Truck volumes increase & median prices decline
At the beginning of 2022 we saw record demand for truck tractors. However, as new trucks have become more available, we have seen used truck volumes increase across our marketplaces. This resulted in a significant decline in median pricing for truck tractors in 2022—from approximately US$31,000 per unit in Q1 to US$20,000 per unit in Q4. We have seen price declines for tandem-axle truck tractors in Canada as well, but they have been more modest.
Our latest Market Trends Report discusses data and trends related to transportation equipment and vocational trucks, including van trucks, flatbed trucks, dump trucks, van trucks, lowboys, and more.
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Interestingly van trucks continue to bring big returns, while volumes trended down. In Q4 2022 van trucks sold in the U.S. achieved a median price of approximately US$11,000, which is up from US$7,000 in Q1 2022. Van truck prices are up in Canada as well, but only slightly.
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According to Ritchie Bros. Senior Vice President, Doug Olive, Ritchie Bros. “experienced record truck tractor pricing through the pandemic, as a result of OEM production issues, the growth of online shopping, an increased need for transport, and other industry issues. As new truck production catches up to demand, we have seen auction volumes for used trucks increase while prices decline. At Ritchie Bros. we currently have more than 4,000 truck tractors for sale in our upcoming auctions and online events.”
Below are charts outlining sales of truck tractors in the United States and Canada in 2022. For more data like this, subscribe to Ritchie Bros.’ Market Trends Report today.
