General Motor’s reentry into the mid-size pickup segment, which materialized in the form of the 2015 Chevrolet Colorado and GMC Canyon, was greeted with a modicum of skepticism. The eyebrow-raising wasn’t without merit, as the once thriving small pickup market that had routinely toyed with 1 million sales per year had been gutted by the shift toward crossover utilities (mid-size pickup sales were roughly 250,000 in 2014). Pricing also played a role in the segment’s demise, as the gap in pricing between mid-size and large pickups often wasn’t big enough to justify buying the less capable, technologically inferior and much smaller truck.

But that was then and this is now.

GM’s designers and engineers created a set of thoroughly modern midsize pickups that are viable alternatives to today’s crossover utility. The Colorado and Canyon’s award-winning packing and competitive pricing – against both CUVs and large pickups where prices routinely exceed the $40,000 mark – has coalesced into a value proposition with mass appeal.

Through May, GM dealers have moved more than 47,500 Colorado and Canyon units; since the two weren’t around last year, that’s a net of 47,000 units added to GM’s year-to-date tally. To hear GM dealers tell it, the number would likely be higher if inventory hadn’t been outstripped by demand. Days’ supply for GMC Canyon stood at 41 days at the end of May, while supply for the Colorado was a more skeletal 20 days.

Transaction prices for the two have been equally impressive. J.D. Power Power Information Network (PIN) data shows transaction prices for the Colorado and Canyon have averaged $33,284 and $35,854, respectively, over the first half of the year. Not only are the bulk of sales coming from more upscale trims (Colorado LT/Z71, Canyon SLT), consumers are also frequently tacking on additional options and packages to drive pricing up even further. For example, the base M.S.R.P. for a 2015 Chevy Colorado Crew Cab LT 4WD 3.6L V6 is $32,960, however, sales are transacting nearly $2,000 higher at an average of $34,873. That’s nearly $5,400 more than what a similarly-outfitted old body style Colorado was bringing back in 2012.

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The strong consumer demand and higher transaction prices witnessed so far bode well for future Colorado and Canyon used value retention. Retention for 2012 model year versions of the pair currently stands at 60%, or a few percentage points below retention for the Nissan Frontier and Honda Ridgeline and well off of the class-leading Toyota Tacoma’s figure of 78%.  

While retention for the two may not reach the lofty standards set by the Tacoma, it’s a pretty safe bet retained value will improve dramatically nonetheless. Production capacity for the Colorado and Canyon is relatively limited which prevents GM from over dialing new vehicle supply and turning to value-depressing incentives as a result.

If the future plays out like it appears it will, GM will be able to add to the already impressive list of Colorado and Canyon competitive advantages – excellent cost of ownership.