As truck prices have skyrocketed, outpacing the broader auto market, buyer resistance is mounting. Bloated inventories, ever-climbing MSRPs, and high interest rates are just some of the challenges buyers face today. But truck deals are out there, if you’re a smart buyer. Here’s the latest truck market update, and our thoughts on where truck prices are headed in 2024.
Incoming: 144,000 New Trucks to Fill Dealer Lots
What do you do when truck sales slow? Make more of them, of course! At least that’s what Ford is doing. Reuters reports that Ford is shipping 144,000 F-150 and Ranger pickup trucks to North American dealers. This move is critical for Ford to meet its 2024 revenue goals and could significantly influence truck market dynamics. The company has also restarted shipments of the F-150 Lightning electric trucks, with some variants seeing price cuts of up to $5,500.
Ford vs. the Competition
Ford’s initiative to reduce its 2023 model inventory has paid off, with the market day supply for the Ford F-150 now down to 109 days, a decrease highlighted by CarEdge Insights. This reduction in inventory levels suggests dealers may be more open to negotiation, potentially benefiting buyers.
Among the big 3 in the market, the Chevrolet Silverado 1500 currently has the highest lot inventory this spring, with 113 days of supply and 101,000 new trucks for sale. Most of these are new 2024 models, so Chevy’s low APR offers must be moving the needle. In contrast, the Ram 1500 presents a lower supply with just 93 days of market supply, indicating a tighter availability which may affect pricing and bargaining power.
Looking elsewhere, the Nissan Titan seems to be seriously falling out of favor. With 265 days supply yet only 5,600 new Titans on dealer lots, who is buying these trucks right now? If you don’t mind a Nissan full-size truck, a new Titan is certainly the most negotiable new truck today. See truck market conditions in your neck of the woods with CarEdge Insights.
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Truck Prices Across America
Significant regional differences exist in pricing, with the average selling price for a new F-150 standing at $58,433 nationally. In Texas, the average price is slightly lower at $57,199, while in New York, it is higher at $59,707, demonstrating the influence of local market conditions on pricing strategies.
Here are the differences in truck selling prices in 5 markets where pickups are popular. These selling prices exclude taxes and fees.
| State | Ford F-150 | Ram 1500 | Chevy Silverado 1500 |
|---|---|---|---|
| Texas | $57,199 | $60,689 | $54,743 |
| California | $58,883 | $61,544 | $55,278 |
| Florida | $56,773 | $59,289 | $51,086 |
| Michigan | $58,658 | $58,304 | $53,183 |
| Arizona | $57,343 | $60,776 | $55,076 |
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Truck Price Forecast For 2024
With the arrival of 2024 models and the presence of numerous 2023 models still on dealer lots, it’s likely that truck prices will continue to decline in the coming months. It’s finally a buyers market, at least for educated truck shoppers.
We forecast new truck prices to fall another 3-5% this summer. For the F-150 in particular, average selling prices are likely to slide closer to $56,000 by July, down about $2,000 from where they stand today.
But the deals won’t fall into your hands. Expect better deals when you show the salesperson that you understand today’s truck market. Nevertheless, 2024 presents a valuable opportunity for buyers to leverage high inventory levels to negotiate better deals.
For those considering a truck purchase, staying informed about these trends is crucial. Using resources like CarEdge’s 100% FREE car buying cheat sheets and printable strategy card can significantly enhance your negotiating position and help you secure the best possible deal.
Keep an eye on CarEdge for continuous updates and expert advice to navigate the ever-changing truck market. We are here to help you make informed decisions so you can get the BEST deal on your next truck, no matter what you’re in the market for.
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