Higher And Higher: Used Truck Price Inflation Shows No Signs Of Abating

higher and higher used truck price inflation shows no signs of abating

Sumary of Higher And Higher: Used Truck Price Inflation Shows No Signs Of Abating:

  • “The sense of urgency is as strong as ever in the auction lanes, with buyers continuing to pay record pricing for desirable trucks,” Power said in its monthly Guidelines newsletter covering October.
  • ”Combining a surge in former company drivers getting their own trucking authority through the Federal Motor Carrier Safety Administration and the scarcity of low-mileage used trucks, prices have nowhere to go but up.
  • The average sleeper tractor sold at retail in October was 73 months old, had 450,478 miles and brought $82,588 — 88.3% more than than a year ago.
  • The age is well off the record of 96 months that the average used truck hit in 2015.The age of used trucks is on the rise in the last year — not close to the record of 2105 — but a trend likely to continue amid the supply chain crisis crimping new truck production.
  • Power senior analyst and commercial vehicles product manager, told FreightWaves.
  • “In the used truck data we collect, we have seen the average age of Class 8 trucks sold go from a cyclical low of 74 months in October 2020 to 83 months in August 2021. It ticked down in September to 80 months,” Tam said.
  • “Model-year 2019 deliveries were about 30% higher than model-year 2018 deliveries,” Power said in Guidelines.
  • ”Lower auction volumes in October showed higher prices across the board with the newest trucks, 2018 models, commanding 1.5% more.

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