Used truck prices up 31% in Q2: Ritchie Bros.

The price of used tractors sold through Ritchie Bros. auctions continued to push higher in the second quarter of the year, reaching levels 31% above the same time frame last year.

Vocational trucks saw increases of their own, priced 14% above those in the second quarter of 2021.

The results emerged in the auctioneer’s July 2022 Market Trends Report.

Ritchie Bros.
(File photo: Ritchie Bros.)

In the U.S., used truck tractor prices rose 39% in the second quarter of 2022, compared to the same timeframe in 2021, while vocational truck prices were up 25%.

“There is still ongoing price inflation in U.S. and in Canada. In both countries the highest inflation remains in transportation [in U.S.: 40%, in Canada: 32%] and in truck tractors [in U.S.: 39%, in Canada: 31%],” the report said.

But the price inflation in Canada is beginning to slow for all equipment categories except for agricultural tractors. Vocational trucks saw the biggest slowdown in such rates, dropping to 14% in June compared to 19% in May.

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