Work Truck Solutions has released its ComTrend Analysis of used and new commercial vehicle prices for the first quarter of 2022. While demand for commercial vehicle (CV) inventory remained high, several movements in the data indicated there are trends shaping the industry and driving buyer behavior.
Used Work Truck Prices
The median mileage for used work trucks has been trending upwards since late 2020, with the most recent metrics showing an increase of 5.1% in Q1 2022 compared to Q1 2021, and a 1.2% uptick from Q4 2021. Even though median mileage for used commercial vehicles continued to rise, it did not prevent average list prices for these same vehicles from going up as well. Prices increased 4.2% in Q1 2022 compared to Q4 2021, and a whopping 31.9% versus Q1 2021.
According to Kathryn Schifferle, Work Truck Solutions CEO, this data reflects the point that, “Businesses simply cannot be without the vehicles they need to survive. If they do not have the work trucks and vans needed to operate, their profits suffer.” Unlike retail shoppers, business buyers cannot push purchases back. When they are without vans and trucks to run their day-to-day operations, they are losing money. She added, “Dealerships who can provide alternative sources for commercial vehicles, particularly at a time when OEMs simply cannot push out enough new ones to meet demand, are in a great place. Not only can they win these B2B customers today, but they’re also building long-term business for the future.” Schifferle concluded, “We’ve continued to create tools for our dealer customers to succeed in this transforming market, such as Comvoy.com, VAST and EZOrder, and this is a path we’ll stay on since change is the only constant right now.”
New Work Truck Prices
When reviewing new commercial vehicle average list prices, Q1 2022 versus Q1 2021 data shows a similar trend to used data, with prices climbing over 15%. However, these prices flattened in Q1 2022 compared to Q4 2021, indicating that new vehicle prices may be entering a phase where they simply hold at these higher price levels. As we move further into 2022, Work Truck Solutions will continue to monitor this trend.