Google says the average cost of a brand-new, full-sized truck in 2013 was roughly $31,000. Higher-end trim levels and other options would change that. In 2024, however, the average cost of a pickup truck rose to $60,000. That’s a 6% increase from 2023. Purchasing a new truck is now a very expensive venture.
It’s a topic that Adam, the host of Hometown Acres, discussed on his YouTube channel (@HometownAcres) with Jake from Dude Ranch recently discussed. On his 44-acre Connecticut property, he puts his Ford F-150 to work towing, hauling, and transporting goods.
He pushes his truck close to its limits and decided to upgrade to an F-250. He found the high costs and complex process shocking.
“I almost went and bought a new truck yesterday, and the deal ended up falling through because the dealership was doing some shady stuff,” said Adam. “The pricing of these trucks today has gotten out of hand.”
Adam was lured in by a classic dealership tactic
He tells his viewers the story of how he drove two hours to check out a new Ford F-250 Super Lariat with a Godzilla gas engine listed for $56,500. It only had 40,000 miles, and while it was a little above his budget, he couldn’t help but fall in love with it after a test drive.
“I thought to myself, ‘I’m going to buy this truck,’” Adam said. “Then we sit down and get ready to sign the paperwork, and I see that the final number at the top of the contract was $59,500. And I said, ‘I think you made a mistake, the online listing said $56,500.’ And she said, ‘Oh, that’s our cash out-the-door price. If you finance it we add $3,000. It’s in the fine print on every page on our website.’”
After driving two hours to see it and falling in love, he felt tempted to just roll over and take it. But he remained firm and walked away from the deal.
“I was furious. Like, you tricked me, I got here thinking I could negotiate it, so I dug my heels in and wouldn’t move off of my number,” he continued. “It wasn’t even about the money, it’s the principle – they tricked you and they know they’re tricking you.”
There’s an issue with used trucks, too
Used heavier-duty trucks are causing problems for the middle class too, he said. After not being able to find a new truck in his price range of $45,000 to $55,000, he started looking at used trucks. However, he wasn’t finding the deals he expected.
“I started looking at used trucks, from like 2011 with a lot more miles on them, and even then they were close to $30,000,” he said. Jake chimed in to say buying an older truck is only a good deal if the price is right. Which in many cases, they aren’t.
“If you’re getting an older truck, you’re going to have to do a lot more maintenance on it, too,” said Jake.
Both decided to hold off buying a new truck
Adam noted that his F-150 pulls more than it was designed for, but he realized a new truck would cost as much as adding a storage building to his property.
“I could spend $65,000 to $75,000 on a new truck, or I could put the same money into building a storage shed with lights, insulation, and all that,” he said. “It’s hard to justify spending a building on a truck… Property values are always going to go up, but truck values are always going to go down.”
Jake said he and his wife, despite expecting a baby and wanting a truck with more room, decided to hold off.
“It’s amazing what else you can buy for $70,000,” he said.
“Car prices have gotten so expensive paying cash for a truck is now exclusively for the top 1%. It is a given that new trucks sold today will almost all be financed rather than paid for in cash. Paying cash for vehicles for the average American has become a thing of the past,” Adam wrote in the video’s caption.
