Pickup truck drivers are still brand loyal, but that’s dwindling, Car Gurus says.
March 28, 2019
By: Claudia Assis
As pickup truck prices escalate, some are considering switching to cheaper vehicles, according to a survey by online used-car marketplace CarGurus Inc.
Brand loyalty among pickup truck owners is beginning to decrease compared with the same survey done a year ago, CarGurus CARG, +0.26% said Thursday. This year, 70% of truck owners said they would switch brands if their preferred brand raised pickup truck prices by $10,000, compared with 64% in 2018.
“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,” said Madison Gross, director of consumer insights at CarGurus.
Toyota Motor Corp. 7203, -1.65% TM, -1.62% pickup truck owners were the most brand loyal, it found, with 41% not willing to consider another pickup truck brand. Owners of General Motors Co.’s GM, +1.23% Chevrolet pickups were the least brand loyal, with 28% not willing to switch brands.
Full article at link.