Peterbilt is one of the largest truck manufacturing companies in the United States of America (USA). Ever since its foundation in 1937, this manufacturer has been presenting heavy commercial vehicles with an excellent combination of power, quality, performance and design, and now it has won another prestigious award.
Namely, as chosen by the respected Price Digests, the Peterbilt 389 was declared the truck with the best resale value after five years of use. While the new model costs $187,601, the 389 retains 39.85% of that value when it changes hands five years later.
This truck thus outperformed direct competition such as the Kenworth W900L, International Prostar, Western Star 4900 and Volvo VNL. The survey also found that first-time owners generally keep their trucks for four years and then sell them with about 400,000 miles on the clock.
The Peterbilt 389 debuted in 2007 as a replacement for the legendary 379, which had been in production for 20 years. Although it resembles its predecessor in many features, the 389 is significantly more modern in terms of mechanics and safety. It can be ordered with various Cummins, Caterpillar and Detroit diesel engines, as well as 13- to 18-speed gearboxes.
In other categories of research that deals with issues of preserving the value of used specimens, in the class of smaller dump trucks it beat the International 7000-Series, the larger Kenworth T800 dump trucks, the Hino 155 midsize truck and the Ford F-650 (depending on whether the company produces the complete model itself or just the chassis), smaller trucks with the Peterbilt 325 chassis itself, GMC Sierra pickup trucks, and in the van category Mercedes/Freightliner Sprinter.
The used truck market has reached one of its all-time highs—with no signs of slowing down.
ACT Research reported that in March, the price of used trucks hit the third highest price on record, jumping to $52,388 per truck from $43,791 just a year earlier. The all-time average truck price of $55,000 was set in 2015 and may be threatened in the coming months and years. A global technology research company estimates that the used truck resale market will expand at a compound annual growth rate of more than 4% between now and 2025.
Meanwhile, demand for new trucks continues to grow. FTR Transportation Intelligence reported that more than 42,800 new trucks were ordered in January, up 144% from a year earlier.
With more companies looking to buy vehicles and manufacturers unable to keep up, the used truck secondary market has grown. However, there is hope that as the pandemic subsides, the inventory needed to build new trucks will return to normal levels – but it may take some time for the price of used trucks to recover.
Advantages of used trucks
Auction and retail prices for newer model, low mileage used trucks are up. Used trucks tend to hold their value more than other vehicles because drivers must adhere to strict standards to stay on the road. Many truckers also invest in their vehicles, adding amenities when they own the truck — both to make it more comfortable while on the road and to increase potential resale value. Additionally, the trucking industry as a whole is in an unusual situation. Companies and owner/operators will have to decide whether they want to invest in a newer used vehicle, upgrade their existing fleet or get in line for a new truck now. Hopefully, with the end of the pandemic in sight, there is hope that production of new trucks could