Americans love buying cars. The number one hot seller in America’s automotive industry that is sold the most is a pickup truck! It has been around since the 1900s and serves all sorts of purposes. From easily carrying huge loads to offering a tough drive, trucks have been a popular choice. With every passing year, truck sales increase. Sadly, the prices of these pickup trucks has also gone up with their popularity. Fortunately, the tables and turning and this rapid increase has not just stopped, but instead, the opposite is happening. If pickup trucks are loves so much by Americans then why are the prices suddenly going down? Here are a few reasons that justify this change.
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Competition
Since pickup trucks have been a loved choice, a lot of car manufacturers have started coming out with better trucks than ever. They are all high quality vehicles with amazing features and what not. It has now come to a point that the releases of new trucks is more than the market demand. The consumers interest hasn’t increased as steeply as the truck manufacturing. Therefore, the inevitable is happening. To attract more sales, every truck manufacturing company is struggling to offer the best possible price. Amid this highly competitive situation, the prices of the vehicle have gone down noticeably. 2018 has been a profit shrinking year for the automotive industry. To cope with the damages and prevent further loss, companies are forced to slash prices unlike all the previous years when they enjoyed their boom.
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The sales in any industry are dependent on a fair few factors. When it comes to the purchase of vehicles, people aren’t interested in the car alone. It could be a mind blowing car with unique features but if it’s purchase process is difficult, the consumer would skip to another option. The same is happening in the case of pickup trucks. The love for the vehicle is still present but one huge change has occurred. Previously, loans for purchasing pickup trucks were easily approved. These loans came with low interest rates and the consumers were very happy about the entire situation. Recently, there has been a 3% increase in the interest rate. This has forced a lot of potential buyers to opt for another vehicle. Due to the increase in interest, pickup trucks have become a lesser convenient option. A major decrease can be noticed in the sales of pickup trucks in the past couple of years. According to a study, there were 17.55 million sales in 2016. However, this number went down to 17.1 million units in 2017. Prices are being decreased to attract the buyer once again. At the same time, it is a must step that had to be taken to cope with the overpopulation of pickup trucks in the market.
Deals and discounts
The market situation is forcing truck manufacturers to take steps that would once again up the hype of truck sales. Big truck companies that are considered as the lighthouses of the industry have introduced discounts. These include the Ford Ranger, Chevy Silverado, Ram 1500 , and many more trucks. With discounts of these famous models, other companies have also followed the track. Overall, you’ll find a lot of deals at local dealerships. The purchase of new 2019 model trucks will help the buyer save a couple of thousand dollars.
If you want to avail these deals too, you should look in your local newspaper or automotive magazine. You’ll find ads of local dealers who are offering discounts and offers on pickup trucks. Make the most of this time and take advantage of available discounts!