Values for heavy-duty trucks, medium-duty trucks and semitrailers continue to decline in July, with values on day cab trucks and dry van semitrailers falling the most.
Asking values for used heavy-duty trucks continued their long-term slide, declining 0.9% month over month and 20.8% year over year, according to Sandhills Global market reports. Meanwhile, auction values fell 3.8% MoM and 25.7% YoY, which followed several months of declines.
Inventory for used heavy-duty trucks increased 5.1% MoM and 37.7% YoY in July, according to Sandhills. The changes in value and inventory for heavy-duty trucks are the result of more substantial changes in the day cab market after June, Jim Ryan, equipment lease and finance manager at Sandhills Global, told Equipment Finance News.
“We went through a sector on the heavy-duty trucks where there was a lot of fleet trucks. … That was a big driver of inventory levels,” he said. “It’s been a quick rise over the past few months on the day cab side of things, and you’re almost seeing the auction values fall quicker than sleeper trucks in July, which is a trend that we really haven’t seen.”
Medium-duty truck inventories rose 33% YoY
Asking values for medium-duty trucks fell 1.4% MoM and 12.9% YoY, while auction values dropped 0.4% MoM and 18.6% YoY, according to Sandhills. While asking values and auction values for medium-duty trucks both continued to decline, the gap between the values remains at historically high levels.
Inventory for used medium-duty trucks increased 5% MoM and 32.9% YoY, according to Sandhills.
Semitrailer auction value down 25% YoY
Asking values for used semitrailers fell 3.1% MoM in July and 23.9% YoY, according to Sandhills. Auction values also declined 1.4% MoM and 24.9% YoY, with both sets of values following months-long trends.
Inventory for used semitrailers increased 8% MoM and 52.1% YoY, according to Sandhills. The growth follows historic lows in the trailer market in 2021, with dry vans increasing the most, Ryan said.
“Dry vans have had the biggest inventory increase over the last month, and we’re seeing trailers as a whole in July up almost 8%, which is a pretty substantial jump for a month,” he said. “Inventory levels and rising prices continued on that side, but the trailer market is starting to recover from a low on inventory and be back to a somewhat normal realm.”