Ritchie Bros.

Used truck auction prices slipping but still historically high

Aerial view of multi-colored used trucks in an auction parking lot.

Used truck auction prices dipped in April as freight demand softened, but the doubling in cost of acquiring low-mileage pre-owned equipment over the last year will take months to return to anything resembling normal.

And even with the peak crested, prices will be much higher than the historic gap between new and used Class 8 tractors, according to J.D. Power Valuation Services.

“Pricing is still extremely high by historical standards — particularly for the newest trucks available — but [auction]...

https://www.freightwaves.com/news/used-truck-prices-begin-to-slip

What will tame used truck prices? Apparently not even economic slowdown

Rising interest rates and the potential for a slowing economy so far are having no effect on runaway prices for used trucks.

“February data is the last we’ll have that does not reflect any effect of the Russia-Ukraine war,” Chris Visser, J.D. Power Valuation Services senior analyst, wrote in the company’s March Guidelines report. “Pricing in February continued to break records and, as of this writing in mid-March, there does not appear to be any war-effect yet.”

Nor would the first of an expected...

https://www.freightwaves.com/news/what-will-tame-used-truck-prices-apparently-not-even-economic-slowdown

Doubling down: Auction prices for used tractors up 96.3% in 2021

Used truck prices, especially for newer models, continued their explosive growth in December, with auction prices finishing the year nearly double 2020.

Supply chain issues — led by a shortage of semiconductors — tight supply and unprecedented demand all contributed to the unrelenting inflation. 

“Pricing in calendar year 2021 was 96.3% higher than in 2020 and 89.2% higher than in 2019. Late-model trucks increased in value an average of 7.3% per month in 2021,” according to J.D. Power Valuation...

https://www.freightwaves.com/news/doubling-down-auction-prices-for-used-tractors-up-963-in-2021

Record-setting used truck prices no deterrent to spot rate-chasing buyers

Demand for low-mileage used trucks led desperate buyers to pay almost twice as much for used iron at November auctions as a year ago, reversing places with typically higher retail prices.

The phenomenon is being driven by the shortage of new trucks, whose production is hampered by an unrelenting supply chain crisis in which rotating component shortages are worsened by a lack of semiconductors critical to many truck functions.

With few deliveries of new trucks to replace current ones, fleets are...

https://www.freightwaves.com/news/record-setting-used-truck-prices-no-deterrent-to-spot-rate-chasing-buyers

Burgeoning back orders: Fleets reluctant to book new trucks in October

Muted Class 8 truck orders in October were more about long lead times than soft orders.

For the fourth month in the last five, preliminary tractor orders fell below 28,000 as manufacturers struggled to complete trucks missing semiconductors and a host of other parts, pushing 2021 orders into the middle of next year.

WATCH: Why are used truck prices going insane?

“With backlogs stretching into the second half of 2022 and still no clear visibility on the easing of the everything shortage, modest...

https://www.freightwaves.com/news/burgeoning-back-orders-fleets-reluctant-to-book-new-trucks-in-october

Out of sight: September used truck prices continue skyward

J.D. Power Valuation Services said the group of late-model used trucks it follows cost 85% more for the first nine months this year versus 2020 as demand far outstripped supply.

The prices paid may leave today’s desperate buyers holding the bag when they sell them later.

Month-over-month, Power’s benchmark group of 4- to 6-year-old trucks brought 18.3% more money. Compared to the first nine months of 2020, the group is running 85.1% ahead, and 62.1% ahead of the same period of 2019. 

Late-model...

https://www.freightwaves.com/news/out-of-sight-september-used-truck-prices-continue-skyward

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