Used Vehicle Market Trends: Declines in Sedans and SUVs, Surges in Trucks and Commercial Vehicles
Impactful Statistics
According to industry reports, the prices of used passenger vehicles across sedans and compact SUVs have recently declined by approximately 6%. In contrast, truck rentals and used commercial vehicle prices experienced a significant surge in July, with the average prices of used commercial vehicles rising between 5-47%.
Truck Rental and Commercial Vehicle Boom
The report indicates that truck rentals in key routes remained steady or declined slightly in June compared to May. However, the demand for commercial vehicle rentals and leasing remains robust, with the market size valued at USD 7742 billion in 2019 and projected to grow further.
Drivers of Price Increases
The increase in used commercial vehicle prices is attributed to several factors, including the growth in sales of commercial and agricultural tractors and the overall rise in car rental rates. Surging prices for used cars and trucks have also contributed to inflationary pressures.
These market trends highlight the evolving dynamics of the used vehicle industry, with different segments experiencing contrasting price fluctuations. Readers are encouraged to stay tuned for further updates and analysis on these developments.
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