With the seasonal lull in auction activity in place, there were very few units of our benchmark model sold in January. Low volume can create anomalies in our averages, but this month's figures looked stable. The exception was trucks of model-year 2015, which showed a dip that can be explained by a high-mileage and low-spec mix of trucks sold. See below for detail.

Model year 2016: $51,895 average; $2,520 (4.9%) higher than December

Model year 2015: $39,125 average; $4,425 (10.2%) lower than December

Model year 2014: $31,500 average; $500 (1.6%) lower than December

Model year 2013: $29,700 average; $550 (1.8%) lower than December

Model year 2012: $24,175 average; $825 (3.3 %) lower than December

Model year 2011: No sales in January

There was essentially no depreciation in 2018 for 4-6 year-old examples of our benchmark model. On average, this group brought 21.5% more money year-over-year. We expect the supply and demand relationship to look more historically typical as 2019 progresses, resulting in more noticeable depreciation.