Retail volume increased for the third month in a row. There was a good mix of trucks sold, with no large packages of trucks with outlier mileage or specs, so our averages should represent true market conditions.
The average sleeper tractor retailed in August was 68 months old, had 460,476 miles, and brought $42,090. Compared to July, this average sleeper was identical in age, had 9,727 (2.1%) fewer miles, and brought $2,408 (6.1%) more money. Compared to August 2019, this average sleeper was 2 months newer, had 17,981 (4.1%) more miles, and brought $12,600 (23.0%) less money.
Looking at trucks two to five years of age, August’s average pricing was as follows:
- Model year 2019: $91,889; $4,090 (4.7%) higher than July
- Model year 2018: $74,188; $449 (0.6%) lower than July
- Model year 2017: $53,326; $3,730 (7.5%) higher than July
- Model year 2016: $39,492; $1,323 (3.5%) higher than July
Month-over-month, late-model trucks brought 2.8% more money. In the first eight months of 2020, pricing averaged 15.7% lower than the same period of 2019. Depreciation in 2020 is averaging 2.8% per month, identical to last month’s average. Since mid-June, we’ve seen an increase in selling prices for the lowest-mileage iron. In a typical used truck market recovery, pricing eventually increases for average mileage trucks as well, as the supply/demand relationship continues to move positive. This time around, the next few months will be anything but typical, so consider us cautiously optimistic at this point.