Gas prices are down and pickup sales are up
Posted on Tuesday, August 11, 2015 at 9:59:07 AM
If a consumer secured auto financing this summer, there's a good chance it went toward a pickup truck.
With gas prices, as well as interest rates, low, demand for pickup trucks surged in July, one reason why auto sales for the month blew away expectations. The Dodge Ram sold at a pace not seen in 10 years, America's longtime best-selling vehicle, the Ford F-150, saw sales jump 13 percent and GM managed to move 86,000 pickups through July, according to Business Insider.
Prices are increasing with pickups in such high demand. The average pickup in the U.S. sold for $45,700 in July, a 4.8 percent year-over-year increase, the Detroit Free Press reported.
"That segment of vehicles continues to be smoking hot," Mark LaNeve, Ford's vice president of sales and marketing, told the news outlet.
These vehicles have been in high demand long before this summer's surge, though. Through the first half of the year, two of the top 10 best-selling models were pickups - the Ford F-Series and the Dodge Ram (1500 through 3500), according to the Detroit Free Press.
Recent low gas prices have prompted tenacious demand for SUVs, crossovers and pickups. While full-size SUVs aren't seeing exceptional sales, large and midsize pickups and crossovers were behind the latest strong month for the resurgent U.S. auto market.