It can sometimes seem like there is never a ‘right’ time to sell a semi truck. You either believe you sold it at the right time or kick yourself later for selling it at the wrong time. However, if you’ve been considering selling one or multiple semi trucks, 2023 might be the best year for some of the following reasons.
The Market Is Changing
The semi truck market was hot in 2020. Increased freight called for more trucks, and used trucks were selling for considerably more money than they did in previous years. A shortage of new trucks wasn’t helping the situation, either.
However, the market is now changing. In the last three years, there has been a downturn in freight transport demand, and spot freight rates have also dropped.
The trucking industry is not looking as lucrative as it once did, and new truck shortages and delays are less frequently reported. As a result, used prices are not as high as they have been in the few years prior. Now might be the right time to sell to ensure you still get as much money out of your used truck as you anticipated.
Fuel Prices Are Rising
If you’ve already been thinking about selling your semi truck and trailer and getting out of the trucking industry altogether, 2023 might be the best year to move forward with that plan due to increasing fuel prices.
Truck drivers have had a tough time of late, with diesel prices increasing 33% in November 2022 and expected to go even higher. Truck drivers and truck companies are also combating a fuel shortage, particularly in the Northeast.
According to CNBC, diesel reserves hadn’t been as low as they were in 2022 since 1951, and a ban on Russian products in 2023 would only intensify fuel competition, driving up the price.
Intermodal Transport Is On the Rise
Trucks will always have a place in goods transportation, but they might not be every shipper’s transport mode of choice. Many are now exploring their intermodal options, involving moving freight in two or more ways without handling the freight in between.
The freight is loaded into intermodal containers, and these are moved between cargo ships, trains, and trucks. While it has traditionally been a slower mode of transport compared to truck-only shipping, it provides other benefits, such as cost savings.
If truck companies cannot remain competitive in the future, there might be less of a demand for over-the-road truckers, and truck drivers might only be required for shorter routes.
Greater Demand for Electric Trucks
Electric semi trucks are becoming more popular. Many leading truck manufacturers like Daimler and Freightliner are answering the call to release more of them onto the market for truck companies and owner-operators to purchase.
Increased demand for electric trucks might result in decreased demand for diesel-powered models. If you currently run a diesel truck, now might be the right time to sell it while drivers are still eager and explore your electric-powered options for the future.
Easy Sales Options
Perhaps one of the best reasons to sell your semi truck is the easy sales options that now exist. In the past, truck company owners had to be satisfied with online sales sites and auctions, where they were never guaranteed a seamless or stress-free sales process.
However, that has all changed in recent years. You can now approach dedicated truck buyers like TruckVin and ask them to buy your truck. You tell them what you have, provide photos, and they perform research to provide you with a fair written cash offer. It has never been easier than it is today.
Sell Your Semi Trucks and Semi-Trailers to TruckVin Today
We never know what the future holds, but we can certainly look at trends. The year 2023 might be one of the best years to sell your truck and upgrade, or sell your truck and leave the industry.
If you’re looking for a fast and easy sales process, look no further than the expert buying team at TruckVin. We’re dedicated to providing a straightforward and seamless sales process for your peace of mind. Contact us for a free quote today.