Used Auction Rates Dip Lower for October 2022

Chris Visser of J.D. Valuation Services calls the previous month of auctions for used Class 8 trucks to be a “market correction.” Based on the average prices that we had seen at the beginning of the year, we are inclined to agree with him.

October 2022 Numbers

• Model year 2021: $151,905; $4,253 (2.9%) higher than September.
• 2020: $122,088, which is $12,863 (9.5%) lower than September.
• 2019: $102,000. This is $6,631 (6.1%) less than the month prior.
• 2018: $84,804, which is a decrease of $6,372 (7.0%).
• 2017: $69,940. Likewise with 2021 models, 2017 models ended higher than September, by $5,448 (8.4%).

This marks the second consecutive month that more model years had decreases than increases for the month. 

While prices are decreasing on average, it still has a ways to go before coming out of the historically high rates we have seen as of late: J.D. Valuation Services lists the models as 15.8% higher cost than they were the same time last year, and are 45% higher than they were before the pandemic.

With all of this in mind, is now the time to hold off on buying a truck? We cannot say for sure: after all, the newest and oldest models listed have increased in value over the tenth month of the year, for reasons currently unknown. It is quite the interesting phenomenon.

Conclusion

We predict that prices for used trucks are going to increase over the course of November and December, in direct response to the holiday season. It is basic supply and demand economics: as people want more goods shipped, companies will need to obtain more trucks to ship those goods from Point A to Point B.

If you agree that now is the time to pull the trigger, Topmark Funding can help. We work with numerous funding sources to get you the best possible rate for your particular credit scenario, regardless of whether your credit is perfect or less-than-perfect. Read on below for more information on what we can do for you!

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