Ritchie Bros. continues to see used truck prices increase

by Today's Trucking

Older trucks are selling for more money at Ritchie Bros. auctions, the company reports, as owners hang onto equipment longer due to supply chain disruptions affecting new vehicles.

“Transportation equipment prices are hitting new record levels, while medium earthmoving, aerial, and vocational truck prices also continue to climb,” said Doug Olive, senior vice-president, pricing.

For the quarter ended Sept. 30, truck tractors were fetching 17% more than the same period last year in Canada, with vocational trucks commanding a 23% premium. That lags the U.S. increases of 46% and 35%, respectively.

Ritchie Bros. truck auction
(File photo: Ritchie Bros.)

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