It wasn't that long ago when rising fuel prices caused many people to ditch their full-size V-8 pickup trucks in favor of more fuel-efficient subcompact cars. Then the recession hit and even more people moved away from big truck purchases.
Now it looks like all that is changing as the economy seems to be on an uptick and fuel prices continue to fall. Just about every full-size pickup maker has some kind of new product to show off in dealerships. In fact, according to The Detroit News, these events are having a huge impact on pickup and SUV sales, with both segments seemingly headed toward pre-recession heights.
With all four domestic pickup makers (Chevrolet, Ford, GMC and Ram) seeing double-digit improvement over 2012 numbers and fuel prices at a 12-month low, this is a good time to be a pickup truck dealership. Some experts are predicting that close to 16 million new vehicles are likely to be sold by the end of the year; that number includes close to 2 million pickup trucks. When the recession began, many criticized the big domestic automakers for their reliance on bigger vehicles with higher profit margins; it left them unable to respond to buyers looking for fuel-efficient, smaller vehicles.
Some experts are predicting that existing conditions — new products, lower fuel prices and people looking to upgrade their older vehicles — are likely to continue through 2013 and into 2014, the Detroit News reported.