Average Full-Size Pickup Truck Prices Continue Climb to $50k – Kelley Blue Book 2016 Data

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This post originally ran on PickupTruckTalk.com.

If there is one consistent complaint from consumers on full-size trucks is how much more expensive they have become. Kelley Blue Book just released their monthly average transaction prices and consumers looking for cheaper trucks aren’t going to be happy. If the trend on truck prices continue, we could crest over an average of $50k within the next decade.

Average Full-Size Pickup Truck Prices Continue Climb to $50k - Kelley Blue Book 2016 Data

Without a doubt the last decade has seen a complete redefinition of full-size and mid-size trucks. It really wasn’t all that long ago only farmers, ranchers and forestry workers were the main buyers. These trucks were workhorses meant to haul, tow and get dented up. Those trucks still exist, however, the new-age trucks are night and day better. They ride nicely, are quieter, haul and tow more, are more powerful, have more interior room, etc… Simply put, they aren’t really what an old-timer would think of as a “truck.”

These changes in trucks have also led to the explosion of luxury trucks. The fact is if you are going to daily drive a vehicle, you want some luxury features and trucks are no exception. Luxury trucks fit the bill. They also help drive up average truck prices.

Speaking of average transaction price, the analysts over at Kelley Blue Book released detailed information on each automotive segment and manufacturer. Here is the first chart showing the average transaction price for full-size and mid-size trucks.

SegmentNovember
2016
Transaction
Price
(Avg.)*
October
2016
Transaction
Price
(Avg.)*
November
2015
Transaction
Price
(Avg.)*
percent
Change
October
2016 to
November
2016*
Percent
Change
November
2015 to
November
2016*
Full-size Pickup Truck$46,473$46,576$45,985-0.2%1.1%
Mid-size Pickup Truck
$32,169$32,857$31,514-2.1%2.1%
*Kelley Blue Book average transaction prices do not include applied consumer incentives

Two things to take into consideration on this chart. First, the footnote is a big deal since one could theorize the majority of truck sales are done with some sort of incentive. Second, sure we are a long-way from $50k, however, a continued growth, no matter how slight, and we could end up there before you know it.

Next, let’s look at the average price for each manufacturer.


Manufacturer

November
2016
Transaction
Price
(Avg.)*
October
2016
Transaction
Price
(Avg.)*
November
2015
Transaction
Price
(Avg.)*
Percent
Change
October
2016 to
November
2016*
Percent
Change
November
2015 to
November
2016*
American Honda (Acura, Honda)
$27,426$27,545$27,448-0.4%-0.1%
Fiat Chrysler (Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, RAM)
$36,244
$36,420
$34,614
-0.5%
4.7%
Ford Motor Company (Ford, Lincoln)
$38,488
$38,953
$37,573
-1.2%
2.4%
General Motors (Buick, Cadillac, Chevrolet, GMC)
$39,826
$39,827
$38,857
0.0%
2.5%
Hyundai-Kia
$24,493
$24,570
$24,915
-0.3%
-1.7%
Nissan North America (Nissan, Infiniti)
$28,796
$29,625
$27,847
-2.8%
3.4%
Subaru
$28,481
$28,761
$27,904
-1.0%
2.1%
Toyota Motor Company (Lexus, Scion, Toyota)
$31,887
$31,673
$31,423
0.7%
1.5%
Volkswagen Group (Audi, Volkswagen, Porsche)
$39,985
$39,631
$40,066
0.9%
-0.2%
Industry
$34,948
$34,999
$34,367
-0.1%
1.7%
*Kelley Blue Book average transaction prices do not include applied consumer incentives

What’s fascinating on this chart, in my view, is the difference between companies that focus on trucks and those don’t. For example, Hyundai-Kia don’t offer a truck and their transaction price is nearly $14k less than Ford. Ford, General Motors, Fiat are big players in the truck segment and their average transaction prices reflects that. Toyota and Honda don’t really rely on them, but they do sell quite a few of them and their sales average reflects that. Finally, Nissan has seen a jump year over year and this is very likely due to the Titan coming out. With the Cummins engine in a Platinum Reserve XD, the trucks is well over $50k.

Kelley Blue Book’s analysts are seeing the same thing.

“Climbing transaction prices reflect the shift in consumer preference from cars to more expensive trucks and SUVs,” said Tim Fleming, analyst for Kelley Blue Book. “Manufacturers with strong truck and SUV lineups are currently seeing record pricing, especially in these late fall months when these segments are especially popular. However, the subcompact utility segment, which is the fastest-growing segment in the industry this year, is showing signs of slowing, with prices falling by 1 percent, thanks to higher discounts used to sell down excess inventory.”

In the end, there are still cheap pickups out there, but, as consumers continue to push the prices higher through buying the more expensive models (supply and demand), those cheap trucks will likely get harder and harder to find.

Filed Under: Auto News

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  1. Don says:

    There is no question that all the packages have gone up and people seem to like leather etc for trucks but….lets be honest one does not have to order all the crap just to get the job done.

    One can pay a very good price for a tradesman 6.7 cummins or 6.4hemi or low end powerstroke. I know many truck owners who will not pay 70k for a truck and I know some who will always order a truck with everything. Personally I have a hard time being retired and paying 65k for a truck to tow my 5th wheel and it doesnt make me money but cost me money. I am not looking forward to looking for a HD Truck next year when my Tundra is retired. Damn Tundra still pulls my Grand Design without issue.

  2. GoBig says:

    As if we don’t know the profit margin in trucks. I guess that’s how manufactures maintain the bottom line while realizing marginal profits on some lines. Stick to the truck crowd.

  3. mendonsy says:

    I think that a significant piece of that price inflation is because the manufacturers have all adopted what I call “creative bundling”. To get one option that you want, you have to purchase a “package” that includes a whole lot of stuff that you don’t want. This jacks the price up by loading the trucks with stuff that nobody really wants.

  4. Larry says:

    With all the stuff being jammed into todays, truck, it’s no wonder the price is climbing. Just what is being required by the Feds is costing us thousands. For a while now I have been reading about the collaboration of Ford and GM on a new 10 speed auto trans for their truck lines. The RAM has been installing the ZF designs 8 speed transmissions for a while now. Toyota must have this type of development underway. While I won’t be in the market to replace my Ram Cummins truck. I am considering a 4Runner in the next year. Has anyone read anything regarding Toyota transmission development.

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