July 2025 Commercial Vehicle Market Update
SUMMARY
In June 2025, trends in the auction and retail channels diverged. At auctions, volume increased while pricing decreased. On dealers’ lots, volume decreased but pricing ticked slightly upward.
CLASS 8 AUCTION UPDATE
Historically, June is a higher-volume and lower-pricing month at auctions. June 2025 continued this pattern.
Looking at late-model sleeper tractors, average pricing for our benchmark truck in June was:
- Model year 2023: $64,992; $5,800 (8.2%) lower than May
- Model year 2022: $53,959; $5,685 (9.5%) lower than May
- Model year 2021: $35,504; $7,495 (17.4%) lower than May
- Model year 2020: $31,520; $3,056 (8.8%) lower than May
- Model year 2019: $22,588; $2,812 (11.1%) lower than May
At auctions in June, selling prices for the four- to-six-year-old cohort of our benchmark truck averaged 11.8% lower than May, but (coincidentally) 11.8% higher than June 2024. Pricing for that group is currently 8.2% higher than the strong pre-pandemic period of 2018 in nominal figures (15.2% lower if adjusted for inflation), and 73.1% higher than the last market nadir in late 2019 (38.5% higher when adjusted for inflation).
Last month, we mentioned that we hadn’t yet seen the expected volume of three-year-old trucks moving through auctions. That volume finally appeared in June’s results, with the highest volume of trucks of that age sold since September of 2023. Fleet trades and downsizing appear to be a primary factor in this volume increase.
