Newer Used Truck Prices Skyrocket in September 2021
We have been a little slow on the upkeep here regarding the auction prices for used Class 8 vehicles, but the current California port crisis has been taking up much of the news for the trucking industry. Here is a brief respite from all of that with a monthly update on auction prices for used Class 8 trucks.
September was an interesting month for used truck market auctions: newer trucks appreciated in value while older ones maintained or even dropped in value. J.D. Power Valuation Services has the numbers.
The Numbers
- Model year 2018: $83,809 average; $11,984 (16.7%) higher than August.
- Model year 2017: $62,475 average; $6,894 (12.4%) higher than August.
- Model year 2016: $58,792 average; $12,837 (27.9%) higher than August.
- Model year 2015: $40,884 average; $101 (0.2%) lower than August.
- Model year 2014: $31,055 average; $3,319 (9.7%) lower than August.
The prices for the newer model used trucks are unsurprising, as the supply shortage of 2021 continues to take its toll across the nation. What is shocking, however, is the decrease in averages for the auction rates on the 2014 and 2015 models. At the very least those should be in high demand due to the components inside of the trucks. Whether this is a trend reversal or just an anomaly is a mystery; we will have to see October’s numbers to get a true understanding of just what happened here.
Conclusion
With the 2014 and 2015 market wavering ever so slightly, now might be the best time to forgo getting a newer used truck and instead putting money into something with more miles on it. There is always the risk of the older trucks needing more maintenance, though, so proceed with caution whenever pursuing a new-to-you truck.
Of course, if you are in the market for a new or used truck, TopMark Funding can leverage its dozens of lending partners to get you the best deal possible. Read on below for more information on our program.
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