Price Digests Analysts say demand for used commercial vehicles stays strong despite increasing resale prices

Impacts of chip shortages and production delays felt on the resale channel

Price Digests, a leading provider in vehicle data, analytics, and automation for commercial lines insurers, reports that average list prices for used commercial trucks (classes 4 through 8) have been increasing since Q2 2020.  Average prices from Q2 2020 to Q1 2021, have gone up 13.6%, with heavy-duty trucks up 12.2% and medium-duty trucks up 20.8%. 

Jessica Carr, Director of Data & Analytics, Price Digests says, “The data Price Digests collects each month shows trucks in the resale market are selling for higher prices while staying on the market for shorter periods of time. Normally, when we see prices go up, we know there’s a strong demand and expect to see that the trucks sell quickly. But chip shortages mean new trucks are not being delivered as planned, so fleet owners who need trucks are turning to the resale market to fill their immediate needs. And the data we have shows they are willing to pay higher prices.”

Resale prices and vehicle ages on the rise, time on market declines 

Carr added, “Fewer new trucks on the market also means that commercial trucks on the road are getting older. We like to keep an eye on the market, and part of understanding value of trucks is understanding age and what people are – and are not – willing to pay.  Our review of the data this month shows that there is strong demand for both new and used commercial trucks.  That’s a sign of a healthy economy.”

A complete analysis and breakdown of resale value changes in the past year for various commercial truck classifications can be found at https://pricedigests.com/blog/impacts-chip-shortages-production-delays-felt-resale-channel/

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