Class 8 Auction Market Stayed the Course in November
November’s volume and pricing were both similar to October. A larger sample size of model-year 2017 trucks brought our average back towards a more logical figure. There continues to be a notable volume of model-year 2018 trucks with very high mileage cycling through the auctions. Otherwise, pricing was similar to October. See the average pricing detail for our benchmark truck below.
- Model year 2017: $45,562 average; $9,062 (24.8%) higher than October
- Model year 2016: $30,485 average; $3,015 (9.0%) lower than October
- Model year 2015: $24,879 average; $121 (0.5%) lower than October
- Model year 2014: $19,661 average; $2,189 (10.0%) lower than October
- Model year 2013: $16,669 average; $2,169 (15.0%) higher than October
Month-over-month, our benchmark group of 4-6 year-old trucks brought 6.2% more money, recovering half of last month’s decline. In the first 11 months of 2020, pricing averaged 7.1% lower than the same period of 2019. Despite this decline, pricing in the 2nd half of 2020 is still running well ahead of 2019. Our benchmark truck has increased in value an average of 2.8% per month in 2020.
It looks like the 4th quarter plateau in pricing we predicted was in effect for October and November. Pricing for trucks with average and lower mileage is on par with early 2019, which we consider healthy. Incoming supply of trades and demand for freight should support pricing through the 2nd quarter of 2021, barring any major economic event or sociopolitical upheaval.