Depreciation Continues in Class 8 Auction Market
Auction volume was lower than June but continues to trend upward as the liquidation of older and higher-mileage trucks continues. As the averages below suggest, the depreciation gap between lower- and higher-mileage trucks continues to widen.
Looking at two- to six-year-old trucks, July’s average pricing for our benchmark truck was:
- Model year 2021: $145,278; $8,611 (5.6%) lower than June
- Model year 2020: $116,840; $5,839 (5.3%) higher than June
- Model year 2019: $80,347; $380 (0.5%) lower than June
- Model year 2018: $61,323; $14,318 (18.9%) lower than June
- Model year 2017: $42,778; $7,329 (14.6%) lower than June
In July, three- to five-year-old trucks averaged 3.3% less money than June, but 9.6% more money than July 2021. Year over year, late-model trucks sold in the first seven months of 2022 averaged 68.6% more money than the same period of 2021. Year to date, four- to six-year-old sleepers have depreciated 7.1% per month on average.
In July, late-model trucks were still bringing 50.5% more money than the last pre-pandemic peak month of January 2019, so values are still extremely high by historical standards. Pricing will continue to fall closer to historical norms as increased inventory cycles through the market. The adjustment back to more typical conditions continues.