J.D. Power says depreciation is finally slowing as the year ends. Monthly depreciation is down to 4% for 2023.
The company says late-model trucks with average or lower mileage for their age have lost less than 4% of their value each month in the fourth quarter. High-mileage trucks have probably seen the worst of their devaluation, analysts say.
Average pricing for the benchmark three- to seven-year-old truck in November was:
Four- to six-year-old trucks brought 3.9% less money than in October and 40.2% less than in November 2022. For the first six months of 2023, late-model sleepers brought 41.6% less money than the same period of 2022.
The average sleeper sold was 71 months old with 429,243 miles. The price tag was $62,252. Compared with October, this average sleeper had fewer miles and brought 7.7% less money. Compared with November 2022, it was two months newer, had 8.5% fewer miles and brought 30.7% less money.
November average pricing for two-to-six-year-old trucks was:
J.D. Power says that end-of-year sales with identical specifications pulled down November's averages. Actual markets for individual models were more nuanced, it says, despite the substantial declines shown above.