The Q3 2025 White Metal Market Report highlights an unexpectedly stable used wholesale work truck market. Traditionally, prices fall 10–12% during summer, but this year depreciation was only 5–6%, signaling strong demand despite economic pressures. Scarcity of low-mileage, high-quality assets—stemming from limited production in 2021–22—continues to drive values, while fleets are holding onto older, high-mileage units. Interest rates remain a drag, slowing purchases by fleets and small businesses, though unsold 2023 chassis have appeared in the market. Economic indicators—employment, diesel prices, housing starts, and dollar stability—show resilience, supporting steady demand. By class, most segments are stable, with Class 6 vocational units performing best, Class 8 showing a mix of distressed and rising assets, and pickups still priced 35% above 2019. Looking ahead, potential Fed rate cuts could further boost the market into 2026, though tariffs, global tensions, and regulatory changes remain key risks. Overall, conditions appear consistent and cautiously confident.