Changes in the Rail Fleet Over Time: Top 10 Gainers and Losers in 2024 PDF Free Download
1 / 2/2
100%
Volume 20, Issue 1
Subjects of Value
The Inspection and Appraisal of Rail Equipment
Changes in the Rail Fleet Over Time: Top 10 Gainers and Losers in 2024
Winter 2025
Members of
the American
Society
of Appraisers
Subjects of Value is a
publication of Biggs
Appraisal and is ©2025
by Biggs Appraisal
Visit our website for
previous edions of
Subjects of Value!
www.biggsappraisal.com
As of January 1, 2025, the North American
Freight Car Fleet stood at 1,641,876 freight
cars. This was up a net 3,228 cars from
January 1, 2024.
In 2023, the rate of freight car scrapping
dropped to more normal levels. Scrap rates
have remained in the $280 to $300 per long
ton depending on location for most of 2024.
The strong demand and tight supply for
existing cars has caused off lease cars in
good condition to spike in value, as buyers
can pay up due to strong lease rates. The
current freight car fleet has 729 car types
and is down from the 741 car types from
last year. This includes the 12 Maintenance
of Way car types. Some of the older car
types have gone away. Of the current 729
freight car types, there were 339 types that
lost cars, 283 types with no changes, and
107 types that gained.
In this look at the gainers and losers, we
examined the Top 10 in each category to get
the best picture of what is hot and what is not.
The top 10 gainers had a net increase of
29,175 units. The total top 10 fleet of cars - at
593,086 units - represented just over 36% of
the entire freight car fleet. The top 10 losers
had a net loss of 17,331 units. It is not
surprising that the majority of the gainers are
heavy capacity cars of 286,000-pound gross
rail load, and the lion share of the losers are
lower of capacity 220,000 pound and 263,000-
pound gross rail load cars. Overall, the
tonnage capacity of the fleet is growing with
fewer additions. A green note is that the added
capacity is moving on a modern truck design
that lowers rail wear, with fewer cars needed
(less wheels, less friction), and improved fuel
efficiency due to these improvements.
It is not surprising that C114 grain hoppers
saw the largest increase, with a net gain of
7,473. Large capacity High Hazard Flammable
DOT 117 tank cars in the T178 and T179 types
added 5,914 units and 1,154 units respectively. Bi-Level auto racks in two types V915 and V918 had a substantial increase of
6,793 units. C214 covered hoppers carrying plastic pellets landed at number four on the gainers list with 3,009 units. The 52’
unequipped mill gondola G519 added a net 1,498 units, and T105 General Purpose Tank cars with 19,000 to 21,000 gallons
added 1,168 units. The H350, an aggregate hopper that also used to be called the Eastern Style coal car, added 1,146 units,
and the T389 LPG Tank car added 1,020 units.
(Continued on page 2)
By Johanna Biggs
Top 10 Gainers in 2024
AAR Car
Type 220,000 263,000 265,000 286,000 Other All Total Change Rank
C114 264 1,642 1,568 182,795 0 0 186,269 7,473 1
T178 0 7 0 85,908 0 0 85,915 5,914 2
V915 0 0 0 0 0 16,491 16,491 3,786 3
C214 0 26,443 11,139 112,940 1 1 150,524 3,009 4
V918
0 0 0 0 0 10,925 10,925 3,007 5
G519 0 7 15 21,297 0 0 21,319 1,498 6
T105 46 13,077 168 23,367 0 1 36,659 1,168 7
T179 0 18 0 8041 0 0 8,059 1,154 8
H350 0 6,122 103 16,839 0 0 23,064 1,146 9
T389 0 53,685 0 176 0 0 53,861 1,020 10
29,175
2255 Sumter Lake Drive
Marietta, Georgia 30062
BIGG S APPRA I SAL
Stuart Biggs, ASA
Managing Director, Appraiser
Phone: 404.245.9638
Email: s.biggs@biggsappraisal.com
Edward Biggs, ASA
President
Phone: 404.625.4059
E-mail: Biggsappraisal@yahoo.com
Johanna Biggs, ASA
Rail Equipment Inspection and Appraiser
Phone: 404.775.8115
Email: jbiggsmitchell@biggsappraisal.com
Edward Biggs IV
Sales Manager
Phone: 702.330.2638
Email: biggsedward@ymail.com
Biggs Appraisal and Subjects of Value are service products of Edward D. Biggs III, LLC D/B/A Biggs
Appraisal. An Accredited Senior Appraiser (ASA) member of the American Society of Appraisers with
a focus on rail equipment, locomotive, railcar, and maintenance of way equipment valuations. Ed Biggs
has spent over 48 years in the railroad industry with a mix of significant experience with railroads and
leasing companies, including experience in fleet operations, mechanical, and sales. Biggs has
particularly in-depth knowledge of railcar extended life upgrade and rebuilding programs. Biggs
Appraisal also researches a wide variety of subjects to support valuations, both for its own interests
and those of its clients. Stuart Biggs, ASA has been involved with every aspect of Biggs Appraisal’s
business for over 17 years and is a Senior appraiser and inspector. Johanna Biggs, ASA has been
working for seven years in research, appraisals, and inspections. Both Stuart and Johanna are
members of the American Society of Appraisers. The articles in Subjects of Value are by necessity brief
and are designed to spur further conversation. Questions, comments, and feedback are always
appreciated. This newsletter is aimed at people interested in the rail industry. If you wish to be
added to the Subjects of Value mailing list there is a sign-up form on the front page of our website
Biggsappraisal.com. We encourage industry distribution of this newsletter.
In 2022, the top ten loser list totaled 63,902 units. In 2023, that was down to 17,331 units (a substantial net decrease), which
almost matched the 2024 decrease with 17,801 units. Our current measure of the top ten losers includes: 50’ cushion
underframe boxcars which decreased by 3,691; medium sized covered hoppers (mostly 4,750 CF grain cars) that lost 3,319
units; and small cube covered hoppers, or C112s, that dropped by 2,199. The pre DOT 117 T107, T108, T109, and T208
crude oil tank cars decreased by 1,946; 1,691; 951; and 780 units respectively. 50’ rigid underframe boxcars lost 1,257
units; J311, utility goal gondolas, lost 1,104 units; and the K341 rapid discharge utility coal hoppers lost 860 units.
The retirement of 25 older fifty-foot boxcars car types missed the 10 ten list, mainly because there are so many boxcar type
configurations. If you look at the 27 types of 50’ boxcars that retired, they represent 6,749 cars. Overall, the rail industry has
narrowed down the boxcar fleet to a few standard types that are mostly in the high-capacity, tall, plate F configuration.
Keeping it simple and standard really works regarding boxcars, as it is much easier to place standard cars that load
standard pallets into shippers’ facilities that load standard. As the percentage of cars in the modern 286,000-pound gross rail
load capacity increases, it tends to make older cars of lower capacity harder to lease, regardless of price.
Many of these older cars are approaching the end of their useful life in interchange in the early 2030’s. Somehow, a
combination of new car building and extended life will pick up the slack. Not all of these cars need to be replaced on a one-
for-one basis. The overall increase in cubic foot and tonnage capacity means that fewer cars are required to carry equal
amounts of freight.
(Continued from page 1)
What is the best replacement for a 50-foot 70-Ton Plate C Boxcar?
By Johanna Biggs
