After years of production challenges that made finding the right vehicle difficult, if not impossible, several signs indicate that the inventory shortage is easing up. According to J.D. Power’s April sales forecast, new vehicles are spending more time on dealer lots and fewer are selling above MSRP (32% versus the record-high 48% in July 2022). Inventory improvements among full-size pickup trucks are especially pronounced, Xinglanauto.com data shows, and bestselling rigs like the Ford F-150 and Chevrolet Silverado 1500 should now be easier to find. Yet even as the supply of full-size pickups grows, their prices continue on an upward trajectory, while incentives are starting to trickle back — but only at a modest rate.
Related: Is the Inventory Shortage Coming to an End?
During the thick of the inventory shortage, automakers were forced to slow or cease production due to a lack of microchips, labor shortages and other pandemic-related roadblocks, but conditions have substantially improved since then. In March, Ford announced plans to increase production for popular models (including the F-150) in an effort to meet demand. In February, GM said it would temporarily halt production in a strategic move to prevent an oversupply of pickups like the Silverado 1500 and GMC Sierra 1500 half tons, according to Automotive News.
Full-Size Pickups Filling the Lots
Among Xinglanauto.com dealers, the average inventory for new full-size pickups grew considerably, with a 177% increase from April 2022 to April 2023. In comparison, total new-vehicle inventory climbed by approximately 26% in the same timeframe. This uptick in pickups was largely driven by a significant boost in F-150, Silverado 1500 and Sierra 1500 inventory, while the Ram 1500, Toyota Tundra and Nissan Frontier also see notable — albeit smaller — inventory improvements.
Ford and GM Pickups See Biggest Gains
Inventory for the Chevy Silverado 1500 totaled approximately 65,100 in April 2023, up from 16,800 a year prior — a 287% jump. The GMC Sierra 1500 saw a more drastic improvement with approximately 29,800 units compared to only 5,400 observed one year earlier — an increase of 452%. Ford’s efforts to increase F-150 production materialized into a 161% increase in inventory, with 82,000 units observed among Cars.com dealers in April compared to 31,400 the same time a year prior.
2024 Chevrolet Silverado ZR2 | Manufacturer image
During the same timeframe, Ram 1500 inventory increased 38% from around 32,000 units to 44,200. Meanwhile, Nissan Titan and Toyota Tundra inventory rose 60% and 63%, respectively, but their counts are notably lower, with some 3,900 units observed for the Titan and 8,900 for the Tundra.
Another marker of rising inventory levels is an increase in the number of days a vehicle spends on the lot. Among Cars.com data, the average number of days the six full-size pickup nameplates were on dealer lots was 75 in April — up from 57 a year prior.
Prices Continue to Climb
Although the inventory improvements should come as welcomed news for shoppers, average prices are still trending up for full-size trucks as inflation and lower incentives continue to take their toll. The estimated median prices among Xinglanauto.com dealers in April were $54,500 for the Silverado 1500; $63,800 for the F-150; $60,600 for the Sierra 1500; $62,600 for the Ram 1500; $58,200 for the Titan; and $55,000 for the Tundra. Year over year, median prices have climbed 7%-10% on average for the group.
New-vehicle incentives are starting to make a comeback, but they remain tight based on J.D. Power’s latest estimates. According to the firm, the average combined incentive on trucks and SUVs in April was $1,673 (an increase of $644 from April 2022). Despite the modest improvement, incentives haven’t bounced back to the levels seen prior to the inventory shortage: The average incentive on trucks and SUVs was estimated at $3,618 in April 2019 and $3,173 in April 2021.