The 2024 White Metal Market Report (Q3) highlights a stable yet uncertain used vehicle market. While consumer spending remains strong despite inflation and high interest rates, economic uncertainty lingers, and any major disruption could push the market downward. Housing prices are rising, unemployment is slightly up, and a strong U.S. dollar is limiting international demand. Diesel prices have dropped 20% year-over-year, offering some relief.
Used vehicle prices declined 10% in Q3 compared to 2023, with larger trucks seeing steeper drops of up to 50%. Passenger and light-duty vehicles have remained more stable, while supply chain disruptions continue to constrain inventories. Fleets are holding onto aging assets longer due to limited new vehicle production.
Looking ahead, market conditions are expected to remain steady into 2025. Used vehicle availability will stay tight, keeping prices for high-quality, low-mileage units elevated. Tensions between fleets and OEMs may persist, and small businesses are increasingly turning to used vehicles due to rising new vehicle costs. The demand for final-mile delivery vans remains strong, while electric vehicle adoption among fleets is cautious. Recent hurricanes have worsened supply constraints, adding further pressure to the market.
Overall, no drastic changes are expected, with the market continuing its slow, incremental adjustments into early 2025.