Why GMC Canyon Buyers Are Flocking to Toyota Tacoma: Insights and Negotiation Tips

Written By Ari Janessian

The Surprising Shift in Mid-Size Pickup Preferences

As a lifelong Tacoma fan, you might be surprised to hear that the GMC Canyon tops my list for mid-size pickups. But here's the kicker: despite the Canyon's appeal, Toyota Tacoma is winning over potential Canyon buyers left and right. Let's dive into why this is happening and how you can snag the best deal on a new GMC Canyon.

The Canyon Conundrum

GMC's Canyon production has been relatively low compared to its heyday in the early 2000s. This limited availability means dealers are less likely to negotiate on the Canyon compared to other GMC models. However, there's a silver lining: with sales on the rise this year, there's more room for negotiation than in the past.

Inventory Insights

Let's look at the inventory situation for top mid-size pickups:

  • GMC Canyon: Limited stock

  • Toyota Tacoma: Abundant inventory

  • Chevy Colorado: Ample availability

This scarcity of Canyons can actually work in your favor when negotiating. It's a key point to bring up with dealers.

Picking Your Canyon

While browsing CarGurus, I noticed plenty of Canyon Elevations, but the AT4 caught my eye. Out of about 1,800 AT4s listed, I found one with an MSRP of $46,600.

Negotiation Target

When it comes to discounts, GMC dealers consider factors like the model and how long it's been on the lot. For the Canyon, my personal target is around 5% off MSRP. This brings our target selling price to $44,270 for our chosen AT4.

Financing and Leasing Options

GMC is offering 1.9% financing for 36 months, but no rebates. The leasing program, however, is where things get interesting:

  • 66% residual at 36 months (12,000 miles/year)

  • Money factor of .00322 (roughly 8% APR)

Plugging these numbers into a lease calculator, assuming a 5% discount and paying inception fees upfront, we're looking at about $656 per month (excluding state sales tax).

The Tacoma Temptation

Here's where the Tacoma starts to shine. A similarly priced Tacoma with a comparable discount could be leased for around $500 per month. For cash buyers, the Tacoma typically offers 7-8% off MSRP, potentially providing more savings than the Canyon.

Why Consider the Canyon?

Despite the pricing advantage of the Tacoma, I still lean towards the Canyon. In my opinion, GMC makes an incredibly durable and dependable truck. It's a matter of personal taste before factoring in the financials.

Negotiation Strategy

To help you get the best deal on a Canyon, here's a template email you can use when reaching out to dealers:

Dear GMC Manager,

My name is [Your Name], and I'm currently in the market for a Canyon. I've been looking at one on your website that matches my interests: [insert link].

I realize inventory is limited, and while the Canyon is my first choice, I'm also considering the Tacoma as a backup.

I'm hoping to stay under $45,000 total for this truck. I'm open to leasing if the payment is under $500/month, similar to what I've seen with the Tacoma, although I've heard the Canyon's lease program isn't as competitive.

The Canyon is my priority, and I'd love your help in making it work for me. What can you offer?

Sincerely,
[Your Name]
>

Used vs. New: A Surprising Twist

Interestingly, 3-year-old Canyons with 30-40,000 miles are selling in the low $30,000s, retaining about 67% of their MSRP. This high retention value makes buying new more attractive than leasing or buying used, especially considering:

  • Higher interest rates for used cars

  • Limited used inventory

  • Older body design on used models

Conclusion

While the GMC Canyon remains a top choice for mid-size pickup enthusiasts, the Toyota Tacoma's competitive pricing and lease options are turning heads. If you're set on the Canyon, use the insights and negotiation tips provided to secure the best deal possible. Remember, whether you choose the Canyon or the Tacoma, you're getting a solid mid-size pickup that will serve you well for years to come.

Have you had experience negotiating for a Canyon or Tacoma? Share your stories in the comments below!

Ari Janessian