While the average price of used Class 8 trucks was flat in June compared to the previous month, they have risen 15% over last year, according to ACT Research.
Same-dealer used trucks sales volumes were also up 13% year-over-year which tracks with the positive reports on used truck sales that ACT found when talking to dealers. The used truck market is so strong that dealers are having a hard time finding enough trucks to meet demand, according to ACT Research.
“Dealers are reporting that used truck sales are very strong, which is good news for dealers, OEMs, finance companies, and truckers trading for new trucks,” said Steve Tam, vice president at ACT Research. “As the year progresses, an increasing supply, due to increasing new truck sales, along with a softening in demand will likely lead to slowing price appreciation.”
Average mileage of used Class 8 trucks fell 1% and the average age declined 2% compared to June 2017. Individual market segments saw mixed results in June.
"Retail and wholesale markets declined 5% and 25%, respectively, on a month-over-month basis in June, while sales via auctions recorded a 23% month-over-month gain," said Tam. "However, when compared longer term, the auction and retail markets show year-over-year increases of 41% and 23%, respectively, but the wholesale channel was down 18% compared to June 2017.”
The information was in ACT’s latest used truck report which provides data on the average selling price, miles, and age on the top selling Class 8 models from each major truck OEM.