The volume of 4-7 year-old trucks sold at auction was healthier than expected in March, given the fact that most auctions moved to online-only. Pricing was flat to slightly lower than February, which outperformed our expectations. The pricing gap between lower mileage and higher mileage trucks continues to grow. See below for detail on the model years most typically seen at auctions.
Model year 2016: $27,150 average; $1,403 (4.9%) lower than February
Model year 2015: $21,292 average; $708 (3.3%) higher than February
Model year 2014: $16,500 average; $1,898 (10.3%) lower than February
Model year 2013: $12,975 average; $37 (0.3%) lower than February
Month-over-month, our benchmark group of 4-6 year-old trucks brought 0.4% less money. In the first three months of 2020, pricing averaged 26.3% lower than the same period of 2019. Depreciation is averaging 0.8% per month so far this year.
With consumers continuing to stockpile certain items in March, the environment for dry van haulers was healthy. This activity kept used truck replacement demand stable. Upcoming weeks should see a pullback in stockpiling, as the initial phase is behind us and consumers realize goods are still being restocked. As such, our short-term outlook for volume and pricing is bearish. Stay tuned.