Work Truck Solutions: Demand, prices for trucks growing

Work Truck Solutions: Demand, prices for trucks growing

Work Truck Solutions data shows growing demand for new work trucks and vans, with average prices reaching record highs.

Work Truck Solutions recently released their Q3 2023 Commercial Vehicle Market Analysis, which shows growing demand for new work trucks and vans, with average prices reaching record highs. Meanwhile, used work trucks and vans continue to show higher average mileage when compared to all but one quarter of 2022.

New truck findings from Work Truck Solutions included:

  • Average vehicle prices increased 5.5% QoQ and 8.2% YoY. 
  • On-lot vehicle inventory per dealer continues to grow, up 12.4% QoQ and a staggering +78.6% YoY.
  • Average Days to Turn (DTT) showed a slight increase QoQ of 1.9% and an incredibly high YoY jump of 46.0%.
  • Vehicle movement, or sales, showed a slight dip QoQ, coinciding with the DTT increase,  with a 1.4% QoQ drop, but was still up 15.3% YoY. Considering the large influx of on-lot inventory in Q1, and the corresponding jump in sales in Q2, it’s no surprise to see a tempering of sales in Q3 as some of the pent-up demand is being satisfied.
  • Searches for new work trucks and vans increased slightly QoQ, up 1.1%, and still show increases YoY. These bumps are partially due to the rise in new on-lot inventory as we’ve reported over the last several quarters, which has given rise to website shoppers having more confidence that they can acquire vehicles right away, rather than having to order them. However, many commercial vehicle buyers are also recognizing the need to exercise more foresight when considering their work truck needs, understanding that the pre-order process may be here to stay. 

Used truck findings from Work Truck Solutions included:

  • Average vehicle prices increased 1.6% QoQ and decreased 1.0% YoY.
  • On-lot vehicle inventory per dealer fell 5.25% QoQ, but remained practically unchanged YoY with a 0.3% increase.
  • Average DTT showed a dip of 3.9% QoQ following the large 9.0% drop from Q1 2023 to Q2 2023.
  • Vehicle movement, or sales, numbers cooled off this quarter, with average moved used work trucks/vans per dealer decreasing 2.3% QoQ, but still up 12.3% YoY.
  • Median mileage of used work trucks and vans remains elevated overall, with only marginal impacts on prices. Mileage slipped slightly QoQ, down 2.2%, and shows a 4.2% decrease YoY, possibly indicating a new trend in used vehicle age as older inventory finally moves off dealership lots. Availability of new vehicles impacts average used vehicle mileage as businesses are able to replace fleet vehicles before they accrue too many miles.

“As we analyze the market for work trucks and vans, the data indicates continued strong interest in new vehicles, even as the average price for them has hit a record high of $57,290,” says Aaron Johnson, CEO of Work Truck Solutions. “These insights signal a potential shift towards newer commercial vehicles—especially a desire for medium-duty.”

You May Also Like

FTR: Trailer orders reach highest point of 2023

Orders were at their highest level since December 2022.


The latest data from FTR shows that October U.S. trailer net orders rose by more than 6,000 units month-over-month (about 21%) to nearly 34,400 units. Orders were down just over 21% year-over-year but were at their highest level since December 2022. Orders over the last 12 months totaled 294,000 units. Build improved 4% m/m in October but lagged net orders, so backlogs rose for only the second time in 2023. September had been the first month of the year to see an increase in backlogs, FTR noted.

Eaton Cummins Endurant XD series transmission now available at Kenworth Mexico

The automated manual transmission is now available in Kenworth T680 and T880 trucks in Mexico and Latin America. 

Taking the commercial driver’s license test

After struggling with shifting, the CDL test is ahead on this episode of the Fuel Efficiency Faceoff.

Mercedes-Benz delivers truck with 1,000-ton towing capacity to German customer

The maximum trailer load of this Arocs SLT 4463 AS 8×6 is 1,000 tons.

United Natural Foods to deploy eCascadia and VNR Electric trucks

UNFI will combine these trucks with refrigerated trailers cooled by Carrier’s all-electric Vector eCool TRU.


Other Posts

Daimler Truck delivers Freightliner eCascadias to Reyes Coca-Cola Bottling

The 20 Freightliner eCascadias are expected to result in the reduced use of 40,000 gallons of diesel fuel per year. 

Nicholas Trucking on cutting costs and emissions

Early success with propane-powered trucks has the fleet planning to replace more diesel trucks.

Kenworth ADAS adds new features for T680

Adaptive Cruise Control Stop and Auto Go and Highway Departure Braking to Zero features are now available.

Truck driving safety requires attention

It’s hard to focus on safety when you’re focused on shifting. Episode two of the Fuel Efficiency Faceoff shows why.