Indications that strong demand is constant for used Class 8 trucks were the chief finding in J.D. Powers’ Used Truck Valuation Services report looking at used vehicle activity last month. Depreciation appears to be slower than at the same time last year, while medium-duty segments remain generally solid as well. Meanwhile, lighter GVW segments also showed minimal depreciation.
According to the report, the average sleeper sold wholesale in June was 63 months old, with 512,804 miles on the odometer, selling for $28,164. When compared to May wholesale results, J.D. Power analysts were three months newer and had 1,055 fewer miles and sold for $278 less, on average. When compared to last year, the average sleeper sold wholesale 12 months newer, had 71,450 fewer miles while selling for $6,418 less.
The average sleeper tractor retailed in June was 74 months old, had 443,714 miles and sold for $47,728. Compared to May, these trucks were 2 months older with 5,245 miles and sold for $1,222 less. Compared to the same time period last year, these trucks on average were 3 months older, had 31,123 fewer miles on them and sold for $2,763 less.
"The volume of the most common sleeper tractors sold at auction in July was back down after increasing dramatically in June," said Chris Visser, senior commercial truck analyst at J.D. Power Valuation Services. "With prices of our benchmark model up 8.1% in July, the solid result supports our position that prices are stabilizing."
Read the full report here.