Sleeper trucks led monthly asking and auction value gains while also recording the steepest inventory decline, according to Sandhills Global. Meanwhile, reefer trailers also saw the sharpest inventory monthly contraction, and by contrast, dry van trailers saw the heaviest annual losses in both inventory and pricing.
The used heavy-duty truck market continued to tighten in February, with inventory falling 5.15% month over month and 13.03% year over year. Sleeper trucks saw the sharpest monthly supply drop at 6.66%, while day cab trucks reported steepest annual decline at 15.22%.
Compared to February 2025, average prices for used, two-year-old sleeper tractors were down about $10,000 in February 2026, according to data from CCJ parent company Fusable’s Price Digests. Prices for older, 5- and 10-year-old units were essentially flat year-over-year.
Pricing signals were mixed per Sandhills. Asking values edged up 1.46% month over month, led by sleeper trucks (1.66%). However, it remains slightly below year levels at 0.5%, with day cabs down the most annually at 3.6%.
Auction values followed a similar pattern, gaining 1.83% month over month, with sleeper trucks leading again with a 3.08% rise. Yet, it’s still 1.06% below last February, with day cabs leading the largest year-over-year decline at 5.44%.
“Many dealers have a more positive outlook on the truck market,” said Truck Paper manager Scott Lubischer. “However, some dealers with aged inventory remain in a difficult position with values having receded.”
[RELATED: Sleeper trucks and reefer trailers lead volatility in used market]
Trailer market
The used semi-trailer market saw inventory continuing its downward trend to seven consecutive months in February, falling 7.05% from January and 24.9% from a year ago. Reefer trailers led the monthly pullback with a 10.26% decline, while dry van trailers saw the annual decline at 31.83%.
Asking values rose 1.81% month over month and up 1.02% year over year, with reefer trailers posting the strongest monthly gain at 3.34%, while dry van trailers saw the largest decline at 4.09% year over year.
Auction values also climbed, jumping 3.09% month over month, with reefers surging 8.64% in February. Annual auction values dipped 1.3%, however, with dry vans seeing the largest year-over-year decline at 14.15%.
Prices down amid seasonal supply surge
Data from J.D. Power’s March 2026 Commercial Truck Guidelines report indicate that retail prices was down 6.7% from January, in line with seasonal norms as the year’s first major auction cycle brings supply to the market. On a year-over-year basis, however, prices held nearly steady (-0.2%), indicating that the “pullback reflects supply dynamics rather than a structural demand shift,” the report noted.
Wholesale selling prices saw a sharper month-over-month pullback (-13.0%), but the broader trend showed it was higher year over (up 36.5%) and 32.0% on a YTD basis versus the prior year. This reflects the “longer-term repricing of commercial truck assets relative to historical norms,” it said.
Auction prices followed similar patterns, declining 7.9% from January, driven by a surge in auction volume of 188.9% month over month. This was driven, J.D. Power noted, as fleets continued trimming excess inventory and late-2025 repossessions worked their way through the secondary market, a pattern typical with February seasonality.
The average age of trucks retailed in February held below historical norms at 57 months, a full year newer than the long-term average. Compared to January, trucks were two months younger on average, and relative to the same period last year, they were five months younger. Average mileage also continued to decline, down 4.4% from January, and 2.8% from a year ago.
“Trucking capacity and freight rates continue to trend positive, and model-year 2027 orders to date are the strongest since model-year 2022,” wrote J.D. Power director of specialty vehicles Chris Visser. “Macroeconomic conditions remain solid, with the situation involving Iran being the latest wildcard. Against that backdrop, attention has turned to February’s used truck market.”
Looking ahead, the industry’s near-term outlook is closely tied to how the Iran situation unfolds, and whether its upward pressure on oil prices would be short-lived, Visser noted. “The longer the situation continues, the greater the risk of broader economic contraction.”
