If you’ve been looking for a new pickup truck recently, you may be slightly (or even more than slightly) horrified at the prices. Both new and used truck prices are up – way up. That’s because there’s still a microchip shortage going on, and in conjunction with supply chain problems, people are either willing to or forced to pay what dealers are asking for cars, SUVs, and trucks. Just how much more? This is how much over MSRP people are paying for trucks.
Truck prices for the 2021 Chevy Silverado and 2021 Toyota Tacoma are way up
Truck prices are up on nearly every manufacturer. People are paying more than MSRP on average for the 2021 Chevy Silverado right now, though you may still be able to save some cash on the 2021 Ford F-150. The average MSRP for a 2021 Chevy Silverado 1500 RST Crew Cab Short Bed 4WD is $48,895. Yet the market price – what people are actually paying for the 2021 Chevrolet Silverado 1500 – is $49,661.
On the other hand, the 2021 Ford F-150 XLT SuperCrew 5.5′ Box 4WD is going for $44,913. That’s $937 under the MSRP of $45,850.
You’ll also likely pay more for the 2021 Toyota Tacoma. Its MSRP is $38,745. Yet the average market price for the 2021 Tacoma is $40,142.
Why are trucks so expensive right now?
There’s been a shortage of microchips for months. this means that car manufacturers can’t fully produce the vehicles, including trucks, in their lineups, and there are less available. People are willing to pay more because of the scarcity. Brian Moody, executive editor for Autotrader, says, “Many car shoppers are in for a surprise right now – if they can find the model they are looking for at the dealership, they may have to pay more for it than expected.”
The shortage of new vehicles available is making the cost of used pickup trucks increase as well. Those who can’t find the new truck they want are turning to used trucks, which is reducing the supply of those. this means there are fewer used trucks, and as with the new ones, people will pay if they need a truck.
Should you buy a new truck in 2021?
If you don’t have to buy a new pickup truck right now, it might be a good idea to wait. The problem with waiting is, no one knows how long this supply and demand problem will last. If you really need a new vehicle right now, you may be in a tough spot and forced to pay more than usual for it.
If you don’t need a pickup truck, Moody from Autotrader says you may want to look for another type of vehicle. “In these unusual times, Autotrader’s consistent advice for deal-hunting car shoppers is to look for a sedan, hatchback or wagon. On the flip side, SUVs, trucks and even minivans are very popular right now, and they are in low supply. Chances are high that shoppers will have to pay more for the exact vehicle they want.”
The microchip shortage will end at some point, but will the price of trucks and other vehicles ever return to normal? It’s hard to know. If people get used to paying so much for trucks, cars, and SUVs, it’s possible that car manufacturers won’t see any reason to lower their prices, and dealers won’t have much incentive to, either. We’ll have to wait and see what happens in the coming months.