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To determine how much it will cost to own a particular pickup for the next few years, you need to consider several factors. The price you pay at the dealership, including finance charges, taxes and fees, is just the beginning. You should also be aware of how fast the vehicle will depreciate; in other words, do some research so you know how much it will be worth as a used truck several years down the road. Gas mileage is another factor to consider, and so are insurance costs. Probable maintenance and repair expenditures are far more difficult to predict, but you need to take them into account.
Deciding between a compact, compact/midsize or full-size pickup is probably the most important decision you’ll make when choosing a truck. So let’s look at the benefits and drawbacks of each size category.
Compact Pickup Trucks
Because of their smaller dimensions, compact pickups tend to be easier to drive and maneuver than larger trucks. Ride comfort is often better than that in a full-size truck, but the ride of some smaller pickups falls well short of gentle.Partly because they typically have smaller engines, compacts also consume less fuel. Some models come with four-cylinder engines, but a V-6 is usually optional. You also get to choose between a manual or automatic transmission in most models.
Compacts are easier to get into and out of, though passenger space inside will likely be more cramped — or at least not as massive as that of a full-size model. Even a four-wheel-drive version doesn’t sit so tall that climbing aboard is a chore.
Naturally, cargo-hauling payloads and towing capacities are more limited than what you get in a full-size pickup. But for buyers who don’t anticipate carrying heavy loads, the merits of a compact may easily outweigh these disadvantages.
Prices are significantly lower for compact pickups than for bigger trucks, though fully equipped models can climb past the $25,000 mark. Like larger pickups, compacts come with rear-wheel drive or four-wheel drive. The body styles of some models are limited to regular and extended cabs, but crew-cab compacts are available from Chevrolet, GMC, Nissan and Toyota.
Compact/Midsize Pickup Trucks
Only one compact/midsize pickup is on the market, but it provides a welcome compromise between compact and full-size models. Dodge’s Dakota comes in a choice of three cab styles and can be equipped with either a V-6 or V-8 engine.Logically enough, you can expect better fuel economy than a full-size pickup, though the Dakota — being heavier — isn’t quite as frugal as four-cylinder compacts. Plenty of accessories are available.
Full-Size Pickup Trucks
What do you get in a full-size truck that a compact or compact/midsize model lacks? Passenger space and towing and hauling capacity are the main attractions. Larger engines, typically V-8s, are available for full-size models and are necessary for pulling heavy loads. Most models are available in a full selection of cab and cargo-bed styles and with either two-wheel drive or four-wheel drive.Full-size models may be offered with more comfort and convenience features, if you’re willing to pay for them. Crew-cab trucks may have DVD backseat entertainment systems as an option, and some models are offered with a power sunroof. Leather-upholstered captain’s chairs may replace conventional bench seating. Ford offers rear-obstacle detection for its F-150. Chevrolet Silverados may be equipped with GM’s OnStar communication system, as well as XM Satellite Radio. Dodge offers a navigation system in top-end Ram 1500 models.
Toyota falls somewhere between the compact/midsize and full-size categories with its Tundra, but it’s generally considered a full-size truck.
Are you considering a heavy-duty model with a three-quarter-ton or one-ton rating versus a light-duty half-ton version? If you need the extra towing capacity and cargo-hauling potential, you might not have a choice. But for most buyers, a light-duty pickup will suffice and is likely to deliver a more appealing ride.
Which Factors Affect Long-Term Ownership Costs?
Looking beyond the sticker price, you need to consider resale value, gas mileage, insurance-premium costs, and maintenance and repair expenses.Depreciation over the ownership time frame is a financial factor that you need to weigh before making any purchase, and it varies immensely. You need to determine how much the truck is likely to be worth secondhand, three or four years from now.
Even though fuel prices have remained low in the United States, they add up over the long haul. Except in the compact category, fuel economy is seldom a benefit of pickup ownership because many trucks are heavy and have poor aerodynamic qualities.
Likely insurance costs make a difference in long-term expenditures because some trucks cost considerably more to insure than others. Insurance costs may not differ appreciably from sedans or sport utility vehicles, but repair charges could be lower because some components are more accessible in pickups, and they may be used on a large number of models.
Maintenance and repair costs have traditionally been higher for import-brand models, but the difference has narrowed lately — especially because many import-brand pickups are actually manufactured in the United States nowadays. Still, it’s another factor to weigh.
Sticker Prices Are Merely the Starting Point
Even though most buyers don’t pay the manufacturer’s suggested retail price (MSRP), also known as the sticker or list price, it’s the easiest way to compare models. Surprisingly, the lowest-priced pickup for 2004 is again an import model. Sticker prices for the Toyota Tacoma start at just over $12,000, though the top Tacoma sells for more than $22,000. Nissan Frontiers range from approximately $13,000 to more than $27,000.You can drive home a compact Ford Ranger for a little more than $14,000 or upwards of $25,000. The least costly Dodge Dakota runs about $17,000 and stretches to nearly $25,000 for the top model. Chevrolet’s new Colorado starts around $15,500 but reaches all the way past $26,000 for the top Crew Cab model equipped with four-wheel drive. Naturally, a specific pickup on the showroom floor might also contain a batch of accessories that boost the price higher yet.
