Auction channels sold a moderately higher volume of trucks in August 2022 as fleets continued to offload their highest-mileage units and owner-operators shifted back to fleets. Depreciation for trucks with mileage typical for their model year appears to have relaxed this month.

According to J.D. Power Valuation Services, looking at two- to six-year-old trucks, August’s average pricing for the benchmark truck was:

• Model year 2021: No trucks sold
• Model year 2020: $93,426; $23,414 (20.0%) lower than July
• Model year 2019: $75,325; $5,112 (6.4%) lower than July
• Model year 2018: $64,406; $3,083 (5.0%) higher than July
• Model year 2017: $44,007; $1,229 (2.9%) higher than July 

In August, three- to six-year-old trucks averaged 8.0% less money than July, but 3.2% more money than August 2021. Year over year, late-model trucks sold in the first eight months of 2022 averaged 61.0% more money than the same period of 2021. Year to date, three- to six-year-old sleepers have depreciated 6.1% per month on average.  

Despite the ongoing market correction, selling prices are still over 45% higher than the last pre-pandemic peak. Demand continues to fall back toward a more rational level, but various tailwinds will support pricing to an extent.  

August’s retail environment appears to be similar to July 2022 with few check-writers buying trucks and selling prices being more stable than expected. 

The average sleeper tractor retailed in August was 68 months old, had 439,965 miles and brought $107,977. Compared with July, this average sleeper was two months older, had essentially identical miles, and brought $64 (0.1%) less money. Compared with August 2021, this average sleeper was five months newer, had 14,142 (3.1%) fewer miles, and brought $33,484 (44.9%) more money. 

Looking at two- to six-year-old trucks, August’s average pricing was as follows:

• Model year 2021: $153,572; $843 (0.5%) lower than July
• Model year 2020: $140,214; $3,585 (2.5%) lower than July
• Model year 2019: $113,248; $272 (0.2%) lower than July
• Model year 2018: $93,121; $4,123 (4.2%) lower than July
• Model year 2017: $75,968; $3,153 (4.3%) higher than July 

The sample size of model-year 2021 trucks continues to increase, including a wider range of mileage. As such, going forward, the average price figure for that model year should look more like August and July than earlier months.

Otherwise, three- to five-year-old trucks brought an average of 2.1% less money in August than July. Trucks in this age group brought 68.6% more money in the first eight months of 2022 than the same period of 2021. Depreciation is averaging 1.5% per month in 2022, less than expected by this point in the year, and substantially better than the auction channel. Retail pricing for late-model trucks is still more than 50% higher than the last pre-pandemic peak.