Are you interested in buying a new compact truck in 2022? There are some important reasons to wait before making that purchase. Models like the 2023 Ford Maverick and 2023 Hyundai Santa Cruz are tempting for a number of reasons. However, it may be better to wait because it is not the best time to make this purchase. Here are three reasons to wait before buying a compact truck.
1. Market and availability of compact trucks
We recommend waiting before purchasing a compact truck due to the current market and availability. You probably already know the story if you’re interested in the popular Ford Maverick. However, if you’re uninformed on the subject, the Maverick is incredibly hard to buy right now. Since it went on sale some time ago, buyers have snapped up the cheapest Ford pickup before anyone can see it.
Due to production difficulties, the automaker struggles to keep up with pre-orders. As a result, people who ordered a 2022 Maverick have yet to receive it. Many of these reservations were carried over to a 2023 model year vehicle. Fortunately, production of most of the vehicles delayed due to microchip shortages is picking up. As a result, we expect the next year or so to produce much better results. That’s why it’s best to wait to buy the Ford Maverick and other in-demand compact trucks.
2. New models are on the way
Although the midsize truck segment features many models, the compact truck class has few options. Only the 2023 Ford Maverick and 2023 Hyundai Santa Cruz are considered compact. Other competitors are larger and therefore have a higher starting price. However, with the success of the Maverick and Santa Cruz since its launch, other automakers have taken notice.
In the next few years, it’s rumored that we’ll see at least two new entry-level compact trucks. One of which is a Toyota RAV4 pickup. As an incredibly popular compact SUV, the RAV4 platform that transforms into a tiny truck is the perfect choice from Toyota. Alternatively, we are also rumored to be getting a small Ram pickup. Probably using the name of the old Dodge Dakota, it will probably be a smaller version of the Ram 1500, looking to compete in the compact truck segment.
Will other automakers reveal more affordable pickup options? Only time will tell.
3. Buying a used compact truck will be easier
The final reason to wait before buying a compact truck is that buying a used model will get easier over time. For many, new vehicles are simply out of the budget. Buying a new model seems silly even to some who can afford to spend that kind of money. Why not find a gently used version for $10,000 or less? This practice has been around for many years, but is still not possible with compact trucks.
The 2023 Ford Maverick and 2023 Hyundai Santa Cruz haven’t been around long enough to have many used offerings. By waiting a few years, these vehicles will be traded in and no longer leased. As a result, used models will not only be more available, but also cheaper. New models coming to the end of their lease, which typically last two to three years, drive the price of a used car down on the market.
We believe that within one to three years, many more Ford Maverick and Hyundai Santa Cruz models will be available. Also, with more inventory population, the price will decrease. The used car market is also steadily returning to normal due to the effects of the pandemic. By waiting, most buyers will probably get a compact truck for a much more reasonable price.
Wait before buying a compact truck
In conclusion, it’s probably best to wait before buying a compact truck. Although the Ford Maverick and Hyundai Santa Cruz are tempting, the segment is going to improve. First of all, it’s still hard to find models like the Maverick, especially at MSRP. Next, automakers like Toyota and Ram plan to emulate Ford’s success, so new compact options are coming soon. Finally, used compact trucks are almost impossible to find, especially at a good price. We believe this will improve over time as more will be leased and delivered to dealerships.