How do Middle Class People Afford Brand New Pickup Trucks

a line of new white pickup trucks
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If you’ve been truck shopping recently then you know just how expensive trucks are these days. The costs are crazy. So it begs the question how do middle class people afford brand new pickup trucks? Here’s how they do it. Warning, you might not want to follow in their footsteps.

how do middle class people afford new pickup trucks

How do Middle Class People Afford Brand New Pickup Trucks

When I was a kid, my father had a pickup truck. We lived on a farm at the time, so it only made sense. I think, he also enjoyed driving one.

Even so, one of the benefits of buying a truck was that they were really cheap. Much less expensive than cars or other vehicles.

It was common for a family to have a truck and a car. 

Nowadays, trucks are so expensive it is almost impossible for the average, middle-class person to buy one.

Even so, if you look around you, you see many…many trucks on the road.

In my town, it is rare to see a man driving anything but a truck, so how are they affording them?

1. They Over Extend Themselves

First, middle-class people become addicted to credit.

They buy too much stuff and use spend than they have coming in.

Then, when they are running out of money, they blow up their credit.

This leads to them overextending themselves and taking on an extremely high level of debt in the process.

This can be true when buying a new truck as well.

They buy up to their credit limit.

If the lender says they can afford a $50,000 dollar truck, then they buy it without really considering whether or not they can actually afford the payments or how their other debt will affect their monthly budget.

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2. They Take Out a 7 Year Truck Loan

Once they’ve overextended themselves, they try to save up enough money to buy a brand new truck.

But with the economy and interest rates the way they are, this is proving to be a difficult goal.

So what do they do?

They take out a 7-year vehicle loan.

It used to be anything over 4 years was unheard of when it came to a vehicle loan. 

Nowadays, 5 and 6 years are common, and if you really need it, lenders are happy to finance a vehicle for 7 years.


Think about it, if you want to trade that new truck in before you have it paid off, you may have a real problem.

You might find yourself underwater meaning you owe more than it is worth.

3. They Refinance The Loan 

Once their budget has gone by the wayside, people are now forced to refinance their vehicles and all of their loans in order to keep up with their monthly payments.

This means that even though it’s risky for them to take on more debt in the near future, they do it anyway.

Then they find themselves in an even worse position. 

So, what can you do if you want to buy an expensive truck but you don’t have a lot of money?

There are ways to help you afford the truck of your dreams.

white pickup truck sitting outside
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How to Afford an Expensive Truck

If getting that new truck is super important to you, there are ways you can do it. Here are some of the best.

1. Get a Second Job

This is the first way people who are middle class afford brand new pickup trucks.

They take on another job at night or on the weekends to start saving up for a truck.

If you can’t get a second job, then you should consider starting a side gig in your spare time. You might be surprised to discover just how much you can make.

You can take this money and save it up for a large downpayment which will give you smaller monthly payments, or you can use it each month to actually pay for your truck.

2. Buy Used

Another way people who are middle class afford brand new pickup trucks is by buying used.

It’s less expensive and you let someone else pay for all of that depreciation.

Keep in mind, a new truck will lose between 15 and 20 percent of its value once it is driven off the showroom floor.

So, let someone else take that loss and buy a truck that is one or two years old.

Most likely, it will still have low miles and be under warranty.

You can get the truck you dreamed of for a much lower price.

You’ll want to have a down payment of at least $5,000 for a good used pickup truck. $10,000 wouldn’t be bad.

If possible, save up a 20 percent downpayment before you buy.

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3. Loan From Family Or Friends

And last but not least, but the most difficult to do, is to ask family or friends for a loan.

Yeah, I get it…

No one really wants to do this, but if your back is against the wall, you might want to consider it.

Are Trucks Too Expensive for the Middle Class?

If you’ve been shopping for trucks lately then you know just how expensive they are these days. The costs are insane.

You can easily spend $50,000 on a new truck or more.

If you want the best truck that’s in production with the best features then it’ll cost you around $65,000 – $75,000.

The really top-of-the-line trucks will cost you over $100,000.

This is especially true if you plan on buying American-made such as a Ford. 

Experts say you shouldn’t spend more than 30 percent of your annual income on a new vehicle. If that’s the case, then you’d need to make $143,000 dollars per year to buy a $50,000 dollar truck.

Needless to say, that kind of salary is well beyond the middle class.

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What is Considered Middle Class?

According to a recent study, approximately 52 percent of the American people fall within the definition of the middle class. But what does that really mean?

It means that if you made around $61,000 dollars per year, you’re in the middle class. Of course, those numbers change depending on where in the country you happen to live.

In fact, there are 13 states whose median household income is higher and clock in at $70,000 dollars per year. While there are 6 states that have a median family income of over $50,000.

So, putting it all together, depending on where you live if your family income is between $50,000 and $70,000 you are squarely in the middle of the middle class.

While those incomes aren’t bad and even though there’s been a growth in median earnings, many Americans are usually spending far more than they need to on vehicles.

Just because you might be able to handle the payments each month, does not make purchasing a costly truck a fantastic financial option.

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Why Do Pickup Trucks Cost so Much?

This is the big question!

The truck market has never been stronger.

There are more and more new trucks every day.

They put a huge focus on researching what consumers want in a truck.

Any truck manufacturer knows how important it is to come up with the perfect vehicle that lives up to customer needs, expectations, and wants.

It’s not enough that a truck can do what trucks are typically known for, it also must have all the right bells and whistles. 

But the main reason trucks are so expensive is all the electronics that go into them.

Are Truck Prices Going Down? 

The industry thinks that there will be lower prices on new trucks eventually, but don’t expect them anytime next year or maybe the year after.

What is the Most Reliable Pickup Truck Currently Being Sold?

When you talk about the most reliable trucks currently being sold in America today the most talked about the truck is the Toyota Tacoma.

It’s a small pickup that does everything well at a very appealing price.

It’s perfect for people who are middle class and want a truck that has all the bells and whistles of a big truck but without paying big money for it.

To Sum it Up:

If you really want to buy a new truck and make it a little more affordable, then buy used and don’t buy American. If you must buy an American truck such as Ford or Chevy, then there’s no getting around the high price tag. At that point, you’ll have to consider getting a second job and saving money up for a downpayment before you’ll be able to drive that beauty off the showroom floor.

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