Cautious Optimism Going Into December
CLASS 8 AUCTION UPDATE
As in the retail channel, older, higher-mileage trucks continued to depreciate heavily in October 2023, while pricing for newer trucks firmed somewhat.
Looking at three- to seven-year-old trucks, average pricing for our benchmark truck in October was:
Model year 2021: $61,025; $3,531 (5.5%) lower than September
Model year 2020: $52,473; $1,192 (2.3%) higher than September
Model year 2019: $31,565; $5,145 (14.0%) lower than September
Model year 2018: $26,189; $1,346 (4.9%) lower than September
Model year 2017: $15,861; $4,182 (20.9%) lower than September
Trucks newer than five years of age depreciated less than last month, but on average the late-model segment continued to lose value in October. Four- to six-year-old trucks brought 4.6% less money than in September, and 37.5% less money than October 2022. In the first 10 months of 2023, late-model sleepers brought 41.7% less money than the same period of 2022. Monthly depreciation in 2023 is averaging 4.4%. Values for the newest model years available in the marketplace are just under the strong pre-pandemic period of 2018 in nominal figures, or just more than 20% less if adjusted for inflation.
