By Bill Bishop, SVP of Sales and Marketing, FLD Remarketing
January 28, 2026
Part 1 of a 2 part report.
In the near decade that we’ve been publishing our quarterly White Metal Market Report, the used wholesale vehicle market has certainly experienced its share of peaks and valleys.
From the pre-pandemic euphoria of the highest used vehicle prices in history, to the near fatal depths of the dog days of Covid, the past 6 or 7 years have certainly provided a roller coaster ride of both emotions and hard knock hits for the fleet industry, which has faced seemingly one unprecedented challenge after the other.
That said, as I sit down to write this at the start of what has all the makings of a solid year for the wholesale used vehicle market, I’m struck with a virtual semi full of emotions and questions.
Most of all, I’m grateful.
Grateful for the amazing team and world class professionals we have here at FLD, which is nearing its 50th year of pioneering fleet and commercial vehicle remarketing.
Grateful that new vehicle availability has returned and interest rates may continue south. And that – finally – there’s an air of predictability around fleet.
Further – perhaps more than anything – grateful that the powerful American consumer continues to show confidence with their wallets, fueling demand for goods and services, final mile deliveries and the myriad things that in turn keep American work fleets working.
So, with an appreciative look back at the year that was – and a hopeful look out to the year ahead – let’s unpack a little freight!
2025 In the Rearview Mirror
For the most part, 2025 was a year of what I’d call – almost – predictable depreciation. One that was very similar to the patterns we experienced in 2024. Free of drama (sans initial tariff shock) and wild swings – a good thing given the excruciating post pandemic swings we experienced in the first few years following Covid. This is something we hope will continue in 2026 – and beyond – as the wholesale used vehicle market works to establish a new direction for the years and decades to come.
As we look back on 2025, those predictable patterns included a modest 4-6% increase in the price of all used wholesale vehicles over week’s 3 through 13 – pretty much what we expected. Over the subsequent 6 weeks, values held steady before we saw some minor volatility in early April – again, pretty much what we had predicted and a similar pattern to what the market experienced in 2024.
Good, right?
Well, yes, good for sure. We like – and I’m sure the market agrees – predictability. Nonetheless, there were several important events of note – a few that definitely bear watching as we head into 2026 in hopes of finding an even more stable environment, higher prices and an overall loosening that seems ready to burst out if the right conditions occur.
Here’s a look at some of the key themes we saw in 2025 in each of the vehicle categories we follow:
Vehicles By Class
- Across all vehicle classes, supply tightened and remains that way. Some segments – mostly passenger – are tighter than others.
- Late model, Class 3-6 vehicles were not as greatly affected by the seasonal downturn as the other classes – not unexpected.
- Upfitted Class 3-5 units in even decent condition held value well across the board, an ongoing theme as fleets look to part with a backlog of aging vehicles they’ve held through the post pandemic years.
- Class 6 units remain popular as a delivery and vocational platform due to the GVW rating being under CDL requirement and consumer demand for final mile deliveries showing little signs of slowing.
Low mile wholesale units in any class are very scarce – also a key theme of 2024 – and likely will stay that way for all of 2026 and first half of 2027. This is because vehicle build rates were suppressed during portions of 2021-2023 and – again – fleets have held on to aging units longer in response to the lack of available vehicles, increased pricing and sky high interest rates. Some classes saw a 50% reduction in production over these periods. These model years would have been working their way back into the used and wholesale markets this year and next if they actually had been built. But here we are, so expect inventory levels to remain low.- Class 7 and 8 values were extremely choppy over the first 8 months of 2025. Uncomfortably, Class 7 trucks took a notable tumble during the final 3-4 months of 2025 before stabilizing towards the end of the year. And Class 8 sleepers had even more ups and downs, which were often exacerbated depending on what part of the country they were located. Overall, things just seemed to ebb and flow in this space depending on perceived (not even actual) availability and spec. Day cabs experienced less chop and a more balanced depreciation, but it wasn’t all sunshine and roses. Class 8 vehicles are constrained by supply factors, ranging from spotty freight levels, dwindling driver availability and spiraling insurance cost that kept demand of these units lower in 2025 – all things we’ll be keeping an eye on as we move into the new year.
TRUST. KNOWLEDGE. FLD.
Approaching a half century as the company that pioneered work fleet remarketing, I can tell you that the entire team here at FLD is excited and chomping at the bit for the year ahead. With so much going on in fleet we’re ready to help our customers seize the day with risk free remarketing that saves them time and money. Makes their life easier. And gives them the peace of mind they need to realize their most important goals. They’re the things we strive for every day here at FLD, and we look forward to sharing our insights and knowledge in this publication each quarter.
Thanks for stopping in and be sure to check out our quarterly Fleet Manager Sentiment Index which takes a look at how top fleet managers are feeling about a basket of 7 key areas of fleet including safety, service and more. It can be viewed at www.fldinc.com/news.
This was our wrap up of 2025. Next week, the FLD 2025 Q4 White Metal Market Report will look ahead at what we think 2026 might hold for the wholesale used vehicle market.
About the author
Bill Bishop is SVP of Sales and Marketing at FLD Remarketing and with over 35 years of experience in fleet, a recognized expert in the used wholesale vehicle market. He has been authoring FLD’s quarterly White Metal Market Report for the past decade and can be reached with questions or comments at [email protected].
