We are half-way through 2023, and that means it’s time to talk with Chris Picconi about the state of the Classic Trucks market. We sat down with Chris on the Classic 4×4 Podcast to discuss these results earlier this month, listen to the podcast here.
In our 2023 Half-time Report, we provide results for the overall classic and exotic car auction market, where we are seeing a plateau of growth after a few years of hyper-growth during the Pandemic. However, when we break the data down for just Classic Trucks (defined as any SUV or Pickup with production that started before the year 2000), we are still seeing sales growth in these markets when it comes to the number of listings sold, and the total dollar volume from those listings.
Live auctions continue to drive growth
Online auctions continue to drive over half of the listings for trucks, but we’ve seen the most growth in truck listings at live auctions – with the highest value trucks crossing the block at the live auctions like Barrett-Jackson Scottsdale and Mecum Kissimmee.
Dollar Volume, Classic Trucks, Jan-June over the last 5 years
Sold Listings, Classic Trucks, Jan-June over the last 5 years
Total Listings, Classic Trucks, Jan-June over the last 5 years
But Average Price and Sell-through rate are both slowing
While we are seeing more trucks cross the block, and the overall total of Dollar Volume those trucks are bringing in is growing, the Average Price and Sell-through Rate for the market overall is reaching a plateau. This is following a trend of the overall auction market as a whole, and is a sign of the high-growth era of the Pandemic cooling off.
Average Price, Classic Trucks, Jan-June over the last 5 years
Sell-through Rate, Classic Trucks, Jan-June over the last 5 years
You should have bought these trucks last year…
While Sell-through Rate points to the fact that the “Seller’s market” of the past few years is over, there are still many markets where we are seeing prices rise.
Below is a list of the best performing Truck markets during the last 12 months, ranked based on the year-over-year growth in CMB*.
- Click on the name of a Market to view all sales tracked in the last 5 years
- Use the Search box to view all Markets of a certain Make (ex: Toyota, Jeep)
- Sort the list by clicking on each Column header
- The table has 10 pages, go to the next page using the arrow on the top right
- Refresh the page to re-sort the list back to the initial setting
...while prices in these truck markets are going down.
Similar to the table above, the list below ranks the under-performing Truck markets during the last 12 months, where the CMB has gone down since June 2022.
Top Sales so far this year
We can't end a Market Report without everyone's favorite list: Top Sales as reported by auctions.
Top 10 Sales Jan-June 2023, Original or Restored-original
Top 10 Sales Jan-June 2023, Modified / Restomod / Custom
*We define the “Classic Trucks” category as any SUV or Pickup market with production that started before the year 2000.
**The CLASSIC.COM Market Benchmark (CMB) is a benchmark value for vehicles in a given Market based on data accumulated by CLASSIC.COM and calculated by a proprietary algorithm that takes into account volume and recency of each data point. CMB can be used to assess the performance of a market over a given time period. However, it does not represent the value of a specific vehicle. Read more in our Glossary of Terms