Used Trucks 2023 review: Brett Reid, Mercedes-Benz Trucks

Commercialmotor.com catches up with Brett Reid, head of used trucks at Mercedes-Benz Trucks UK, to find out how the used truck market reacted in 2023.

How has the used truck market been in 2023?

Looking at 2023 in isolation, we have seen a change in the market, which we can attribute to the return of business-as-usual production speed and delivery of new vehicles, following turbulence and delayed orders from 18 months ago. Mercedes-Benz Trucks has seen success with its Used offering, by offering the right equipment for the right operator we’ve found it is still possible to move things quickly at a realistic price.

What have been the challenges in the used truck market this year?

The challenges have come from the effects of multiple extensions on vehicles whilst new truck orders have been delayed. Coupled with the uncertainty of interest rates, what this means is that we’ve either seen older or higher mileage trucks coming through to market This means the channels for second- or third-life sales has been narrower to get vehicles back out into the UK market.

Have there been any welcome/unwelcome surprises?

I’ve spent over ten years working with Used trucks, and in that time I’ve learnt you have to roll with both welcome and unwelcome turns of events! This year’s surprise has been certain sectors of the market have remained buoyant - the hunger has stayed for certain model types. Another pleasant surprise in my first few months working with Mercedes Benz Trucks UK is the time I’ve spent with some of the younger people we have coming through the ranks who have qualified as Truck Sales Consultants – their passion and hunger for selling our range is refreshing, and they are really motivated by the future with our zero-emission trucks.

What has happened to prices?

In the latter half of 2023, we found that prices on used vehicles definitely slowed, but this was mainly due to around average specification lower horsepower tractor units. We find ourselves with a good mix of stock currently, and we’re fortunate to have a decent holding of varied horsepower tractors with fewer than 500,000kms on the clock, which has meant the pricing is still reasonable. This gives operators confidence for future residual value development. The rigid market typically has followed the same pattern, with the exception of construction type vehicles which can be quite volatile at different times of the year anyway.

What can we expect from the used market in 2024?

I think we can all expect 2024 to be an interesting year where the strong will do well if they understand their respective areas and can move fast with trucks that are ready to go back on the road when they come into the used business. From our side, Mercedes-Benz Trucks UK continues to create attractive packaged offers with our Certified programme, offering trucks with driveline and maintenance cover, not to mention support from Daimler Truck Financial Services UK to make obtaining a used truck from our Dealer network a straight-forward process.