A look at the data shows the average price of new commercial vehicles dropping slightly, by just over 1%, when compared to prices for Q1 2022. When comparing new work truck prices to YoY numbers from the same quarter in 2021, they were still up more than 9%.
Additionally, web leads for new commercial vehicles showed a spike as Q1 2022 ended, but the numbers “normalized” shortly thereafter leading into the second quarter.
Stocking levels for new commercial vehicles were up by more than two units per dealer during the most recent quarter when compared to the first quarter of 2022, suggesting that a little relief may be in sight, for both dealers and business buyers alike.
The median mileage for used vehicles sold was up again, although only slightly, in the second quarter of 2022. When comparing the numbers to the same quarter in 2021, the jump was almost 30%, indicating interest in used work trucks and vans remains strong.
Further indications of strong demand for used commercial vehicles was demonstrated by another jump in the average price, which went up by more than $2,000 from the prior quarter. When compared to the same quarter in 2021, the increase was much more significant, coming in at almost a 27% increase.
“The second quarter shows the continued demand for both new and used commercial vehicles," said Kathryn Schifferle, CEO of Work Truck Solutions. "Given that these work trucks and vans fuel so many businesses throughout the entire economy, it makes sense that shoppers for these vehicles continue to search for and purchase them."