Class 8 Auction Pricing Dropped Again in March

Auction volume increased for another month, and most trucks brought noticeably less money than February. The majority of late-model sleepers moving through auction channels are marked by extremely high mileage for their age.

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

• Model year 2022: $96,970; $12,220 (14.4%) higher than February
• Model year 2021: $49,816; $4,661 (8.6%) lower than February
• Model year 2020: $31,793; $5,271 (14.2%) lower than February
• Model year 2019: $27,206; $3,911 (12.6%) lower than February
• Model year 2018: $21,498; $3,293 (13.3%) lower than February

Note that the very small number of model-year 2022 trucks sold each month means our average will fluctuate widely, and the figure above is not representative of actual market movement. Otherwise, late-model sleeper tractors brought 7.0% less money than in February, and 39.9% less money than in March 2023. Values for the newest model years available in the marketplace are now about 10% higher than the strong pre-pandemic period of 2018 in nominal figures, or about 9% less if adjusted for inflation. Current pricing is about 67% higher than the last market nadir in late 2019, or about 39% higher if adjusted for inflation.

Market performance in the first quarter of 2024 was defined by a return to depreciation after a stable 4-5 month period. This “second wave” of devaluation appears to be a combination of individuals and small fleets leaving the industry – frequently as a result of loan default – and ongoing trade activity as new equipment is received. Late last year, price stabilization suggested the market was absorbing this increased inventory. That dynamic changed as the 2024 market opened up in February.