ATLANTA, May 05, 2021 (GLOBE NEWSWIRE) — 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/
For additional information on Price Digests, contact Lisa Gill Gardner at Lisa.gardner@informa.com.
About Price Digests
For over 100 years, Price Digests has served the vehicle data needs of the insurance, finance, government, and dealer markets through its portfolio of VIN Decoding, Specs and Market Value data solutions for the commercial truck, passenger vehicle, marine, powersport, and recreational vehicle asset classes. Our data solutions help enterprises drive competitive advantage through asset data workflow efficiencies while also playing a pivotal role in decisions surrounding the purchase, valuation, operation, and risk mitigation of assets.
About Informa
Informa PLC is a leading, international business to business information services Group, operating in over 30 countries. We create transaction-led exhibitions and content-based events, specialist data, intelligence and marketing services products, as well as scholarly research and specialist reference-led academic content. Our products and services help businesses and professionals connect, learn, do business and gain an edge over the competition. Informa is listed on the London Stock Exchange and is a member of the FTSE 100.
Media Contact:
Lisa Gill Gardner
Lisa.gardner@informa.com
+1 678 617 8653
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