A new report by J.D. Power Valuation Services finds that although auction volume for commercial vehicles in February was similar to that of January, prices fell unexpectedly. The report also suggests that the March 5 sale of equipment – mainly trailers and single-axle day cabs – as part of a liquidation by defunct carrier Yellow Corp. is having a significant impact on prices in March.
The number of late-model sleepers sold in February was comparable to the January figure. However, prices dropped significantly, particularly among trucks that hit the 5-year-old mark in January. The report found that the average price in February of model-year 2020 sleeper tractors was $37,064 — a nearly 26% decrease from January.
Current pricing is roughly 65% higher than it was at the last market low point in late 2019. In inflation-adjusted dollars, it is 37% higher.
Class 8 retail
The average sleeper tractor retailed in February was a month shy of 6 years old, had about 436,000 miles and sold for $62,400. This is an approximately $16,800, or 21.2%, dip from February 2023, the report found, even though the typical sleeper sold in February 2024 was two months newer and had about 35,000 fewer miles.
Model-year 2022 trucks retailed in February for $128,768 on average — a nearly 25% increase from January. 2018 trucks saw an almost 15% decrease in cost since January. Overall, 3-to-5-year-old sleeper tractors brought 10.4% higher revenue in February compared to January, but that was “artificially inflated” by a comparatively high number of 3-year-old owner-operator trucks, the report stated.
Late-model day cabs brought in 16% less in February 2024 compared with February 2023.
With regard to Yellow’s liquidation, the report noted that with the first major sale of the carrier’s equipment on March 5, “pricing was what you might expect for so many trucks and trailers released into the market in a short time. Prior to that date, it was unusual to see a notable number of late-model, single-axle daycabs in the marketplace, and selling prices reflected this increased supply.”
Yellow’s auction liquidation didn’t factor into February’s retail data, J.D. Power stated, but it said its April report will provide more specific information on sales.
Yellow shuttered last July.