Used truck sales volumes creeped forward in the auction market last month while retail sales showed little month-over-month change, J.D. Power reported Monday in its November 2024 Commercial Truck Guidelines report.
J.D. Power says auction volumes picked up in October to make up for September’s lukewarm result. Pricing was mostly stable as well.
Among late-model sleepers, J.D. Power's benchmark model pricing was as follows:
- Model year (MY) 2021: $44,857; $3,090 (6.4%) lower than September
- MY 2020: $35,825; $493 (1.4%) lower than September
- MY 2019: $28,302; $4,206 (17.5%) higher than September
- MY 2018: $18,506; $572 (3.2%) higher than September
Overall, the company says prices for 4- to 6-year-old sleepers was 0.6% lower than September. Pricing is currently 4% lower than the strong pre-pandemic period of 2018 in nominal figures (23% lower if adjusted for inflation), but 42% higher than the last market nadir in late 2019 (16% higher if adjusted for inflation).
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"Stable pricing since the second quarter has kept the monthly depreciation average down to a very low 1.2%," the company reports.
In the retail sector, there was little change last month. J.D. Power says retail sleeper pricing was essentially unchanged and daycab pricing strengthened slightly.
Overall, the average sleeper tractor retailed in October was 62 months old, had 456,590 miles and brought $58,759. Compared with September, J.D. Power says this average sleeper was one month newer, had 16,393 (3.7%) more miles and brought $790 (1.3%) less money.
Compared with October 2023, this average sleeper was nine months newer, had 19,363 (4.4%) more miles and brought $8,682 (12.9%) less money.
Average pricing for late-model trucks was as follows:
- MY 2023: $111,048 $7,354 (6.2%) lower than September
- MY 2022: $92,055; $1,462 (1.6%) higher than September
- MY 2021: $58,700; $2,981 (4.8%) lower than September
- MY 2020: $37,515; $1,780 (3.7%) higher than September
- Model year 2019: $37,515; $674 (1.8%) lower than September
- Model year 2018: $28,974; $3,054 (11.5%) higher than September
J.D. Power says among 3- to 5-year-old sleepers, pricing was up 0.1% in October from September but was down 7.9% from last year. Late-model sleepers are now bringing 11% less money than the last strong pre-pandemic period of early 2019 in nominal dollars, or 29% less when adjusted for inflation. Compared with the last weak pre-pandemic period, late-model sleeper values are running 15% higher in nominal dollars or 6% lower in real dollars.
Depreciation in 2024 is averaging 2.2% per month, which is historically typical, the company adds.
Daycab pricing was a little better last month as trucks sold at retail in October brought 2.7% more money than September. Compared with October 2023, this segment brought 2.2% more money. J.D. Power adds price stability in the most recent three months has improved the year-to-date monthly depreciation average to 3.1%.
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"The retail and auction markets for daycabs continue to diverge, with retail stable and auction continuing to decline. As such, we still view the daycab segment as depreciating," the company says.
Overall, retail volumes were 2.4 trucks per rooftop in October. J.D. Power states that is identical to September with, overall, 2% more trucks were reported sold retail in October vs. September.
For more information, and to read the entirety of this month’s report, please CLICK HERE.
