Another Strong Month for Class 8 Auctions
August's auction volume was very similar to July’s, with pricing up across the board for another month. See below for average pricing detail for our benchmark truck.
- Model year 2017: $41,509 average; $4,678 (12.7%) higher than July
- Model year 2016: $31,310 average; $1,770 (6.0%) higher than July
- Model year 2015: $26,695 average; $633 (2.4%) higher than July
- Model year 2014: $19,245 average; $122 (0.6%) lower than July
- Model year 2013: $19,228 average; $8,753 (83.6%) higher than July
Month-over-month, our benchmark group of 4-6 year-old trucks brought 7.7% more money. In the first 8 months of 2020, pricing averaged 17.1% lower than the same period of 2019. However, if we narrow the comparison to July and August of both years, 2020 beats 2019 by 7.8%. The second half of 2019 saw a notable decline in pricing, which means year-over-year comparisons will be easier going forward. Thanks to this year’s midsummer recovery, our benchmark truck now shows an average monthly price gain of 1.6% per month in 2020.
Check writers continue to show up at auctions and dealerships ready to choose from a decreasing supply of used trucks. September should be another relatively strong month. The crystal ball clouds up going into the 4th quarter, but we do know the supply of used trucks will continue to diminish and the freight markets will continue to stabilize. We still see more positive than negative pressure on used truck pricing.