Looking to buy a new truck this season? Don’t pay sticker price, recommends a new report from Forbes. In fact, you’d be well advised to shoot for closer to 25% under sticker price for some models. In a recent investigation, Forbes identified the 11 most overpriced vehicles, the top six of which are heavy-duty trucks. Only one sedan was included in the list, which was rounded out by SUV-style vehicles.
Trucks that made the list include the GMC Sierra 1500 and 2500, Chevy Silverado 1500 and 2500, Nissan Titan, and Ford F250. Forbes cited Jesse Toprak, vice president of industry trends and insights at TrueCar.com as saying that “extreme competition” has forced automakers to improve quality and design in order to compete. As the economy begins to rebound, Toprak says consumers are responding to products more than they are to deals.
With improved quality, the authors note that the trucks on the list aren’t necessarily bad vehicles. In fact, the Titan and Silverado are recommended picks by Consumer Reports. They made the list because of lower customer satisfaction scores than their competitors, and because they can be purchased for significantly less than their list prices.
Forbes noted that Consumer Reports customer satisfaction information played into its most-overpriced vehicles index, along with other data, including April 2010 market price figures, which include inventory, demand, rebates and incentives, and actual price paid for a given vehicle. Researchers then ruled out any vehicles where the gap between market price and MSRP was less than 15%, which it called a “natural breaking point” in the data. From there, Consumer Reports customer satisfaction information was applied to determine whether or not certain vehicles met expectations and brand promises to justify their sticker prices. Vehicles that scored 65 or less (on a scale of 100) made the list and were ranked by market price vs. MSRP ratio.
A quick glance at the Forbes data yields the following list of 11 overpriced vehicles. Ford, Nissan, GM, and Chrysler all commented on the findings. Their responses can be found in the full Forbes article, along with a link to a slideshow outlining of all 11 vehicles.
|Jeep Grand Cherokee||$30,710||$25,406||-17.3%|
|GMC Sierra 2500||$27,465||$21,284||-22.5%|
|GMC Sierra 1500||$20,850||$16,129||-22.6%|
|Chevy Silverado 2500||$27,465||$21,200||-22.8%|
|Chevy Silverado 1500||$20,850||$16,051||-23%|