According to an analysis by Work Truck Solutions, the median mileage for used work trucks increased 5.1 percent in the first quarter compared to the same period in 2021.
The numbers are from the organization’s ComTrend Analysis of used and new commercial vehicle prices for the first quarter of 2022.
The median mileage for used work trucks has been trending upward since late 2020, the group said, and first quarter mileage numbers were up 1.2 percent compared to the fourth quarter of 2021. Even though median mileage continued to rise, average list prices for these same vehicles went up. Prices increased 4.2 percent in the first quarter compared to Q4 2021, and 31.9 percent versus the same period a year ago.
“Businesses simply cannot be without the vehicles they need to survive,” said Kathryn Schifferle, CEO, in a prepared statement. “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, according to the group.
“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,” Schifferle said. “Not only can they win these B2B customers today, but they’re also building long-term business for the future.
New work truck prices
Average list prices for new work trucks increased 15 percent in the first quarter compared to the same period a year ago. 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, according to the group.
Source: Work Truck Solutions