The Class 8 Auction Market Woke Up in February
The volume of 4-7 year-old trucks sold at auction was healthy in February, rebounding nicely from a typically low January. In fact, February’s volume was the highest in more than two years. Pricing was generally slightly lower than January, but given the much higher volume, we view February’s results as a positive. See below for detail on the model years most typically seen at auctions.
- Model year 2017: $35,036 average; $1,234 (3.4%) lower than January
- Model year 2016: $28,553 average; $1,113 (3.8%) lower than January
- Model year 2015: $21,292 average; $792 (3.9%) higher than January
- Model year 2014: $18,398 average; $1,852 (9.1%) lower than January
- Model year 2013: $13,012 average; $12 (0.1%) higher than January
Month-over-month, our benchmark group of 4-6 year-old trucks brought 1.8% less money. In the first two months of 2020, pricing averaged 28.2% lower than the same period of 2019. Depreciation is averaging 1.8% per month so far this year, a welcome change from the 3%+ we’re used to.
The ever-increasing price gap between low-mileage vs. higher-mileage trucks makes it more difficult to calculate a monthly average. Where possible, we focus on trucks of average mileage and similar spec. We augment this analysis by adjusting results from trucks with mileage and specs outside these parameters, and applying our best judgment. This method hasn’t changed, but the market has.