Used trucks continued to depreciate in October, but fleet owners could take advantage of favorable deals in the coming months amid falling interest rates.
Used-truck inventory fell in some categories last month after declining nearly across the board in September. Used-truck values will more closely reflect recent improvements when older-model-year vehicles get cleared out from dealer lots, Sandhills Global Equipment Lease and Finance Manager Jim Ryan told Equipment Finance News.
“It’s that older inventory that really has to flush,” he said. “And I don’t think you’re going to see a ton of change as far as an uptick in pricing. That stuff is going to kind of continue where it’s at and just needs to find a home to a cash buyer, or whatever the case may be.”
An improving wholesale market could help flush out older inventory and raise prices, Ryan said.
Declining used-truck values were most pronounced in the auction market in October, according to Sandhills Global’s monthly report, released Nov. 7.
Used heavy-duty trucks
- Inventory fell 10.4% year over year and 2.3% month over month, with the sleeper truck category seeing a 31.2% YoY decrease;
- Asking values were down 15.3% YoY and 1.1% MoM; and
- Auction values decreased 18.7% YoY and 1% MoM.
Used semitrailers
- Inventory rose 8.5% YoY but fell 5.8% MoM in October;
- The flatbed trailer category registered the largest YoY inventory gain, 28.5%;
- Asking values fell 18.9% YoY and 3.5% MoM; and
- Auction values dropped 18.1% YoY and 2.3% MoM.
Used medium-duty trucks
- Inventory rose 5.5% YoY and 1.4% MoM;
- Asking values decreased 13.9% YoY and 0.3% MoM; and
- Auction values fell 22.3% YoY but rose 0.7% MoM.
Window of opportunity is open
While declining values reflect challenges in the used-truck market, fleet owners now have an opportunity to capitalize on soft pricing and reduced interest rates, Matt Manero, president of Carrollton, Texas-based Commercial Fleet Financing, told EFN.
“There’s going to be a six-month window in which interest rates are going to come down while truck prices are still so depressed. And that’s going to be an unbelievable opportunity for people who take advantage of it. If you wait for interest rates to keep coming down, your truck prices are going to go up, and a lot of your buying power will be diminished.”
Matt Manero, president, Commercial Fleet Financing
The average price of a used heavy-duty truck is roughly $47,000, according to Equipment Finance News’ truck pricing distribution dataset. The average price of a used medium-duty truck is a little more than $45,000.
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