Used Equipment Prices Continue Up

Oct. 25, 2021

Prices for used vocational trucks are up 35 percent in the third quarter compared to last year, according to Ritchie Bros.’ October Market Trends Report. Prices for used medium earthmoving equipment are up 38 percent.

The report looks specifically at mixer trucks, mechanics trucks, and flatbed trucks sold in the U.S. It says older units are selling for more money as many companies are holding on to equipment and trucks longer because of the uncertainty in the supply chain for new assets. In Q3 2021 alone, the median price for mechanics trucks in the U.S. is up 54 percent year over year.

“We continue to drive unprecedented demand across all our marketplaces, with our two most recent regional auction events in September registering more than 20,000+ online bidders combined,” “Transportation equipment prices are hitting new record levels, while medium earthmoving, aerial, and vocational truck prices also continue to climb,” said Doug Olive, SVP (Pricing) for Ritchie Bros., in a prepared statement.

Doug Rusch, managing director of Rouse Sales, said in a statement:

“Used equipment is transacting at the highest price levels we’ve seen in five years at Rouse. In fact, the rise in retail values is accelerating, with values in August and September increasing at a more significantly rapid rate than the first half of 2021. Coinciding with the rise in retail values, which climbed an additional 3 percent in September, we have seen a moderate decline in used equipment sales volumes, as used supply remains tight across the industry and fleet owners carefully manage available inventory.”

Source: Ritchie Bros.