Average Auction Rates Went Everywhere in February 2022
Which is a less stable used truck market, one where all of the model years travel in the same direction of double-digit percentage increases, or one where all of them travel in unpredictable directions independent of one another? We ask because that is what J.D. Valuation Services found in used truck auction rates at the start of this year.
February 2022 Numbers
January 2022 was the start of the slow season for trucking. So much so that J.D. Valuation Services opted not to report on prices that month.
With a new year comes a new model year to join the list as used, however, with the trucks still being in relatively good shape, J.D. Valuation Services reported zero used 2021 model sales in January.
- Model year 2021: No trucks sold in February
- 2020: $155,696; $8,087 (4.9%) lower than December
- 2019: $113,306; $18,432 (13.9%) lower than December
- 2018: $104,014; $8,162 (8.5%) higher than December
- 2017: $85,345; $12,040 (16.4%) higher than December
The numbers show every possible outcome: no change, low decrease, high decrease, low increase, and high increase.
It is likely that these numbers are due to supply chain shortages, but Chris Visser reports the explanation for 2019’s drop: the completed sales conducted on these models in February have exceptionally high mileage on them. In spite of that, used truck prices continue to climb upwards at a steady rate.
With 2019 models being lower than average, it is up to the individual purchaser to weigh the pros and cons of higher mileage versus higher age when considering choosing between a 2019 model or one that is older by a few years.
Conclusion
Our hands are tied when it comes to trying to predict the future of the market. With the previous months, we could at least hedge on truck prices increasing, but now the future is mysterious. The only thing we can tell you for sure is that if you want to purchase a truck, new or used, TopMark Funding can certainly help you get the financing you need to get your truck on the road.
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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