Truck prices are finally showing signs of easing after years of record highs, thanks to improved inventory and slowing demand. While they’re not back to pre-pandemic levels yet, buyers now have more negotiating power and better deals than in recent years.
If you’ve been eyeing a new truck but held off because of sky-high prices, you’re not alone. For the past few years, pickup trucks—especially full-size models like the Ford F-150, Chevrolet Silverado, and Ram 1500—have been some of the most expensive vehicles on the market. But now, there’s a glimmer of hope: truck prices are finally starting to come down.
This shift didn’t happen overnight. It’s the result of a perfect storm of factors—improved supply chains, increased production, and a cooling in consumer demand after the pandemic buying frenzy. While trucks are still pricier than they were in 2019, the trend is moving in the right direction for buyers. Whether you’re looking for a workhorse for hauling or a comfortable daily driver with off-road capability, now might be a better time than the last two years to make your move.
Key Takeaways
- Truck prices are gradually declining: After peaking in 2022, average new truck prices have dropped slightly due to increased supply and cooling demand.
- Inventory levels are improving: Dealerships now have more trucks on lots, reducing the scarcity that drove up prices during the pandemic.
- Used truck values are softening: High-mileage and older models are seeing the biggest price drops, making them more affordable for budget-conscious buyers.
- Interest rates still impact affordability: Even with lower sticker prices, higher financing costs can offset savings for many buyers.
- Electric trucks remain premium-priced: While gas-powered trucks are getting cheaper, EVs like the Ford F-150 Lightning and Rivian R1T still command a significant price premium.
- Timing matters: End-of-year sales and model-year clearance events offer the best opportunities to snag a deal.
- Negotiation is back: With more inventory, dealers are more willing to negotiate—something that was nearly impossible just two years ago.
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Why Truck Prices Are Finally Dropping
After hitting record highs in 2021 and 2022, truck prices are beginning to stabilize and even decline in some segments. The main reason? Supply and demand are finally rebalancing.
Improved Inventory Levels
During the height of the pandemic, semiconductor shortages and factory shutdowns caused massive delays in truck production. Dealerships had little to no inventory, and when trucks did arrive, they were snatched up instantly—often with markups well above MSRP.
But in 2023 and into 2024, automakers have largely recovered. Ford, GM, and Ram have ramped up production, and dealerships are seeing healthier stock levels. According to Cox Automotive, new truck inventory reached its highest level in over two years by mid-2024. More trucks on lots mean dealers are less likely to charge over MSRP and more open to discounts.
Cooling Consumer Demand
Another key factor is that demand, while still strong, has cooled from its pandemic peak. Many buyers who needed trucks for work or lifestyle reasons already made their purchases in 2021 and 2022. With fewer urgent buyers in the market, dealers are competing more aggressively for sales.
Additionally, rising interest rates have made financing more expensive, which has dampened enthusiasm for big-ticket purchases. While trucks remain popular, the urgency to buy immediately has faded, giving consumers more leverage.
New vs. Used Truck Prices: What’s Changing
Visual guide about Are Truck Prices Coming Down
Image source: img.semafor.com
The price drop isn’t uniform across all truck categories. New and used trucks are experiencing different trends, and understanding these can help you make a smarter purchase.
New Truck Prices Are Stabilizing
New truck prices haven’t plummeted, but they’re no longer climbing at the rapid pace seen in previous years. The average transaction price for a new full-size pickup in early 2024 was around $62,000—down slightly from the $65,000 peak in late 2022, according to Kelley Blue Book.
Trims and options still play a big role. A base-model Ford F-150 XL might start around $40,000, while a fully loaded Ram 1500 Limited can exceed $80,000. But even high-end models are seeing smaller markups and more incentives. Some manufacturers are offering cash rebates, low APR financing, or lease deals to move inventory.
Used Truck Values Are Falling Faster
If you’re open to a pre-owned truck, you’re in luck. Used truck prices have dropped more significantly than new ones. High-mileage models (over 60,000 miles) and older model years (2019–2021) are seeing the biggest declines.
For example, a 2020 Ford F-150 with 70,000 miles that sold for $42,000 in 2022 might now go for $34,000—a drop of nearly 20%. This is great news for buyers who don’t need the latest tech or warranty coverage. Just be sure to get a vehicle history report and consider a pre-purchase inspection to avoid hidden issues.
The Role of Electric Trucks in the Market
Electric trucks are changing the landscape, but they’re not yet driving down overall prices. In fact, they’re still among the most expensive options available.
