June's Market Trends Report discusses transportation data & trends

Our latest Market Trends Report features detailed data and trends from the transportation sector to see what's driving used truck prices in 2023.

We compare truck tractor volumes and prices from March – May 2023 to prices achieved during March – May 2022. In the U.S. and Canada, we are seeing volumes for four-, five-, and seven-year-old trucks increase significantly, while 6-year-old trucks are in shorter supply.

Unsurprisingly, this influx of used trucks has resulted in declining median prices, especially in the U.S. During March to May 2022, four-year-old truck tractors were bringing a median price of US$75,000—this year the price has dropped to approximately US$41,000.

“During the pandemic, with record high spot rates, we experienced a short supply of used truck tractors in the market," said Doug Olive, Senior Vice President (Pricing), Ritchie Bros. "As the spot rate market declined, we' began to see an uptick in volumes through our various transaction solutions."

"Over the past year we have seen spot rates continue to decline, while used truck volumes have increased as much as 100% to 400% for certain truck types.”

Price declines in Canada, but not as drastic

We have also seen declining median prices for truck tractors in Canada this year, but the declines have not been as significant. In fact, six-year-old trucks sold in Canada actually saw a 13% median price increase during March to May 2023.?

Meanwhile, the median prices for four-year-old trucks have declined approximately 28% compared to same time period last year.

For both the U.S. and Canada the top selling truck tractor manufacturers were Freightliner, International, and Kenworth. Over the past three months alone, we have sold 1,900 Freightliners, 680+ Internationals, and 600+ Kenworths in the U.S.

Rouse Services retail update

Retail sales volume in May 2023 increased slightly vs. the prior year, with 3% more transactions taking place than in May 2022. Overall, retail volumes are running at typical levels as we head into the summer months.

Wholesale volumes (equipment sales to dealers, wholesalers, and brokers) have increased significantly this year, with volume now 29% higher through five months of the year vs. 2022 levels.

Meanwhile, on the pricing side, retail values continued to slowly moderate, with values declining 0.7% during May. However, while Rouse Services has noted value declines in five of the most recent six months, valuation still sit at historically strong levels. In fact, retail values are still 3% higher in May 2023 than the price levels we observed in May 2022.

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