You’re paying considerably more all of the time – the vehicle is 2-3 times more expensive to buy, fuel costs are similar, every component will cost more to repair, and, yes, most buyers will have to worry about finding a parking spot on a regular basis. Insurance and, often, registration will cost more, too.
Now, if you’re in the 20% of truck buyers who really need them those are necessary costs but most people are buying them as a lifestyle accessory.
There’s also a fairly large group of people who live in urban settings who think they need all of that but are paying more than the cost of renting on the few times they actually do. Those people have been very good to the manufacturers’ profit margins but unfortunately all of the extra pollution and lowered safety affects their neighbors as well.
That's the key people are missing, it's classic upselling. You're not comparing "nothing" to "truck" you're comparing "ok I get this vehicle that does X" to "or I get this other one that does X+Y".
This is the real reason the SUV has eaten everything, because the so-called "crossover SUVs" and other small ones are just fancy hatchbacks, and a car with a square butt will always be more useful than a similar sized car with a trunk.
The question was a large truck, but there’s also a complication here which might be fading with high interest rates: low rates, pandemic shortages, and improved wages meant a lot of buyers went upscale and that pushed the average truck sale price north of $60k, with a lot of luxury models in the $80k range. That’s what I had in mind for my comment.
Now, if you’re in the 20% of truck buyers who really need them those are necessary costs but most people are buying them as a lifestyle accessory.
There’s also a fairly large group of people who live in urban settings who think they need all of that but are paying more than the cost of renting on the few times they actually do. Those people have been very good to the manufacturers’ profit margins but unfortunately all of the extra pollution and lowered safety affects their neighbors as well.