The 2024 White Metal Market Report (WMMR) provides a detailed review of the used vehicle market, which has stabilized after a challenging start to the year. While prices softened by about 10% in the third quarter compared to 2023, trends vary across segments. Passenger and light-duty vehicles remain in steady demand, while larger vehicles, such as Class 8 trucks, face volatility due to oversupply and weak freight activity. Heavy-duty and vocational trucks also show mixed performance, reflecting broader economic uncertainties.
Strong consumer spending has kept the economy resilient, defying recession predictions despite high interest rates and housing market volatility. Unemployment has risen slightly to 4.2%, but demand for mobile workers remains robust. However, fleets are burdened by aging inventories and restrictive OEM policies that have limited vehicle availability.
External pressures, like significant vehicle losses from hurricanes Helene and Milton, continue to strain supply. Ongoing production issues stemming from chip shortages and supply chain disruptions have kept used vehicle prices above pre-pandemic levels.
Looking forward, demand for high-quality, low-mileage vehicles is expected to persist, while distressed assets remain prevalent. The market is unlikely to see dramatic changes in the near term, with 2024 concluding on a steady yet cautious note heading into 2025.
Q3 White Metal Market Report: Used Wholesale Market Remains Steady