Toyota also offers the least costly full-size model. A Toyota Tundra with a manual shift and V-6 power costs just under $16,000. But if you’d rather hop into a four-wheel-drive V-8-equipped Tundra Double Cab in the Limited trim level, expect to pay more than $32,000. Prices for the freshly redesigned Ford F-150 stretch from just above $21,000 for a base regular-cab truck to well over $35,000 for the SuperCrew Lariat model with four-wheel drive. If you’re content with Ford’s older design, you can drive home the least costly version of the F-150 Heritage for a little more than $19,000. Dodge dealers have Ram trucks priced from approximately $19,500 for a 1500 ST regular cab to more than $37,000 for a Ram 3500 SLT Quad Cab with four-wheel drive. Prices for the Chevrolet Silverado 1500 span the range from $19,000 to nearly $40,000. Chevrolet’s hot little SSR convertible pickup will set you back more than $41,000.
How Much Fuel Will It Use?
With any vehicle, size and weight tend to determine how much fuel is consumed. The Environmental Protection Agency (EPA) issues estimates for each vehicle sold in the United States, and the EPA advises that pickups follow this familiar pattern. As the EPA regularly warns, your mileage in real-world driving might differ considerably from any estimates.Among 2004 pickups, it’s hardly a surprise that compact models lead in gas mileage. This year’s frugal-running prize goes to the two-wheel-drive Ford Ranger equipped with a four-cylinder engine and manual transmission, which earns a 24-mpg estimate for city driving and a 29-mpg rating for highway operation. With an automatic transmission installed, the Ranger gets a 22-mpg city/26-mpg highway estimate.
When equipped with a 4.0-liter V-6 engine and an automatic transmission, the two-wheel-drive Ranger earns 17 mpg city/22 mpg highway, while four-wheel drive drops gas mileage to 15 mpg city/19 mpg highway. Seriously budget-minded shoppers may be wise to stick with four cylinders, unless they really need the extra power. Because four-wheel-drive systems add weight, they also diminish fuel economy.
Because full-size trucks are much heavier, they guzzle more fuel. Dodge gets one of the highest ratings for its V-6-equipped two-wheel-drive Ram 1500: 16 mpg city/21 mpg highway with a manual transmission and 15/21 mpg with an automatic. Ford gets 15/19 mpg for its redesigned F-150, while the new Nissan Titan manages only 14 mpg for city driving. With the V-8 engine and two-wheel drive, Toyota’s Tundra is rated at 14 mpg city and 18 mpg highway. Adding four-wheel drive to a full-size model typically exacts less of a mileage penalty than it would with a compact truck.
Can You Save on Insurance With a Pickup Truck?
Will you save money on insurance by buying a pickup truck rather than a sedan or an SUV? You could, but the premium costs vary considerably among the various models.The number of thefts has an impact on insurance rates, but pickups often fail to interest thieves. In its 2003 report on injury, collision and theft losses, the Insurance Institute for Highway Safety (IIHS) reveals that, on the whole, pickups have greater theft losses than midsize and full-size passenger cars. Among large pickups, the Dodge Ram 3500 with four-wheel drive had the highest theft-loss rate, followed by the Ford F-350 Super Duty and Dodge Ram 1500. In the compact category, the only truck with worse-than-average ratings was the Toyota Tacoma.
Depending on their specific claims experience, insurance companies offer discounts on a portion of the premium for some vehicle models but add a surcharge to others. The difference can be considerable, so it’s one more factor to weigh.
State Farm, the nation’s largest auto insurer, lists models that warrant either a surcharge or a discount on collision and comprehensive coverage. For 2003, most Dodge and Toyota pickups, the Mazda B-Series Trucks and the Nissan Frontier are subject to a surcharge on the premium cost. Premium discounts are granted on most versions of the Chevrolet Silverado, Ford F-150 and GMC Sierra.
State Farm also offers Vehicle Safety Discounts of 10 to 40 percent based on the company’s personal-injury claims experience. These discounts apply to the portion of your premium devoted to medical payments and personal-injury protection. For 2004, several full-size pickups qualify for the maximum 40-percent discount, but no compacts earn that savings. The four-wheel-drive Ford Ranger and two-wheel-drive Toyota Tacoma are granted the smallest (10-percent) discount. State Farm’s ratings don’t apply in certain states.
Don’t Forget Resale Value
How much your pickup will be worth as a used vehicle a few years from now is another factor to consider before driving it out of the showroom. Price and resale value don’t go hand in hand. A high MSRP doesn’t necessarily correlate to a high residual value. Some expensive trucks depreciate rather rapidly, while certain economy models hold their value better than average.The Automotive Lease Guide (ALG), a widely consulted publication that projects residual values for the leasing industry, gives estimates of how much a vehicle will be worth after two to five years, which is the end of a typical lease term. Though these figures are intended for use by the leasing industry, they also suggest a truck’s likely resale value at that time on the used-car market.
As a rule, full-size trucks have better resale value than compact versions. Extended-cab models are also worth more down the road than regular-cab pickups. In addition, a four-door crew-cab pickup is generally worth more than one with two or three doors. Four-wheel drive tends to add at least a little to resale value, but work trucks that are intended strictly for business tend to depreciate the fastest.
Import-brand trucks usually hold their value better than domestic models, according to the ALG. Among compact pickups for 2004, the ALG estimates that a regular-cab Ford Ranger will be worth as little as 27 percent of its initial value after three years. At the other end of the spectrum, a Toyota Tacoma PreRunner Double Cab may hang onto as much as 61 percent of its value. That’s an enormous difference in resale value, and it’s especially important if you don’t intend to keep the truck for a long time.
Turning to full-size pickups, the fastest-depreciating member of the Ford F-150 family is the regular-cab XL; expect it to retain 36 percent of its initial value, according to the ALG. The work version of the F-150 Heritage, which uses Ford’s older full-size truck design, is likely to be worth only 23 percent. Toyota Tundras depreciate the slowest, with the new Double Cabs worth as much as 57 percent of their initial value after three years.