According to the latest State of the Industry: U.S. Classes 3-8 Used Trucks by ACT Research, the used Class 8 average retail sale price fell 1 percent m/m and 25 percent y/y to $62,900 in October.

“The past three months’ less-than-expected declines present mounting evidence of pricing stability. We expect lower prices through the end of 2023, with a return to m/m growth toward the end of 2024,” said Steve Tam, Vice President at ACT Research.

The industry is currently questioning when values will stabilize. Tam said, “The answer to that question seems to be in flux. There are still too many trucks chasing too little freight. Until the economy can strike a balance between those two factors, downward pressure on pricing will continue to exist. Once the excess capacity is absorbed, the freight rate environment and trucker profits will correct, restarting the cycle that is the commercial vehicle industry.”

The report from ACT provides data on the average selling price, miles, and age based on a sample of industry data. In addition, the report provides the average selling price for top-selling Class 8 models for each of the major truck OEMs – Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo). This report is utilized by those throughout the industry, including commercial vehicle dealers, to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance.