Used heavy-duty truck inventory declined in November, signaling a positive trend for a market that’s been plagued by overcapacity for the past several years.
Model-year trucks that are five to 10 years old started to get flushed out of the market last month as cash buyers took advantage of favorable deals, Sandhills Global Equipment Lease and Finance Manager Jim Ryan told Equipment Finance News.
“What you’re seeing for those 2019 trucks and older are typically 700,000-, 800,000-mile-plus units, which effectively have very little value. And you’re just seeing cash buyers come in and those go away. You may never see them in the U.S. market again, but that’s honestly what probably needs to happen to clean that out a little bit.”
— Jim Ryan, Sandhills Global
Used inventory fell in heavy-duty and semitrailer categories for the third straight month in November, but rose for a second consecutive month in the medium-duty sector, according to Sandhill Global’s monthly report. Used-truck values were relatively flat on a month-over-month basis.
Used heavy-duty trucks
- Inventory fell 11.2% year over year and 2.3% month over month;
- Asking values dropped 13.3% YoY, but rose 0.8% MoM; and
- Auction values fell 17.8% YoY, but rose 0.8% MoM.
Used semitrailers
- Inventory increased 6.7% YoY, but dropped 1.3% MoM;
- Asking values fell for the 29th straight month, down 18.6% YoY and 1.4% MoM; and
- Auction values decreased 16.5% YoY but rose 0.6% MoM.
Used medium-duty trucks
- Inventory jumped 8.3% YoY and 0.2% MoM;
- Asking values dropped 12.6% YoY and 1.1% MoM; and
- Auction values were down 23.3% YoY and 2.6% MoM.
Prices bottomed out?
With used Class 8 truck sales picking up on the retail side, prices will likely rise in 2025, although it’s possible that they haven’t bottomed out yet, Steve Tam, vice president of ACT Research, told EFN. Increased demand from owner-operators and smaller fleet owners is spurring improvements in the used-truck market, he said.
“Those owner-operators and small fleets are used-truck buyers,” he said. “And we have seen some very solid volumes in that space that have supported that network. “Even though it’s not huge growth in demand, it’s helping to stabilize the prices.”
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