Auction volume pulled back again in July, and pricing was mixed. There was a resurgence in interest in newer trucks, perhaps as a result of lower values. For the most part, dollars continue to flow only to the newest, lowest-mileage trucks. See below for detail.
Model year 2016: $46,950 average; $11,200 (31.3%) higher than June
Model year 2015: $26,800 average; $50 (0.2%) higher than June
Model year 2014: $24,250 average; $1,350 (5.3%) lower than June
Model year 2013: $17,900 average; $1,100 (5.8%) lower than June
Model year 2012: $15,500 average; $975 (5.9%) lower than June
Model year 2011: $15,000 average; $3,025 (25.3%) higher than June
In the first 7 months of 2019, 4-6 year-old examples of our benchmark model brought 2.5% less money than in the same period of 2018. The number of 4-6 year-old trucks sold fell again in July, and 2019 is running substantially behind 2018 in that regard. Monthly depreciation for this cohort is now averaging 2.9%, slightly better than last month and in line with expectations.
July's results were promising because they suggest lower pricing may be keeping buyers in the market. The consumer side of the economy is providing enough freight to mitigate the pullback in other sectors... for now.