Part 2/7:

For mid-range models, the situation isn’t much better. Even trucks like the Toyota Tacoma have seen prices rise to over $40,000 for basic trims. The stark reality is that what used to be affordable options are now costing far more than many consumers can manage.

Interest Rates and Financing Woes

Adding to the purchasing challenge is the current landscape of interest rates. The national average interest rate for new auto loans is hovering around 7%, making financing increasingly difficult. For used vehicles, the situation is even worse, with averages climbing to 11%. For many potential buyers, the combination of high prices and high interest rates means monthly payments can exceed $1,000, effectively outpricing many consumers from the truck market.