Not so long ago, the compact pickup market was written off for dead. Then the Ford Maverick arrived. The demand for the new truck took everyone, including Ford, by surprise. The automaker is suspending reservations as it struggles to ramp up production.
Now GearJunkie has learned that Ford is ready to reopen the order bank. But if you’re looking for one, you’ll have to wait until 2023, and the wait could be especially long for the high-mileage Maverick pickup.
The compact pickup is back!
Compact pickups were all the rage when baby boomers were still learning to drive. By the late 1980s, however, they seemed to be playing their home.
Subaru briefly tried its hand at the turn of the millennium, but weak demand doomed the little Baja, which was phased out of production in 2006. Today, however, a new generation of buyers seems to be rediscovering compact trucks. thanks to two new offerings that came to market for the 2022 model year.
“We’ve been very pleasantly surprised” by the demand for the new Ford Maverick, chief marketing officer Trevor Scott told GearJunkie in an interview. So surprised, in fact, that reservations for the small pickup were suspended in January.
High demand, especially for Maverick Hybrid
Ford is struggling to fill orders already in place. It delivered 19,245 trucks in the first quarter of the year, significantly outpacing the other compact model, the Hyundai Santa Cruzwhich recorded sales of 8,400. In fact, Maverick sold more than the average size Ford Rangerwhich recorded 17,639 deliveries between January and March.
And Maverick sales continue to accelerate, with Ford selling another 9,500 in April.
Credit the truck’s usefulness, flexibility and affordability, analysts say. It starts at just $19,995 – and that’s for the hybrid version which offers a combined fuel economy of 40 mpg.
At a time when the national average the price of regular fuel is over $4 which has generated considerable interest in the hybrid. While Ford thought the gas-electric version could account for 40% of overall Maverick sales, the actual figure has soared to 48% and could go even higher.
Ford has had to delay the launch of the hybrid model and is still struggling to get all the necessary parts at a time when semiconductor shortages continue to wreak havoc on car production. But “our intention,” Scott said, “is to build all the hybrids we can.” It could happen, he added, in 2023 — if Ford can field those pesky chips.
You might find one: if you work there
For those really desperate to get a Maverick — right now — Scott said there are dealers who have “a truck or two” in inventory. These are most likely failed customer orders. But you’ll have to search hard, and when a wandering Maverick arrives, they don’t last long.
Normally dealers like to have enough stock in stock to cover 60 days of demand. With Maverick, it lasts 5 days, at best. And most trucks are gone within hours of arriving at a showroom.
Understanding how to circumvent the semiconductor shortage helps explain why the Maverick Order Bank remains closed. The goal, according to Scott, is to reopen it “sometime in the summer”.
It remains to be seen how demand for the Maverick will hold up in the long run. But there are plenty of signs that the compact truck segment will have some legs, analysts say. There is a lot of speculation that others might try to enter the market with competing offers.
Where do the buyers come from?
From a marketing standpoint, Ford certainly has reason to be satisfied. Not only is there a line of potential customers waiting to order the truck – a rarity in today’s auto market – but Maverick is attracting the kind of buyers automakers crave.
So far, a third of buyers are in the 18-44 demographic. Longer term, Ford hopes they’ll migrate to the Ranger and even the full-size (and very profitable) F-150 pickup.
Maverick sales, unsurprisingly, are strongest in markets where these big pickups generally do better. California, Texas, Michigan and Florida topped the list according to data analyzed by S&P Global Mobility.
As for where buyers are coming from, 80% of them are first-time truck buyers, Scott noted. Meanwhile, Ford has another reason to feel good about Maverick, since 60% of its customers are “conquests” from other brands. Toyota is the most frequent recovery to date, followed by Chevy and Honda.