EV Trucks Command Premium Prices
Models like the Ford F-150 Lightning, Rivian R1T, and GMC Hummer EV start well above $70,000—and can exceed $100,000 with options. While federal and state incentives can help offset the cost, they’re still out of reach for many buyers.
However, as battery costs decrease and production scales up, prices are expected to come down in the next few years. Tesla’s upcoming Cybertruck, for instance, is rumored to start around $60,000, which could pressure competitors to lower prices.
Are EVs Worth the Premium?
For some buyers, the long-term savings on fuel and maintenance make electric trucks a smart investment. But if you’re primarily concerned about upfront cost, a gas-powered truck—especially a used one—is still the more affordable choice.
How Interest Rates Affect Affordability
Even with lower sticker prices, the total cost of owning a truck depends heavily on financing. And right now, interest rates are a major factor.
Rising Rates Offset Price Drops
The Federal Reserve’s rate hikes have pushed auto loan rates to their highest levels in over a decade. As of mid-2024, the average rate for a new car loan is around 7.5%, and used car loans are even higher.
For example, a $50,000 truck financed at 7.5% over 60 months will cost about $998 per month. Just two years ago, the same loan at 4% would have been $920—a difference of $78 per month, or over $4,600 over the life of the loan.
Tips to Improve Financing Terms
To offset high rates, consider:
– Making a larger down payment (aim for 20% or more)
– Choosing a shorter loan term (36 or 48 months)
– Shopping around for the best rate (credit unions often offer lower rates than banks)
– Waiting for promotional financing offers (0% APR deals are rare but do happen)
Best Times to Buy a Truck in 2024
Timing your purchase can make a big difference in what you pay. Here are the best opportunities to save.
End-of-Year Clearance Events
Dealerships often offer significant discounts in November and December to clear out current model-year inventory before the new year. You might find cash rebates, dealer incentives, or special financing deals during this time.
New Model Year Arrivals
When the 2025 models arrive in late summer or early fall, dealers are eager to move 2024 models. This is a great time to negotiate, especially on popular trims that have been sitting on the lot.
Holiday Sales Promotions
Look for promotions around major holidays like Memorial Day, Fourth of July, and Labor Day. Manufacturers often run national ad campaigns with special offers during these periods.
Should You Buy Now or Wait?
With prices trending downward, is now the right time to buy? The answer depends on your needs and budget.
Buy Now If:
– You need a truck for work or lifestyle reasons
– You find a good deal with low mileage or strong incentives
– You can secure a favorable financing rate
Wait If:
– You’re not in a rush and can afford to be patient
– You’re hoping for deeper discounts on electric models
– Interest rates drop significantly (though this is uncertain)
For most buyers, the current market offers the best balance of availability and affordability in years. While prices may dip slightly more in the future, waiting too long could mean missing out on good deals—especially if demand picks up again.
Final Thoughts: The Truck Market Is Shifting
The era of paying $10,000 over MSRP for a truck is over—at least for now. While truck prices aren’t back to 2019 levels, the combination of improved inventory, slowing demand, and increased competition means buyers have more options and negotiating power than they’ve had in years.
Whether you’re shopping for a new work truck, a family-friendly SUV-like pickup, or a rugged off-road machine, now is a smarter time to buy than 2021 or 2022. Just be sure to do your research, compare prices, and take advantage of incentives when you find them.
And remember: even with lower prices, a truck is still a major investment. Consider your long-term needs, fuel costs, insurance, and maintenance before making a decision. But if you’ve been waiting for the right moment to upgrade, that moment may have finally arrived.
Frequently Asked Questions
Are truck prices going down in 2024?
Yes, truck prices are gradually coming down in 2024 due to improved inventory and cooling demand. While they’re still higher than pre-pandemic levels, buyers are seeing more discounts and negotiating opportunities.
Why are truck prices dropping now?
Prices are dropping because supply chains have recovered, production has increased, and consumer demand has slowed after the pandemic buying surge. More trucks on dealer lots mean less competition among buyers.
Are used truck prices falling too?
Yes, used truck prices are falling faster than new ones, especially for high-mileage and older models. This makes pre-owned trucks a great value for budget-conscious buyers.
Will electric truck prices come down soon?
Electric truck prices are expected to decrease over the next few years as battery costs drop and production scales up, but they remain premium-priced for now.
Is it better to buy a truck now or wait?
If you need a truck now, it’s a good time to buy—especially with better inventory and more deals. If you can wait, you might see slightly lower prices, but there’s no guarantee of a major drop.
How can I get the best deal on a truck?
Shop during end-of-year clearance events, compare prices at multiple dealerships, negotiate based on invoice pricing, and take advantage of manufacturer rebates or low APR financing offers.