Auction Rates Mostly Drop for March 2022
Auction rates in the current global supply shortage are always interesting to check. With new trucks having a hard time staying on the lot, the industry turns to used vehicles to fulfill asset needs. J.D. Valuation Services has the numbers.
March 2022 Numbers
For all years except the most recent listed, 2020, prices decreased.
- Model Year 2021: No trucks sold.
- 2020: $159,500; $3,804 (2.4%) higher than February.
- 2019: $95,309; $8,705 (8.4%) lower than February.
- 2018: $73,984; $11,361 (13.3%) lower than February.
- 2017: $60,792; $8,225 (11.9%) lower than February.
The numbers for February were split between prices rising and falling, but now they lean in the direction of lower prices. Could this be a sign of a greater market shift, as trucking companies hold onto their current inventory of trucks for a couple more years than anticipated, causing the demand for used trucks to dwindle and prices to decrease? That is our prediction of what is happening here.
Conclusion
With the economy in its current state, however, it is hard to predict what will happen next. It is possible that a new coronavirus variant may cause the United States or other countries to enforce lockdowns yet again. As restrictive as the United States has been in regards to dealing with the global pandemic, it has been relatively lenient compared to other nations of the world.
There has also been news in regards to border disputes with Canada, and more recently Mexico. With Mexico exporting many components needed to make a big rig, it is possible that the protests and extended inspections may cause the prices of used trucks to rise once again.
The good news for you is that if you are cautious about truck prices and want to purchase before prices have a chance to shoot up again, TopMark Funding can help. We work with numerous lenders to get you the best possible funding deal for your particular scenario. Read on below for more information about what we can do for you!
ABOUT TOPMARK FUNDING
TopMark Funding is a top-rated semi-truck financing and trailer financing company located in Roseville, CA. We specialize in commercial trucking and heavy equipment. Our mission is to become your long-term financial partner by helping you grow your trucking business and fleet.
We’re not here for the short-term, we’re on the long-haul with you!
We have financing options for trailers, semi-trucks, commercial trucks, and small businesses. We have great rates, low down payments, and flexible monthly payments regardless of credit history.
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Fill out the contact form or give us a call at (866) 627-6644. One of our truck financing specialists will contact you as soon as possible to go over your truck lease needs and learn more about you and your business financing goals.
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