April was another month with stable pricing. Retail sales volume was lower than expected, and the predicted increase in trades has not yet come to pass. As was the case last month, a number of aggressively-priced, multi-unit packages impacted our averages. Actual pricing for individual trucks was better than the figures below suggest.

The average sleeper tractor retailed in April was 81 months old, had 459,737 miles, and brought $49,299. Compared to March, the average sleeper was 5 months older, had 3,102 (0.7%) fewer miles, and brought $797 (1.6%) more money. Compared to April 2017, this average sleeper was 7 months older, had 6,094 (1.3%) more miles, and brought $878 (1.8%) more money.

Looking at trucks three to five years of age, April’s average pricing was as follows:

Model year 2016: $78,667; $5,898 (7.0%) lower than March

Model year 2015: $63,686; $1,931 (2.9%) lower than March

Model year 2014: $46,995; $440 (0.9%) higher than March

On a year-over-year basis, late-model trucks sold in the first four months of 2018 brought 4.8% more money than in the same period of 2017.

Looking at specific models, lower volume in April resulted in some competitive movement that we do not consider notable. The exceptions to this assessment are one or two models which saw outsized volume and depressed pricing. Also, newer International ProStars have made notable gains, particularly when equipped with the Cummins ISX.

Strong demand for freight and long lead times for new trucks are supporting pricing on the used side. We still expect the supply of used trucks to increase noticeably as the second quarter unfolds. Even in a rebounding environment, there’s only so much supply the market can absorb. As such, we still predict depreciation will average 2% per month by year’s end.