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 made good progress in July, rising 2.3% m/m, to $55,800.
“On a y/y basis, prices were 14% lower. Prices are expected to remain stable at or around this lower level through 2024, transitioning to y/y growth in early 2025,” said Steve Tam, Vice President at ACT Research.
“For the time being at least, retail prices seem to be appreciating for trucks six years old and younger. There is probably still some validity to the assumption that these units are potential substitutes for new trucks. It is also possible that some used truck buyers are continuing to refresh their fleets, replacing their existing trucks with younger pre-owned equipment. Moreover, the market is seeing prices for seven-year-old and older trucks decline. The working hypothesis is that credit availability and cost for buyers of older equipment may be tightening to the point that it is negatively impacting demand,” Tam explained.
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.