June 30, 2022
Used Trucks Are Still Booming. Is ‘Used’ The New Normal?
Edward Lindsay, PacLease Used Equipment Wholesale Manager
Tosha Missel, PacLease Marketing Specialist
Still booming. That's a phrase I never thought I'd be writing again when it comes to the global used truck market, but that's exactly what's happening. We've had an unprecedented boom in the second-hand market in recent years. Even with the supply challenges on diesels and the latest surge in oil prices, we're seeing nothing short of a record year for used trucks.
Supply chain shortages and chip shortages had resulted in lower production of new units globally for all manufacturers. Due to these shortages, the market for used trucks has been hot, with a large demand for day cabs and sleepers. According to ACT Research, the last 6 months have seen a nearly 83% increase in prices due to the supply-chain hurdles and strong demand of the market.
As we enter the second half of the year, we are seeing indicators that used truck pricing is starting to level out, likely due to the increase in manufacturing output and supply chain improvement for new trucks. With the increase in new units on the market, used equipment is coming available at a higher rate. This can be attributed to the fact that many owners opted to hold onto their vehicles until they were certain there would be a steady supply of new vehicles available for purchase. While new truck supply is improving, yet still hard to find; it appears that the used truck market will balance back to pre-pandemic levels.
The market will remain strong as long as buyers are willing to adjust their thinking. Cost of transportation has increased with fuel prices, adding onto the overall cost of the unit. With the increase in fuel prices globally and economic adjustments, more buyers are looking to purchase used equipment that is logistically centered closer to home. As the market adjusts, pricing will continue to stabilize resulting in less sticker shock, allowing buyers a better purchasing experience.
Get in touch with a PacLease Used Truck Expert and let them know what type of Used Truck you are looking for by emailing PacLease.UsedTrucks@PACCAR.com.
To learn more about PacLease Used Trucks visit https://paclease.com/our-trucks/used-equipment/.
For more stats on the Used Truck Market from ACT Research.