Used Canadian truck prices soar in Q1

Canada’s used truck tractors are commanding values 50% higher than those paid a year ago, Ritchie Bros. reports.

The figure reflects sales in the first quarter of 2022, compared to the same time frame last year.

As high as the increase has been, prices in the U.S. were up 58% year over year.

Pricing was strong regardless of the manufacturer, the auctioneer added.

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

“We continue to see tight supply and strong end-user demand for equipment across retail and auction markets. Retail values continue to rise month over month, increasing another 2% in March, making that an increase of 24% over the past 16 months,” said Doug Rusch, managing director – Rouse Sales, in Ritchie Bros’ April Market Trends report for North America.

“Auction values were also up 2% last month, building on the significant 5% increase we saw in February.”

Canada’s used vocational trucks, meanwhile, saw prices increase 30% when comparing the two timeframes.

The increases are not limited to on-road equipment, either.

Large earthmoving equipment saw prices rise 11% on this side of the border, while used medium earthmoving equipment prices were up 31%.

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