The pickup truck sector of the auto industry is on the decline, reports USA Today’s DriveOn.
According to the news source, total sales of these types of vehicles have hit a record 31-year low, accounting for 11.8 percent of all new car sales last month.
While many are quick to attribute the lull in sales to the skyrocketing gas prices as of late, there are additional factors to consider, including a continuously high unemployment rate and slow demand. The latter aspect is largely due to the respite in housing construction, as pickup trucks are often essential to these types of projects, reports the news provider.
This decline may prove to be detrimental to the American economy, as it is primarily domestic manufacturers that are feeling the effects. According to DriveOn, many international automakers do not have pickup trucks in their portfolio.
It is important to note that statistics show an increase in pickup sales for 2011 from last year, however, the incline has been far less in this segment than in others.
The lower demand in sales may prompt dealers to offer more promotions to car buyers on pickups, and those who are interested may want to consider using a car loan calculator to see if they are an affordable option.