Wholesale used truck market surges in March
Numbers of trucks sold at auction in March came roaring back in March after a quiet start to the new year.
According to data released by NADA, the average used truck sold at auction or dealer-to-dealer in March was 86 months old, had 699,500 miles, and brought $32,183. Month-over-month, this truck was 3 months older, had 23,965 (or 3.3 percent) fewer miles, and cost $492 (or 1.5 percent) more.
Year-over-year, the average truck was 7 months newer, had 43,785 (or 5.9 percent) fewer miles, and cost $8452 (or 26.3 percent) more.
NADA senior analyst Chris Visser says the year-over-year increase is due mainly to a higher number of 2009 and 2010 model-year trucks moving through wholesale channels, their higher relative pricing comprising a larger proportion of the universal average this month.
“As for high-mileage trucks, buyers continue to pay more for trucks with over 800,000 miles, continuing a trend that began in the first quarter,” he says. “In 2014 to date, trucks in this mileage group make up a larger proportion of the market than they did in 2013.”
The market for pre-DPF trucks with remaining useful life remains healthy outside of coastal/port regions, Visser adds, noting many buyers see a major engine overhaul on high-milage units worth the investment.
“Anecdotal evidence suggests this activity is most common in the long and tall segment,” he says, “but our data indicates aerodynamic models are also contributing to this trend.”
Visser suggests dealers may want to revisit their aged, high-mileage inventory, as there may be more buyers out there now than in previous months.