, North Dakota and Utah — are also forking over more than $1,000 for their vehicles each month, Edmunds found…. Trucks have evolved from utilitarian vehicles to highly aspirational ones that consumers are willing to spend a lot of money on — and automakers are noticing, added Waatti. A decade ago, top prices for trucks could go as high as $60,000. Nowadays, midsize trucks are soaring past that, and full-size pickups are topping out close to $100,000, he said.”
If It’s So Expensive, Why Get One?
Todays pickups are extremely well branded, they advertise an idea of being a powerful vehicle that can fit your daily needs, while doing everything your smaller car could never do. And most of the time, they come through on these promises. They carry more weight, they’re fun to drive, and they have the necessary safety features in an accident.
But just as importantly, trucks in the United States especially are a status symbol. They are a way to show personality, to show that you’re a hard working person who needs that truck for whatever reasons your friends or neighbors will think you’re using that truck for. And with their costs going higher and higher, they can be a symbol of financial wellbeing too.
Whether its “worth it” to own a truck for the higher costs and purchase and fuel is entirely subjective. But they have a target audience, and clearly that audience is alright with these higher prices for the product they are receiving.
