In a welcome shift for the automotive industry, the second-hand truck market is finally beginning to emerge from a period of scarcity. With stock levels on the rise, the market is set for a transformation, albeit one marked by older, higher mileage trucks in the short term as prices normalise and quality improves.
A recent report from Manheim Remarketing reveals an astonishing trend: despite a 35% increase in mileage, used truck prices have surged by a whopping 44% over the past five years. This data, presented in Manheim’s comprehensive five-year report on used truck sales, underscores the enduring influence of the classic principles of supply and demand in the used heavy goods vehicle (HGV) market.
Taking a closer look at the numbers, between the second quarter of 2007 and the same period in 2012, the average auction price for trucks experienced a significant ascent, soaring from £4,336 to £6,259. During this period, average mileage also increased substantially, rising from 191,000 kilometers to 258,000 kilometers. Remarkably, the average age of the trucks hitting the auction block remained a stable 105 months, equivalent to eight years and eight months.
The used truck market is more than just a segment of the automotive industry; it serves as an indicator for the broader UK economy. Today, there are promising signs of resurgence in this market. While lead times for new chassis remain “long,” a growing number of second-hand vehicles are becoming available. Operators are now increasingly opting to de-fleet their assets, injecting a fresh wave of vitality into the used truck landscape.
As the second-hand truck market gains traction, industry players are gearing up for a period of transformation, and for both buyers and sellers, it’s a journey worth watching closely. The resurgence of this market not only signifies a return to equilibrium but also a testament to the enduring principles of supply, demand, and economic resilience.
Centurion offers both new and used truck sales, provides contract hire services, and offers various vehicle rental options. Contact us today at 01616541270 to discuss how we can tailor our solutions to meet your business requirements.