July was a fairly good month for the lighter GVW classes of conventionals, with pricing for our Class 4 benchmark group up mildly month-over-month and substantially year-over-year. Volume took a dip in July, although 2014’s monthly average is very close to 2013’s if a one-month outlier is ignored.

Heavier GVW classes, on the other hand, had a rough month, with our Class 6 benchmark showing low volume and unusually high mileage. These factors resulted in a massive month-over-month decrease in pricing.

Looking at the data, 4-7 year-old Class 4’s came in at an average of $16,246 - $403 (or 2.5%) higher than June, and $2330 (or 16.7%) higher than July 2013. Average mileage was comparable to last month, at 104,739 – right in line with the recent average. Volume was down to 37 for this cohort, which is 16 fewer than last month, and 5 fewer than July 2013. See graph below for detail.

With pricing continuing to move mildly higher and other measures similar to recent trends, we continue to define this segment as moderately strong.

For Class 6’s, pricing hit a 9-month low at $14,346 - $6924 (or 32.6%) lower than June, and $912 (or 6.0%) lower than June 2013. We consider this month an anomaly, though, since average mileage was a whopping 243,291 – an increase of 136,240 (or 127.3%) over June, and a 53,755 (or 28.4%) increase over June 2013. Volume has been depressed for this cohort since the beginning of the year, and July was no exception. This group returned a mere 7 trucks sold, which was actually 1 more than June, but 39 fewer than July 2013. See graph below for detail.

With such low monthly volume, large swings in our averages are expected. The Class 6 market remains selective, with limited demand for average-mileage trucks, but stronger pricing for low-mileage iron.

Stay tuned for July pricing data from other market segments next week.