Study Shows Average New Commercial Vehicle Prices Relatively Steady

Work Truck Solutions has released its first-quarter 2024 Commercial Vehicle Market Analysis, revealing significant changes in trends within the work truck and van industry.

One of the most notable trends for commercial work truck fleets is the significant rise in new vehicle inventory, which has "sparked a renaissance of competition among dealers," according to Work Truck Solutions. 

The on-lot new vehicle inventory per dealer continues to increase, registering an increase of 12.7% quarter-over-quarter and a significant 93.1% year-over-year jump. Medium-duty vehicles, constituting 52.4% of the on-lot inventory, are key contributors to this growth.

However, the report also highlights that new cutaways are significantly down in volume, by 24.0% quarter-over-quarter and 21.7% year-over-year, impacting vocations such as plumbing, construction, and HVAC. New commercial EVs, although still comparatively small in overall inventory numbers, saw a significant increase in on-lot numbers, up 51.5% quarter-over-quarter and 67% year-over-year.

The latest data reveals that average prices for new commercial vehicles are relatively steady, with a modest quarter-over-quarter increase of 0.1% and a slight increase year-over-year, up 4.2%. However, the Q1 2024 average price of $58,913 is recorded as the highest average price. New light-duty battery-electric pickup prices declined with a 2.5% drop quarter-over-quarter and 18.1% year-over-year.

The report also shows that the average days to turn (DTT) for new vehicle inventory has increased significantly, with an increase of 12.5% quarter-over-quarter and a 21.8% year-over-year spike. In contrast, used vehicle sales fell at an accelerated rate, with the average number of work trucks/vans moved per dealer decreasing by 10.2% quarter-over-quarter and 23.2% year-over-year.

"As we unveil our Q1 2024 data findings, it's clear there is improved availability of new work trucks, vans, and SUVs, which is welcome news to buyers after the last few years of restricted commercial vehicle inventory," said Aaron Johnson, CEO of Work Truck Solutions. "These tools should also streamline operations by providing data analytics that aids intelligent stocking, marketing and inventory management strategies, and decision-making. A digital-first approach is increasingly crucial for commercial vehicle dealers."