Used Trucks 2023 review: Carl White, Volvo Trucks

Commercialmotor.com catches up with Carl White, used trucks director at Volvo Trucks UK & Ireland to find out how the used truck market reacted in 2023.

How has the used truck market been in 2023?

For us the market has remained very strong throughout the whole year. Sales are ahead of 2022 and stocks are very low indeed as we hit year end. We have noticed greater competition for older trucks with higher mileage as market supply has more than recovered in this age and mileage band. However, our product remains robust and durable, prepared well, and when covered by our manufacturer’s warranty customers have plenty of trust in our offer.

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

The only really noticeable difference has been market supply.  Through global production disruptions we’ve had a period of nearly two years where there has been a shortage of used vehicles of all types. We’re now back to a more plentiful supply situation where customers have a greater choice. Rigids are still relatively scarce for us and, with bodybuilders experiencing high utilisation, customers are holding onto their vehicles for longer.

Have there been any welcome/unwelcome surprises?

Certainly nothing unwelcome. I think if we look back a year there was some suggestion of a very slow 2024 with inflation biting hard having a detrimental effect on the used truck market.  Whilst that’s been proved accurate economically it’s maybe not had the widespread consequences that some had forecast.

What has happened to prices? 

Pricing has softened slightly on older vehicles as supply has caught up with demand. Younger well specced low mileage examples still command good resale values.

What can we expect from the used market in 2024?

For Volvo Used Trucks we expect the market to continue in its current guise well into next year. We are definitely excited about Version 5 product hitting the used market in 2024 and we’ll be enhancing our warranties further with options for even longer coverage.  While electric vehicles are certainly the product of today we’ll also likely see some limited used examples as ex demo vehicles come to market. It seems that inflation is falling steadily so hopefully we can expect the cost of borrowing to fall to the point where customers who have maybe been holding off on replacing their vehicles will now be moved to do so on the back of cheaper monthly rates. On the dealer front we know that a number of Volvo dealers are expanding their operations in 2024 on the back of strong performances in the last few years.  This is great news for customers as there will be more choice and greater capacity to meet the demand. All in all we enter 2024 in a really good position with lots planned to enhance the customer experience further.