Daycab Market Undergoing Correction
AUGUST 2024 COMMERCIAL VEHICLE MARKET UPDATE
SUMMARY
Auction volume decreased in July 2024 and pricing continues to bounce along the floor. Retail volume returned to a typical level and depreciation was normal.
CLASS 8 AUCTION UPDATE
Sales volume at auctions in July 2024 was down significantly from June, which is typical for the month. Selling prices increased notably, although the small sample size means we are not drawing any conclusions from this month’s results just yet.
Looking at late-model sleeper tractors, average pricing for our benchmark truck in July was:
- Model year 2021: $49,075; $5,406 (12.4%) higher than June
- Model year 2020: $40,065; $2,103 (5.5%) higher than June
- Model year 2019: $33,911; $7,333 (27.6%) higher than June
- Model year 2018: $22,173; $5,418 (32.3%) higher than June
In July, selling prices for four- to six-year-old sleepers were 13.7% higher than June. July’s upward bump brought pricing back into parity with the strong pre-pandemic period of 2018 in nominal figures, or about 21% lower if adjusted for inflation. Current pricing is now about 55% higher than the last market nadir in late 2019, or about 27% higher if adjusted for inflation. Depreciation in 2024 is now averaging 1.9% per month, lower than the historical average.
One thing we can say for certain about July’s results is trucks didn’t lose value compared with June. In that respect, the figures represent more evidence of a price floor, at least in the auction lanes.
