How Are Inflated Gas Prices Affecting the Truck Market in the US

As gas prices rise by some of the highest numbers in many years, you might think that truck and larger SUV markets would be affected. For example, the large SUV market was significantly affected back between 2008 and 2012 when prices started to rise. However, automotive marketing research firm Auto Pacific has found that the rising fuel costs are unlikely to impact truck buyers.

The Impact of Fuel Prices

Auto Pacific has been studying the impact of fuel price levels on the behavior of automotive buyers since 2005. In January 2022, about 65% of respondents to a study said they expected fuel prices to go even higher in the near future. However, less than half of these respondents 23% said it would impact their next vehicle purchase. In August 2020, when commuting was slower than ever thanks to the pandemic, only 15% of respondents indicated that rising fuel prices would impact their next vehicle purchase. This amount was way down from the 33% high in 2012.

What’s the reason for the different opinions on fuel prices these days? The main reason is that improved technology has allowed the fuel economy of every type of vehicle to be better than it was back in 2008 and 2012. This makes consumers feel more confident that they can afford the fuel economy in certain vehicles, which includes large trucks.

Light Trucks Remain Popular

Light trucks for sale are still getting most of the market share with 77% of sales. In 2012, fuel prices were at the highest average of the past decade. The average price across the country for regular unleaded gas was $3.87. At that point, the market reported a mix of cars and light trucks purchased at a rate of about fifty-fifty. Flash forward to today where the average price per gallon of gas according to AAA is $4.09 and light trucks for sale are outpacing passenger cars by over 25%. The most popular vehicles on the American market are Ram, Ford, and Chevrolet pickups as well as Toyota and Honda SUVs.

Part of the reason for the downward trend of sedans despite rising fuel costs is that consumers now have a large stable of fuel-efficient crossovers to choose from. Buyers who aren’t buying trucks for sale are more likely to buy a crossover instead of a sedan.

SUVs Are Here To Stay

Even if trucks for sale dominate the market, there’s no doubt that SUVs are here to stay. The improvement in fuel efficiency has created a market flooded with a myriad of crossovers that put up strong fuel economy numbers. Back when SUV sales slumped in the face of high gas prices, this simply wasn’t the case. Now, buyers don’t have to make as big of a sacrifice in fuel economy to buy a light truck or SUV.

Customers are now saying that it would take a 5 MPG improvement to make them choose one vehicle over the other. It’s probably safe to say that SUVs and trucks for sale aren’t going away any time soon.