2012 model year trucks hit market in record numbers
The numbers of late model trucks entering the retail marketplace more than doubled in April according to data from NADA.
April data shows a 135 percent increase for that model year over March.
“In recent months, we have noted a moderate increase in the number of late-model trucks coming off-lease and selling in the retail market, but we didn’t expect the trend to shift so suddenly and drastically to favor 2012’s,” says Chris Visser, NADA’s senior analyst. “April’s universal average simply blew away all recent months to set a new record.”
“…the 2012 model year marked the return to a somewhat typical build rate after 4 years of depressed conditions,” he says. “Also, fleets are generally back to following typical trade cycles of 3-5 years. As such, we knew that 2012’s would eventually be represented in greater numbers, but not to this degree in one month.”
Model year 2012 trucks weren’t the only ones enjoying a sales boon in April. In addition to 2012’s, trucks of every model year back to 2007 sold in greater numbers in April, Visser says. Sales of 2011 trucks jumped 76 percent, and 2010s and 2009s both surpassed 2011s in volume for the first time in five months.
“Looking at pricing by model year, only 2012’s decreased (versus) last month, and only by 1.9 percent,” he adds. “2011- 2007 model year trucks were either similar to March or higher.”
The average used truck retailed in April went for $60,073 – $4,182 (or 7 percent) higher than March, and $8,619 (14.3 percent) higher than last April. Average mileage in April was its lowest in more than three years at 506,381 – 17,678 (or 3.4 percent) lower than last month, and 22,356 (or 4.3 percent) lower than April 2013.
Average age was 73 months – 4 months younger than last month, and 5 months younger than April, 2013.