6 of the Top Truck Markets for Selling
You have a truck you don’t need anymore, and you’d like to turn it into cash. It sounds simple enough, but getting it sold quickly and for a fair price depends on a number of factors, including where you’re selling it. Commercial Truck Trader has tips on selling your truck under the best possible circumstances.
The used truck market is huge
In 2023, the U.S. used semi truck market size had a value of $13.8 billion, with Class 8 making up about 60 percent of it; and it’s expected to reach $17 billion by 2029. Much of the uptick in sales is due to such factors as the popularity of e-commerce, which creates markets both for long-haul, and for Class 7 and down for last-mile.
The gradual increase in the supply of new trucks, coming out of the bottleneck of pandemic-related supply issues, is drawing some buyers into new and away from used; but there will always be those who prefer used for their lower cost and value. And while new trucks will always be first with the very latest technology for fuel consumption and emissions, pre-owned trucks usually aren’t that far behind. Many fleets and owner-operators are looking to upgrade their much-older trucks to more efficient options but without going all the way to the price of new ones.
Where to market your truck
It’s best to take a dual-prong approach to advertising your used truck for sale. Overall, commercial truck customers are far more likely than car shoppers to consider looking farther afield for the truck they want at the price they’re willing to pay, including out of state. Think nationwide as well as just in your city or state. You’ll be reaching out to many people who will look at you first because you’re conveniently located to them; but you’ll also be putting your truck in front of buyers who may travel regularly through your jurisdiction on their routes, or who are willing to come out if your truck appeals to them.
In terms of states, California tends to have the highest inventories of used trucks. That’s not surprising, given the state’s population plus how busy its ports are – it receives 40 percent of all containers coming into the United States and 30 percent of what’s going out, and that requires a lot of vehicles to move it all.
Likewise, New Jersey is important for port activity on the east coast and it’s generally secondary to California for its truck inventory. Other states with large numbers of buyers looking for used trucks include Illinois, Missouri, Florida, Georgia, Ohio, Oklahoma, and Arizona.
Popular opinion says that if you target a state that generally doesn’t have as much of a used vehicle market, you can get more for your truck. That may be true in some instances, because supply and demand are the key factors in prices overall. However, the flip side of targeting a state with a more “crowded” market is that you’ll also be putting your vehicle in front of far more potential buyers, increasing the possibility of a quicker sale at the price you want. If the overall percentage of buyers and trucks is the same in differently-sized markets, you’re likely at an advantage by focusing your advertising in a busy district. Not only that, but while many buyers are willing to travel to see a truck, everyone would be happiest finding the perfect vehicle in their own backyard, which increases your potential local audience. After all, used-vehicle buyers in Alaska and Hawaii historically pay the most across the nation and by a wide margin, but if you’re in the contiguous United States, what are your chances of actually selling your truck to one?
Tailor your listing to your audience
Buyers often prioritize specific markets because they’re looking for qualities they expect in the vehicles there. A truck that’s spent most of its life in Arizona or California may be sun-baked, but it won’t have traveled salt-laden winter roads in the Northeast, or the possibility of storm floods in the South. Conversely, an operator in a northern state may prefer a truck that comes with cold-weather comfort features, without the need to retrofit them. Mention all of the truck’s attributes, but tailor your listing to the area where you’re primarily marketing it, by putting those features up top to capture your audience’s attention.
Play up the truck’s highlights
Mention everything that a buyer will want to know, including the truck’s specifications, any remaining warranty, maintenance records, and options. Tell them everything that might give you an edge: how old the tires are, if you found it particularly fuel-efficient or easy to drive, or even that it never carried corrosive cargo. Buyers want to know all the details before they make the trek to see your truck. If you tell them enough, their minds may already be made up and they’re just coming out for a final look before they shake your hand on the deal. Market your truck the right way, and it won’t be on the market for long.
Jil McIntosh
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