This White Metal Market Report provides an overview of the 2023 fleet and wholesale used vehicle market, as well as predictions for 2024. The year started steadily, with vehicle pricing and volume aligning with 2022 trends. However, by May, the market saw a sharp decline in wholesale vehicle prices, which dropped by around 10%. This downward trend continued through the summer, leading to a significant reduction in demand by September. Various vehicle segments, including sleeper trucks and Class 6–8 vehicles, experienced substantial year-over-year price drops, with some segments falling as much as 60%. Even smaller vehicles, like Class 3–5 and Class 1–2 trucks, saw declines of 30% and 20%, respectively.

Looking ahead, the FLD predicts that 2024 will bring more stability to the market. Prices are expected to hold steady until mid-year, though larger vehicles like sleeper trucks and Class 6–8 trucks may see further price declines. New vehicle availability will increase, putting additional pressure on used vehicle prices. The second half of 2024 could see more normalized market activity, although factors like the economy, global politics, and the U.S. election could introduce new challenges.

Electric vehicles (EVs) will be a key issue in 2024, with some fleets reconsidering their commitment due to high costs and limited infrastructure. Hybrids may become more attractive as alternatives. Fleet managers are encouraged to sell aging assets promptly to avoid further depreciation, as holding onto vehicles could result in significant losses.