October was one other strong month for the used truck market and it seems November Shall be as properly, J.D. Power reported Wednesday in its November 2021 Enterprise Truck Ideas Industry report
Inside the public sale space, quantity pulled again in November with fewer scheduled public sales and decrease inventories throughout the nation. The market stays closely weighted for sellers, The agency says. Pricing within J.D. Power’s benchmark mannequin was as follows:
- Model yr (MY) 2018: $85,057 common; $1,248 (1.5 %) greater than September
- MY2017: $69,449 common; $6,974 (11.1 %) greater than September
- MY 2016: $64,837 common; $6,045 (10.3 %) greater than September
- MY 2015: $44,520 common; $3,636 (8.9 %) greater than September
- MY 2014: $34,618 common; $3,563 (11.5 %) greater than September
J.D. Power says month over month vans aged 4 To six yrs launched 7 % Higher than September. As in contrast with The primary ten months of 2020, The agency’s benchmark mannequin is working 89.9 %. It is additionally 71.2 % forward of 2019. Late-mannequin vans have appreciated 5.6 % Per thirty days on common in 2021 So far.
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“The sense of urgency is as strong as ever in the public sale lanes, with consumers persevering with to pay doc pricing for fascinating vans,” The agency states. “We’ll be primarytaining our eye out for an enhanced Quantity of mannequin-yr 2019 vans in the public sale lanes in upcoming months as these mannequins flip 4 yrs previous. In any other case, anticipate comparable circumstances by way of The mannequin new yr.”
Enterprise was equally strong in the retail space, J.D. Power reviews, as current of late-mannequin vans stay insufficient To fulfill demand.
The typical sleeper tractor retailed in October was 73 months previous, had 450,478 miles, and launched $82,588. As in contrast with September, J.D. Power says this common sleeper was one month newer, had 8,915 (1.9 %) fewer miles, and launched $4,381 (5.6 %) Further money. As in contrast with October 2020, this common sleeper was 5 months previouser, had 1,447 (0.3 %) fewer miles, and launched $38,734 (88.3 %) Further money.
Average pricing in the widespstudy 2- to 6-yr-previous cohort, pricing was as follows:
- MY 2020: $134,178; $3,430 (2.6 %) greater than September
- MY 2019: $107,725; $3,454 (3.3 %) greater than September
- MY 2018: $86,401; $1,150 (1.3 %) greater than September
- MY 2017: $72,682; $2,639 (3.8 %) greater than September
- MY 2016: $55,904; $157 (0.3 %) greater than September
J.D. Power says late-mannequin vans have been up 2.8 % month over month in contrast to September and in The primary ten months of the yr They’re up 33.9 %. Furtherly they are up 13.7 % forward of The identical interval in 2019. On common, The agency says late-mannequin vans have appreciated 2.8 % Per thirty days in 2021—and that number is Shut to 5 % for low-mileage vans.
Retail gross sales have been regular at 4.3 vans per rooftop. J.D. Power says that number would develop if extra vans have been out there To maneuver.
“Strong used truck pricing into 2022 Is truly assured,” J.D. Power states.
The medium-obligation space additionally had A great month in October. Cabovers have been principally on par with final month, whereas typicals noticed healthful will enhance month-over-month.
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Class 3-4 cabovers commond $23,022 in October. This was $482 (2.1 %) decrease than September, however $9,679 (92.2 %) greater than October 2020. Class 4 typicals commond $29.618, $732 (2.5 %) greater than September, and $7,943 (36.6 %) greater than October 2020. Lastly, Class 6 typical pricing commond $38,707 in October, $2,256 (6.2 %) greater than September, and $17,970 (86.7 %) greater than October 2020.
J.D. Power says the market appears good for the yr forward, and references two takeaways from the 2021 Used Truck Affiliation (UTA) Convention that current causes for continued optimism.
“First, mannequin-yr 2019 deliveries have been about 30 % greater than mannequin-yr 2018 deliveries. 2019’s flip 4 yrs previous in January. We’ve seen an incremental enhance in the Quantity of 2019’s purchased in current months, however demand for these vans Continues to be outstripping current. This mannequin yr’s greater construct might Discover your self to be extra significant later in 2022 assuming financial circumstances start refliping in the direction of historic enhancement,” The agency states.
“Second, any ‘shadow inventory’ of unseated fleet vans ready for drivers is Most probably negligible at this level. The enlargement of The driving strain pool mixed with the all-time-extreme worth of a used truck means there’s no rationale for hpreviousing idle inventory. Eliminating this unknown makes it simpler to interpret truck utilization knowledge.”
For extra information, and to study Every thing of this month’s report, please Click on Right here.