About 70 percent of truck owners would switch brands if their preferred make increased prices by $10,000, according to the 2019 Truck Sentiment Survey conducted by CarGurus.
“With pickup truck prices on the rise, many owners are reconsidering their current brand, or in some cases whether they will repurchase a pickup at all,” said Madison Gross, director of consumer insights at CarGurus. “While truck owners still have strong brand and category loyalty, the challenge for car manufacturers and dealerships is that loyalty is increasingly less reliable as a driver of sales.”
Current truck owners would consider switching to other brands on the basis of price (54 percent) and gas mileage (47 percent).
The study also showed that approximately two out of 10 truck owners were unlikely to purchase another pickup, with 24 percent of Toyota owners saying they would not, the highest of surveyed brands.
It was also found out that 37 percent of previous pickup truck owners had switched to a SUV/crossover and 35 percent now own a sedan.
CarGurus surveyed 1,067 current and previous pickup truck owners in February.