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Used Truck Prices Up 16% | Owner Operator Best Practices

Event Date: October 29, 2018

Author: Ben Droessler

Transport Topics released figures in August showing a year over year increase of 16% in used truck prices.  What’s more staggering is trucks 4-6 years old, the most commonly sought after by owner operators, are up 21%.  So what does this mean to owner operators?

Higher truck payments. American Truck Business Services says the average owner operator’s truck payment is now $2,300 per month, increasing 15% over the past 3 years.

Maintenance impact. The average owner operator pays $900 per month for maintenance, which has stayed relatively consistent the past 5 years.  Faced with the higher cost of replacing their trucks, owner operators may hang onto their old trucks longer.  As a result, we will likely see this average increase.

Insurance values. Insurance companies use actual cash value to determine payout on total losses.  Average used truck prices are a major factor in determining those payouts.  If the truck’s insured value is less than actual cash value, the insurer will only pay up to the insured value.  Now is a good time to have owner operators check their truck’s value with a local dealership and adjust with the insurance company if necessary.

Questions?
Contact Ben Droessler with Cottingham & Butler’s Contractor Services Team.

Ben Droessler CIC
Vice President, Independent Contractor Risk
563.587.5248
bdroessler@cottinghambutler.com

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