Used truck prices surge in first quarter

Used truck tractor prices were up 9% year over year in the first quarter of 2021, Ritchie Bros. reports in its latest used equipment market trends summary.

Vocational truck prices were up 2%, according to the auctioneers.

As large as the Canadian increase was, it still pales in comparison to the 20% increase for used truck tractor prices in the U.S. market, and the 16% seen with used vocational trucks.

(File photo: Ritchie Bros.)

Ritchie Bros. recorded median tandem-axle truck tractor prices of $15,073 (Cdn $18,500) in March, up from the $12,706 recorded in March 2020. That trailed median prices of $22,500 south of the border, and even the $16,000 recorded in that market during March 2020.

Prices are in US dollars unless otherwise indicated, for the purpose of comparisons.

Van trucks sold by the auction house reached a median price of $5,305 (Cdn $6,500) in Canada and $9,600 in the U.S. last month. That’s up from March 2020 in both markets, when prices were at a respective $4,695 and $7,000.

Tri-axle truck tractors fetched median prices of $33,633 (Cdn$42,500) in Canada and $29,500 in the U.S. during March 2021. In March 2020, median prices in the Canadian market were $40,918, while the U.S. was at $30,000.