Used Trucks Cost More than Ever Before
COLUMBUS, IN — The average price for a used Class 8 truck was higher in January 2013 than ever before, going at just over $44,000, according to a report from Americas Commercial Transportation (ACT) Research.
ACT’s VP of commercial vehicle sector, Steve Lam says that in 2012, they thought used truck prices might fall back down, but they did not.
“Pricing for Class 8 used trucks edged up slightly month over month in January, but was meaningfully stronger than prices of a year ago, up 15 percent,” Tam says.
In 2012, used truck prices were a bit higher on average than $35,000, but did not hit the $40,000 mark. Average prices are based on retail, wholesale and auction sales.
Tam explains that carriers indicated throughout 2013 they would maintain their fleet size. As such, whenever they bought new trucks, that would generally mean their previous truck would end up on the used truck market, relieving pent up demand, and driving cost down. But that didn’t happen because while most used truck buyers were looking for day cabs, what was often put on the used truck marker were sleepers. So there was no relief on demand.
Tam commented on what may come in 2014: “Based on the assumption of satisfying some of the pent up demand, prices are expected to cool slightly in 2014, ranging from flat to down 5 percent.”
But Tam explains that while used truck prices have gone up, so have new truck prices: “Say I last bought a truck six years ago for around $60,000. Now looking at the new truck market I’d be shocked. For the same truck just six years newer it could be $120, 125,000 and I can’t afford that, so I can buy a gently used truck for maybe $75 or 80,000.”
The most sought after used trucks?
International-Navistar 9400, Freightliner Columbia, Kenworth T800 and Volvo VNL670.
For more details and data on the average used prices for the top-selling Class 8 models, read the full report here.
ACT publishes new and used commercial vehicle industry data, market analysis and forecasting services for the North American market.