Truck owner loyalty is legendary. Buyers typically pick one brand and stick with that brand for as long as they buy trucks. Indeed my own father has owned only one brand of pickup, the Ford F-series, since before I arrived on earth. In 2018, Ford moved more than 900,000 copies of its F-series pickups out of a total segment of 2,944,395.
But have rising prices started to crack that loyalty? CarGurus did a survey and found that 70% of truck owners would switch brands if their truck raised prices by $10,000, that is up from 64% last year. While $10,000 seems like a big jump, even an increase of $5,000 would cause 42% of owners to ditch their current brand.
Of those considering switching brands, 54% responded that it was due to price, and 47% cited fuel economy as a concern.
More concerning for manufacturers is that 17% of current truck owners say they are unlikely to buy another truck, with Toyota and Ford truck owners being 43% of that total.
We may see some strong incentive competition in the market soon if these trends continue.