J.D. Valuation Services is happy to report that the data they have collected show used Class 8 trucks are continuing their market correction from the highs earlier in the year and in 2021.
December 2022 Numbers
Usually one or two model years will go against the general trend as with what happened in November 2022, but the final month of the year saw price cuts across the entire board.
- Model year 2021: $129,650. A $29,420 (18.5%) decrease from November.
- Model year 2020: $91,368, averaging $4,982 (5.2%) lower.
- Model year 2019: $64,545, this is $13,131 (16.9%) lower than November.
- Model year 2018: $45,113: a drop of $14,146 (23.9%).
- Model year 2017: $34,759, which is $5,367 (13.4%) lower than November.
Of all five model years, 2020 was the one with the lowest percentage drop. This may be in part due to its rarity as a model year due to factory shutdowns as a direct result of the COVID-19 pandemic.
If we compare the data to December 2021 we find that prices have lost steam: 2018 models were $95,852 in 2021 and hovering around $52,000 at the end of 2020. A similar pattern exists for 2017 models which were also tracked over the same period.
It is safe to say that the used truck market is once again making sense: trucks are now decreasing in price as they get older, rather than increasing at a rate that outpaces depreciation.
The falling prices of used trucks raises the question as to if now is the proper time to buy. While nobody can predict the future, we will tell you that older trucks are cheaper for a reason–they are more worn down–and that used trucks are not getting any younger!
If you are in the market for a used or new truck or trailer, TopMark Funding can help you get the funding terms you need to expand your fleet. Read on below for more information on what we can do for you!
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