Market Absorbs High-Mileage Trucks as Correction Continues
JUNE 2022 COMMERCIAL VEHICLE MARKET UPDATE
CLASS 8 AUCTION UPDATE
A substantial volume of trucks with higher-than-average mileage sold in May. The market is primarily absorbing trucks from fleets no longer retaining all of their older iron as new trucks trickle in and, to an extent, from owner-operators leaving the industry or going to work for a fleet. The month-over-month differences below are pretty severe, and we think the results are reflective of actual market movement. On the positive side, the newest trucks—as well as those with lower mileage—are still bringing strong money.
Looking at two- to six-year-old trucks, May’s average pricing for our benchmark was as follows:
Model year 2021: No trucks sold in May
Model year 2020: $136,732; $16,848 (11.0%) lower than April
Model year 2019: $95,653; $17,132 (15.2%) lower than April
Model year 2018: $88,452; $9,736 (9.9%) lower than April
Model year 2017: $59,854; $552 (0.9%) higher than April
In May, three- to five-year-old trucks averaged 12.0% less money than April, but 57.5% more money than May 2021. Year over year, late-model trucks sold in the first five months of 2022 averaged 82.6% more money than the same period of 2021. Year-to-date, four- to six-year-old sleepers have depreciated 6.6% per month on average. See the Forecast section at the end of this document for additional analysis.
