Auction Rates Slightly Lower on Average in September 2022
J.D. Valuation Services reports that while some used truck models increased in value at auction and others decreased over the month of September, the decreases were larger than the increases and created a net drop in used auction rates for the month.
September 2022 Numbers
- Model year 2021: $147,458 (No comparison to August)
- 2020: $89,336, a decrease of $4,090 (6.3%) from August.
- 2019: $80,002, $4,767 (6.3%) higher than in August 2022.
- 2018: $59,104, which is $5,302 (8.2%) lower than the month prior.
- 2017: $44,659, a bump upward of $652 (1.5%) over last month.
- As an average, the 2017-2020 models sold for 1.4% less than they did in August.
This begs the question as to why the numbers are traveling in the directions that they are: why are even numbered-years dropping while odd-numbered models are rising? We may never truly know, but we would love to hear your theories!
Another interesting turn of events happened in September: for the first time in 2022, the year-over-year comparisons for used truck auction rates showed a decrease in price, indicating that the formerly white-hot used trucking market is finally starting to cool down and nature is healing. You can no longer purchase a truck, drive the wheels off of it, and sell it for more than the amount when you purchased it. Things are starting to make sense again!
Conclusion
No doubt the general decrease is in a great part due to new Class 8 truck production ramping up, as September saw records broken in regards to its sales. Depending on how well the new truck market performs in October, we may see another decrease in the future. Past trends do not indicate future results, however, and prices can still rise just as half of them did this month.
Of course, if you are ready to purchase a truck (or trailer), whether it is new or used, TopMark Funding can help you get the best possible funding solution for your particular credit scenario. Read on below for more information.
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