Would You Pay More Than $40,000 For a Midsize Truck?
Well-Equipped GMC Canyon Tops $40k, Is It Worth It?
When the midsize truck market consisted of just two models, the Toyota Tacoma and Nissan Frontier, buyers didn’t have much of a choice if they wanted a truck smaller than a fullsize. You had to pay the going rate for the model you wanted, the only competition being between dealerships for your business. But now that the market has grown to include the two newcomers from General Motors, the 2015 Chevrolet Colorado and GMC Canyon, buyers have more choices. Reflecting the ever-increasing equipment level of new vehicles, these trucks are no longer the dirt-cheap haulers they once were, with starting prices more than $20,000, and fully equipped models going for more than twice that much.
This brings up the topic of value. On paper, base-model fullsize trucks start in the mid-20s, but good luck trying to find one that cheap on the lot. Not only do crew cabs dominate but also the mid-level trims, making the effective median price on fullsize trucks in the $35,000 range. At one time, that would have been considered outrageously expensive for a truck, but with well-equipped 1/2-tons going for well above $50,000 and fully equipped HDs nudging into the $70,000 range, it’s clear consumers are willing to pay for the equipment and capability they want.
GM is confident they have a substantial untapped market of potential midsize truck buyers eager to get into something newer and different than the Tacoma or Frontier. There’s no question the new Colorado and Canyon have substantially raised the bar in terms of refinement for the midsize class, and it looks like GM is not bashful about asking premium prices for well-equipped examples. We spec’d out a Canyon SLT Crew Cab long-box 4x4, and were pretty generous with the options, but certainly didn’t check all of them, and rang up a total of $41,710. Keep in mind this is before the diesel model comes out, which promises to add $3,000-$4,000 to the bottom line, making the prospect of a $44,000 midsize truck a real possibility.
Certainly, there will be some buyers that simply like the smaller size and better maneuverability of the smaller trucks and are willing to pay for the more premium equipment. However, a lot of truck buyers might have pause at prices above about $37,000 for a midsize, and at that point, may opt for a fullsize model, even if it’s not as well equipped.
Where do you stand? Could you see yourself paying more than $40,000 for a midsize truck, or does the value equation tilt in the direction of fullsizers at that point? Share your thoughts below.