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Used Day Cab Inventory Exceeds Sleeper Truck Inventory In Historic First
New Sandhills Global market reports reveal that the inventory of used day cab trucks has surpassed that of sleeper trucks for the first time, signaling a shift in the heavy-duty truck market. Meanwhile, both asking and auction values continue their downward trajectory. The reports provide insights into used trucks, trailers, construction equipment, and farm machinery traded on Sandhills' U.S. marketplaces. According to Truck Paper Manager Scott Lubischer, "Auction values have been declining faster than asking values for heavy-duty trucks, a trend worth monitoring as auction values often predict market directions."
In the used farm equipment sector, the gap between asking and auction values remains wide, with auction prices falling faster than asking values. This is particularly noticeable in the used combine market. For high-horsepower tractors (300 hp or more), TractorHouse Manager Ryan Dolezal notes, "Inventory levels are at an all-time high. This could lead to a surplus of low-hour used tractors on the market."
Construction equipment markets also reflect rising inventory levels, with auction values declining more rapidly than asking values. "While it's typical to see asking values trailing auction values, it's crucial for sellers to keep an eye on this trend," remarks North American Construction Director Stephanie Olberding. "Especially as we approach the end of 2024, auction prices often indicate where the market is headed."
The cornerstone of Sandhills' market reports is the Sandhills Equipment Value Index (EVI), which helps buyers and sellers make informed decisions regarding acquisitions, liquidations, and related business strategies. The EVI data encompasses equipment available in both auction and retail markets, as well as model-year equipment actively in use. The EVI spread measures the percentage difference between asking and auction values.
### Additional Market Report Highlights
Sandhills market reports spotlight the most significant shifts in its used heavy-duty truck, semitrailer, farm machinery, and construction equipment markets. Key takeaways from the latest reports are outlined below. For comprehensive reports, please reach out.
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#### U.S. Heavy-Duty Trucks
- Used day cab truck inventories have overtaken sleeper trucks, driven by the 5- to 10-year-old heavy-duty truck segment. Overall inventory levels fell by 2.28% month-over-month (M/M) and 10.42% year-over-year (Y/Y), continuing the downward trend since January. While day cab inventory is nearing pre-COVID levels, sleeper truck inventory remains below those levels.
- Used heavy-duty truck asking values have declined for 25 consecutive months. In October, asking values decreased by 1.12% M/M and 15.27% Y/Y, with sleeper trucks experiencing the sharpest decline at 15.94% Y/Y.
- Auction values fell by 1% M/M and 18.68% Y/Y in October, with day cabs seeing the largest auction value drop at 23.5% Y/Y.
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#### U.S. Used Semitrailers
- Sandhills reported a shift from an upward to a steady trend in October. Inventory levels dropped by 5.84% M/M but rose by 8.52% Y/Y. Flatbed trailers saw the highest Y/Y inventory gain at 28.53%, while dry van trailers experienced the largest M/M inventory loss at 8.74%.
- Asking values continued their 26-month downward trend, declining by 3.48% M/M and 18.87% Y/Y in October. Used reefer trailers led the decrease, falling by 26.68% Y/Y.
- Similarly, auction values have been declining for 28 months straight. In October, auction values decreased by 2.27% M/M and 18.12% Y/Y, with reefer trailers experiencing the steepest fall at 6.99% M/M and 30.38% Y/Y.
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#### U.S. Used Medium-Duty Trucks
- Inventory levels in this market increased by 1.35% M/M and 5.45% Y/Y, trending sideways.
- Asking values have been declining for 22 months. In October, they fell by 0.33% M/M and 13.93% Y/Y, largely due to used cab and chassis trucks, which dropped by 22.46% Y/Y.
- Auction values have also been declining for 22 months. Despite a slight 0.65% M/M increase, auction values fell by 22.31% Y/Y in October. Used cab and chassis trucks showed the greatest decrease, down 28.08% Y/Y.
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#### U.S. Used Tractors 100 HP & Greater
- Inventory levels rose by 1.61% M/M and 29.04% Y/Y in October, driven mainly by high-horsepower tractors, whose inventory increased by 46.54% Y/Y.
- Rising inventory is exerting pressure on values. Asking values increased by 0.7% M/M but fell by 3.61% Y/Y, marking a six-month downward trend. The 175-299-hp tractor category saw the most significant drop at 6.69% Y/Y.
- Auction values have been declining for seven consecutive months. In October, auction values rose by 1.48% M/M but fell by 13.77% Y/Y, with high-horsepower tractors experiencing the largest decrease at 14.89% Y/Y. The widening EVI spread indicates faster declines in auction values compared to asking values.
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These reports underscore the dynamic nature of the used equipment market and emphasize the importance of monitoring trends like inventory levels and value spreads to make strategic business decisions. For further details, contact Sandhills Global at [email protected].