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Full-Size Pickup Trucks Receive Higher Pricetags as More Luxury Features Are Introduced to the Segment

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The average price for a new full-size truck currently sits at $48,377, 48 percent higher than the asking price a decade ago

2016 GMC Sierra Denali Ultimate

Luxury truck models like the GMC Sierra Denali are more popular than ever

Pickup trucks are currently some of the most popular vehicles out on the market. However, they are also some of the most expensive vehicles available as well.

New reports suggest that the price of pickup trucks is only growing higher as new luxury features are introduced to the segment.

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Data from Edmunds shows that the average transaction price for a full-size pickup truck was right around $48,377 in September. That average represents a 48 percent price increase from just 10 years ago. Additionally, pickup truck prices are 19 percent higher than they were five years ago.

“A 48-percent increase in price is the highest price increase for that time period out of all vehicle categories,” said Ivan Drury, senior analyst at Edmunds. “Even at $45,000, it prices a lot of people out.”

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Although the average price for these trucks is $48,377, the pricetag can often be much higher. In fact, many full-size pickup options end up costing customers more than $100,000.

As truck prices climb higher, so too does the average median household income of truck buyers. In September, the average new truck buyer made $100,305 a year. In 2009, the household income of truck buyers was somewhere around $76,660 a year.

Indeed, a larger portion of truck buyers are using their vehicles as family haulers, rather than work vehicles. Only a reported 25 percent of full-size truck buyers end up using their vehicle for work.

Advanced new features being added to trucks are increasing their pricetags

This new class of pickup truck purchasers is looking for more luxury features in their vehicles. Those luxury features come at a cost, causing the asking prices for these pickups to rise.

Traditionally, trucks were viewed as vehicles used for business ventures or heavy-duty hauling. As consumers’ views of pickup trucks change, this new wave of luxury full-size truck is likely here to stay, as are the new transaction prices for those trucks.

News Source: The Detroit Free Press