Work Truck Solutions has released its ComTrend Analysis of used and new commercial vehicle prices for the first quarter of 2022. While demand for commercial vehicle (CV) inventory remained high, several movements in the data indicated there are trends shaping the industry and driving buyer behavior, according to the company’s news release.
Used Work Truck Prices
According to Work Truck Solutions, the median mileage for used work trucks has been trending upwards since late 2020. The most recent metrics show an increase of 5.1% in Q1 2022 compared to Q1 2021 and a 1.2% uptick from Q4 2021.
Even though median mileage for used commercial vehicles continued to rise, it did not prevent average list prices for these same vehicles from going up as well. Prices increased 4.2% in Q1 2022 compared to Q4 2021, and a whopping 31.9% versus Q1 2021.
According to Kathryn Schifferle, CEO of Work Truck Solutions, this data reflects the point that “Businesses simply cannot be without the vehicles they need to survive. If they do not have the work trucks and vans needed to operate, their profits suffer.”
Unlike retail shoppers, business buyers cannot push purchases back, Schifferle said. When they are without vans and trucks to run their day-to-day operations, they are losing money.
“Dealerships who can provide alternative sources for commercial vehicles, particularly at a time when OEMs simply cannot push out enough new ones to meet demand, are in a great place,” Schifferle added. “Not only can they win these B2B customers today, but they’re also building long-term business for the future.”
New Work Truck Prices
When reviewing new commercial vehicle average list prices, Q1 2022 versus Q1 2021 data shows a similar trend to used data, with prices climbing over 15%. However, these prices flattened in Q1 2022 compared to Q4 2021, indicating that new vehicle prices may be entering a phase where they simply hold at these higher price levels.