Class 8 Auction Pricing Stronger than Ever
July’s auctions results showed buyers are still hungry for sleeper tractors with average to low mileage. Sellers have the upper hand as new truck availability and supply of trades remains tight. See chart below for detail:
- Model year 2018: $76,265 average; $5,002 (7.0%) higher than June
- Model year 2017: $51,168 average; $11,126 (17.9%) lower than June
- Model year 2016: $48,206 average; $7,412 (18.2%) higher than June
- Model year 2015: $40,757 average; $8,085 (24.7%) higher than June
- Model year 2014: $29,427 average; $3,304 (12.6%) higher than June
Month-over-month, our benchmark group of 4-6 year-old trucks brought 0.7% more money, but this average doesn’t adequately convey the substantial increase in selling prices of the newest, lowest-mileage equipment available. Compared to the first 7 months of 2020, this group is running 86.5% ahead, and compared to the same period of 2019, 46.4% ahead. Late-model trucks have appreciated 4.8% per month on average in 2021 to date.
Disregard the lower average for model-year 2017 above – it’s the result of low volume and a high-mileage mix of trucks sold, and not reflective of market conditions. Sales volume was down substantially in July, typical for a month with fewer auctions on the calendar. The main takeaway from this month’s results is the market is not yet showing any signs of pullback. If anything, prices have strengthened even more.
