Part 3/7:
Price Gouging Concerns
The market's struggle is exasperated by dealers who have engaged in price gouging, aggressively marking up the MSRP on vehicles. For instance, a Ford F-150 Raptor R, with a sticker price of around $114,320, is being marked up to a staggering $139,999. The inflation in vehicle prices combined with high interest rates has left consumers re-evaluating their purchasing power, leading to a further slowdown in sales.
A clear strategy among manufacturers has emerged: significant discounts are becoming the norm in an effort to sell trucks that once flew off the lots. For example, Chevrolet's MSRP for their Duramax Diesel Z71 was slashed by $7,000, highlighting an aggressive approach to managing their inventory.