Used truck prices continue to rise in Canada, according to the latest market update from auctioneer Ritchie Bros.
The average price for a used Class 8 soared to a new high for the third consecutive month as June sales climbed year-over-year amid the lowest inventory levels yet in this cycle. The price hit US$61,219, or 51% higher compared with $40,449 a year earlier.
Ritchie Bros. saw used truck tractor prices rise 14% in the second quarter, compared to the same period last year, while vocational trucks secured prices that were 21% higher than the second quarter of 2020. But prices may be easing on this side of the border
The volume of model year 2011 to 2013 trucks sold has held steady, with 2014-model-year trucks sold outnumbering previous year models, according to J.D. Power’s Commercial Truck Guidelines for March