While sales of passenger cars and SUVs have fallen sharply, pickup sales have held up surprisingly well as Americans take advantage of low-interest financing offers and refuse to let economic concerns stop them.
Overall pickup sales are still down. But in May, sales of the Toyota Tundra full-size pickup rose 8.2% to 11,529, compared with a year earlier, while sales of the Toyota Tacoma midsize pickup rose 8.6% to 24,853. It was the largest May ever for Tacoma sales.
For small-business owners and sole proprietors who need trucks for construction and renovation, many can’t wait to replace their vehicles, Caldwell said. Those offers allowed many buyers to buy “more expensive pickups than they would in the past,” she said. As pickup truck buyers snap up vehicles and many plants just recently restarted production after two-month shutdowns, “the large pickup segment is at critical risk of supply shortages,” Barclays analyst Brian Johnson said in a research note June 1.
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