A volatile yet gradually stabilizing wholesale used vehicle market over the past decade, particularly through the disruptions of COVID-19 and its aftermath. After extreme highs in pre-pandemic pricing and severe downturns during the pandemic, the market has entered a more predictable phase. In 2025, depreciation trends closely mirrored 2024, with moderate price increases early in the year, followed by stability and minor fluctuations—offering a welcome sense of consistency after years of turbulence.

A key theme in 2025 was constrained supply across nearly all vehicle classes, especially low-mile units, due to reduced production between 2021 and 2023 and fleets holding onto vehicles longer. Upfitted Class 3–5 vehicles retained value well, while Class 6 trucks remained in demand בגלל their flexibility and exemption from CDL requirements. However, aging inventory and higher mileage vehicles became more common, impacting overall condition. Heavier Class 7 and 8 trucks experienced more volatility, influenced by freight demand, driver shortages, and rising insurance costs.

Looking ahead to 2026, the outlook is cautiously optimistic. The market is expected to remain stable and predictable, assuming no major global disruptions. Economic factors such as steady employment, strong housing construction, and consistent consumer spending are expected to support demand, particularly in final-mile delivery and local distribution. However, uncertainty persists סביב interest rates, fuel costs, and currency fluctuations.

Tariffs remain a significant unknown. While their direct impact may be greater on new vehicle markets, the uncertainty they create could influence the entire industry. Overall, the report anticipates another year of manageable conditions, with predictability seen as a positive sign for the fleet sector.