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Despite rising price tags, large trucks on pace to become second-best selling vehicle segment of 2017
SANTA MONICA, Calif. — October 12, 2017 — Large trucks are becoming just as common in the school drop-off line as they are at the jobsite, according to new data from Edmunds, the leading car shopping and information platform. Full-size trucks are on pace to become the second-best selling vehicle segment in the U.S. in 2017 and achieve the segment’s highest market share since 2007.
Edmunds analysts say this increase in popularity is due in part to the fact that it’s now easier to use a truck as a daily driver. So far in 2017, crew cabs (trucks that offer four full-size doors and a full back seat), now comprise 74.4 percent of all retail truck registrations, up from 63.7 percent five years ago.
“Shoppers used to just see trucks as a either a work vehicle or a second vehicle used primarily for towing and chores,” said Ivan Drury, Edmunds senior manager of industry analysis. “But trucks now have many of the same creature comforts as SUVs, but with added utility. For a growing family looking for a single vehicle that can serve all of their needs, a full-size truck has now become an attractive choice.”
However, the all-in-one amenities of a full-size truck don’t come cheap; so far in 2017 the average transaction price of a full-size truck is $47,250, up 24.5 percent from just five years ago. To help ease the strain on their wallets, truck buyers are now turning to a familiar solution for shoppers who want more car for their money - leasing. While still far below the industry average, the lease penetration rate for full-size trucks is 16.7 percent so far in 2017 - nearly three times the rate it was just five years ago (5.6 percent).
“While it remains to be seen how much demand there will be for a truck that pushes six figures, there’s no question truck buyers are ready and willing to spend more to get what they want. And for automakers who have strong truck offerings in their portfolios, this shift in consumer preference is a great opportunity, since truck buyers are the most loyal in the industry,” Drury said. “More than 55 percent of large truck buyers trade their vehicle in for another vehicle from the same brand, which is more than 17 percentage points higher than industry average.”
Edmunds can shopping experts say October is one of the best times of year to find a bargain on a new truck, as many automakers offer special deals on outgoing 2017 models as part of larger “truck month” promotions. Chevrolet, GMC, Nissan and RAM are all advertising zero-percent financing offers on select models, along with varying amounts of bonus cash.
More insight into recent auto industry trends can be found in the Edmunds Industry Center at http://www.edmunds.com/industry-center/.
Edmunds is the leading car information and shopping platform, helping millions of visitors each month find their perfect car. With products such as Edmunds Your Price, Your Lease and Used+, shoppers can buy smarter with instant, upfront prices for cars and trucks currently for sale at more than 13,000 dealer franchises across the U.S. Edmunds’ in-house team of unbiased car-shopping experts provide industry-leading vehicle reviews and shopping tips, as well as welcome all car-shopping questions to the free Shopper Advice line at 1-855-782-4711, via email at email@example.com, via text at ED411 and on Twitter and Facebook. The company is regarded as one of America's best workplaces by Fortune and Great Place to Work. Edmunds is based in Santa Monica, California, and has a satellite office in downtown Detroit, Michigan.
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