February 2024 Commercial Truck Guidelines

FEBRUARY 2024 COMMERCIAL VEHICLE MARKET UPDATE

SUMMARY

Auction volume for January 2024 was unusually high, but pricing remained stable. Retail sales volume again was depressed, although, encouragingly, pricing changed little from December 2023.

CLASS 8 AUCTION UPDATE

Normally, January is a very slow month for auctions, with few sales on the calendar and buyers and sellers largely taking the month off. January 2024 was an exception. The month saw multiple events featuring units from a large fleet/leasing outfit and other sellers, resulting in volume for the month much higher than historically typical.

Despite this high volume, selling prices for trucks with similar specs and mileage were not much different from December, supporting our observation from Q4 2023 that devaluation in the auction lanes has largely played out.

Looking at late-model sleeper tractors, average pricing for our benchmark truck in January was:

• Model year 2022: Insufficient data in January

• Model year 2021: $59,175; $3,635 (5.8%) lower than December

• Model year 2020: $50,025; $94 (0.2%) lower than December

• Model year 2019: $29,020; $3,010 (9.4%) lower than December

• Model year 2018: $25,035; $1,062 (4.4%) higher than December