Auction Rates Vary in August 2022
We have talked before about an impending decrease in auction prices due to demand slowly decreasing as a direct result of higher prices, but has that happened yet? It is hard to say, as some year models have dropped and others have risen. J.D. Valuation Services has the numbers.
August 2022 Numbers
- Model Year 2021: No trucks of this model were sold this month.
- 2020: $93,426, a $23,414 (20%) decrease from July.
- 2019: $75,325, $5,112 (6.4%) lower than the month prior.
- 2018: $64,406, an increase of $3,083, or 5%.
- 2017: $44,007, an increase of $1,229 (2.9%) from July.
The obvious thing to point out is that while some trucks had an increase this past month, the decreases exceeded the increases in a landslide. 2020 models, considered rare due to low production numbers as a direct result of the COVID-19 pandemic, have lost a good portion of their values over time. It will be interesting to see how 2021 models and 2022 models compare once they hit the auction market.
These lower prices on average also led to a higher number of truck purchase volume at the auctions, according to J.D. Valuation Services.
Conclusion
Right now fleets should be asking themselves if now is the time to jump on the boat and attend an auction to purchase a used vehicle. We do not have the answer for that. Just as a decrease in auction prices was imminent months prior, a course reversal of this magnitude may lead to another correction in the opposite direction in the months to come. There is no perfect time to buy a truck, but for all intents and purposes, right now is better than it was two months ago.
What we can tell you is if now is your time to strike and get yourself a used vehicle, TopMark Funding would be more than willing to work with you and our various funding sources to get you a deal to get you into your new(ish) ride. Read on below for more information.
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.
