During March, the construction and agricultural top models both increased in age with a decrease in volume year over year. The Caterpillar 740B increased in average age on the resale channel by 16.8% from last March with only a 0.2% drop from February. The increase occurred during January as the calendar year and current model year shifted. The Deere 640FD also increased year over year, up 29.8% from last March. There was only a 0.1% increase from February though as again, the large increase occurred during January. While both of these markets increased in average age, the Freightliner M2 106 and Toyota 8FGU25 dropped in average age 13.8% and 14.8% respectively from last year. The Freightliner had the largest month to month change in average age from February down 4.1%.
The month over month volume changes showed quite a bit of variation between markets. The Caterpillar dropped only 3.4% while the Deere fell by more than 30%. Again, the Freightliner and Toyota were quite different from then construction and agricultural markets with volume increases both month over month and year over year. The Freightliner M2 106 increased 58.6% year over year and 23.4% over February as this past March was the second highest market activity for this truck. The Toyota 8FGU25 increased 32.3% over last March and 20.5% over February with March being the highest volume month within the past 13 for this lift truck.
As always, both average age and market activity influence market prices. The Caterpillar 740B was down 11.1% from last March with the greatest percentage drop in price beginning in July of 2016. The Deere 640FD was down 6.0% from last March, which was not as high of a percentage as the Caterpillar on the construction market. The largest percentage price decrease for the Deere was during August as the summer months came to an end before more drops in October and November as the agricultural market picked up from September. The Freightliner M2 106 finished March 9.0% above last year with the only price drops during May and June due to volume nearly doubling during that time. Despite the high volume for this truck thus far in 2017, prices have been holding steady. The Toyota 8FGU25 showed the largest year over year price increase up 9.6% from last March with only a few drops throughout 2016, which happened to coincide with both volume and average age drops. This is not what we would typically expect.