Same-dealer used Class 8 truck sales dropped 17% in November following a surge in October, according to the latest numbers from ACT Research.
Used heavy-duty truck sales hit the highest mark of 2017 in October, but overall used truck sales have improved from the first part of 2017 despite the decline in November.
“Seasonal weakness is not uncommon in early to middle fall,” said Steve Tam, vice president at ACT Research. “Some would argue this is due to buyers waiting for the more favorable pricing that sometimes occurs in December, due to dealers attempting to reduce inventory before year end.”
The market continues to be negatively impacted by the large numbers of used late model aerodynamic sleepers in inventory, which are pushing down prices, according to ACT. The average price of reported used Class 8 trucks fell 3% in November as well, but that is still up 1% compared to the same month a year ago.
“The good news is buyers are more active now than a few months ago,” said Tam. “One issue impacting used truck sales is that there is better communication about used truck prices than there was a few years ago.”