Truck tractor prices shoot past 30 percent year-over-year in both Canada and U.S. at Ritchie Bros.
With its July Market Trends Report, Ritchie Bros. digs into construction and aerial equipment sales through the first half of 2022. In the United States, Ritchie Bros. mix-adjusted price indexes (for April to June) show prices for used large and medium earthmoving categories are up 15 percent and 20 percent year over year respectively while aerial equipment is up 18 percent.
Price indexes in Canada show similar trends. Large and medium earthmoving equipment is up 14 percent and 19 percent respectively, while aerial is up 10 percent. Meanwhile, truck tractor prices in the U.S. and Canada continue to lead, with the highest year-over-year price inflation – up 39 percent in the U.S. and 31 percent in Canada. As mentioned in the June report, while Ritchie Bros. indexes show pricing above last year's level, across the board they are down by single-digit percentages relative to earlier in 2022.
The free July report provides detailed charts outlining U.S. and Canadian sales of excavators, dozers, wheel loaders, articulated dump trucks, motor graders, loader backhoes, multi-terrain loaders, skid steers, telehandlers, boom lifts, scissor lifts, and forklifts throughout the first half of 2022. The monthly report also includes data and insights from Rouse Services, who track hundreds of auction and retail companies. As of July 1, 2022, Rouse's Retail and Auction Value Indexes are currently +30 percent and +32 percent in relation to the pricing from January 2016.
"Used equipment sales volumes continue to run behind prior year levels across all sales channels," says Doug Rusch, managing director of Rouse Sales. "Retail values for most categories of equipment continued to rise in June, albeit at a slower pace than we've seen in recent months. After rising 18 straight months, auction values have stabilized. In some cases – aerial, telehandlers, and medium-sized earthmoving equipment – auction values decreased slightly last month in contrast to record highs experienced in recent months."
