Truck price inflation tapers in Canada: Ritchie Bros
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.
(File photo: Ritchie Bros.)
“Interestingly, when comparing June 2021 price indexes to May 2021, we see that while price inflation continues across our U.S. indexes, it appears to be tapering off in Canada,” the auctioneer note in its July market trends study. “We will be paying close attention to this in the coming weeks and months to see if the tapering continues.” The company reports a particularly hot market for 2017 tandem-axle tractors in Canada, while U.S. buyers seem to be favoring the 2015 models listed by the auction house.
While the 2014-17 truck models were a year older and had higher usage, their median price was more than 45% higher in the first half of 2021 when compared to the same period in 2020, it adds. Vocational truck and aerial equipment prices increased a respective 21% and 17% year over year in Canada, while vocational trucks in the U.S. saw equipment prices rise 25% during the same period. Canada’s median price for 2014 tractors reached £24,800 in the second quarter, up 41.4% over the previous three months.
The 2015 models sold for £30,500, up 3.4%; 2016 models went for £32,000, down 2.3%; and 2017 trucks had a median price of £54,000, up 27.1%. Ritchie Bros. sold more than 360 of the 2014-17 Model Year trucks in the second quarter, up from more than 240 in the first quarter. South of the border, the median prices registered at US£23,000 for 2014 models, US£32,500 for 2015, US£37,500 for 2016 models, and US£37,000 for 2017 units. The 2015 models were priced 16.1% higher than the first quarter, while 2017 models were 11.9% lower.
More than 1,000 of the 2014-17 trucks were sold in the second quarter, while more than 1,450 were sold in the second quarter.
The median price of U.S. van trailers jumped 36% in the second quarter of this year, compared to the first quarter, with high demand linked to delays in shipments for new trailers.
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