Used truck auction prices continue to drop from nosebleed heights. Now trucks at retail are selling for less. But both channels remain near historic peaks.
Auction volumes in June reached an 18-month high, according to J.D. Power Valuation Services. Small fleet liquidations, large fleets dumping their oldest units and individuals either getting out of the industry or going to work for a fleet drove the jump.
Auction values stabilized after rising for 18 straight months, according to Ritchie...
Class 8 truck orders in November were the lowest for that month in 26 years, reflecting a huge backlog of unbuilt trucks rather than a demand issue.
The backlog of bookings in queue at major OEMs exceeded 14 months, according to ACT Research. That means that with few exceptions, an order for a Class 8 power unit placed this month would be delivered in February 2023.
“Long backlog lead times resulting from ongoing supply constraints continue to pressure new order activity,” said Kenny Vieth, ACT...
The sky’s the limit. Now find the sky.
That is the ongoing story of used truck prices at both auction and retail for the first 10 months of the year. J.D. Power Valuation Services pegs the year-over-year increase in auction prices at 89.9% — with the gavel dropping on month-over-month increases of 7%.
“The sense of urgency is as strong as ever in the auction lanes, with buyers continuing to pay record pricing for desirable trucks,” Power said in its monthly Guidelines newsletter covering October.
P...
As prices for newer used trucks keep accelerating, older used trucks in rougher shape began appearing in June auctions, commanding less money but filling a yawning gap in capacity.
Pricing for lower-mileage trucks remains sky-high, according to J.D. Power Valuation Services.
That has created an opening for less-desirable trucks to bring down the auction gavel. Power’s benchmark group of 4- to 6-year-old trucks brought 5.1% more money.
Compared to the first six months of 2020, prices are up 85.8%.
J...
https://www.freightwaves.com/news/good-stuff-gone-older-used-trucks-show-up-in-june-auctions
Used truck prices should continue improving in the first half of the year, building on a strong second half of 2020, according to J.D. Power Valuation Services.
“Confidence in the freight market going forward was the main reason truckers bought new and late-model used equipment beginning midyear,” said Chris Visser, Power’s senior analyst and commercial vehicles product manager. “The freight remained healthy due to the macro shift to work-from-home and all the upheaval that entailed. That’s the...
https://www.freightwaves.com/news/used-truck-prices-find-footing-in-2020-amid-pandemic