U.S.: light truck sales 1980-2022
Why are consumers buying trucks now?
Before the coronavirus pandemic hit in 2020, the U.S. economy had largely recovered from the woes of the financial crisis and unemployment in the United States fell to 3.7 percent in 2019. This meant that consumers were better able to purchase new vehicles. Similarly, due tolower gasoline and diesel fuel prices, motorists were more willing to buy trucks over smaller, more fuel-efficient sedans. 2022 presented a challenge for this automotive market, with Russia's war on Ukraine leading to motor fuel price inflation and to higher new and used car prices.