Used truck prices stayed relatively flat in July but remained at favorable levels compared with the same month a year ago, according ACT Research.
The average price of a used Class 8 truck was down 1% from June according to the State of the Industry: U.S. Classes 3-8 Used Trucks report published by ACT Research. The report also found that same dealer volumes rose 12% year-over-year while average age declined 5% over the same period. In the short term, dealer sales volumes fell 7% and July was the weakest sales month of the year in 2018.
Retail and auction markets were down from June while sales were up through the wholesale channel. With a longer view of 12 months, retail and wholesale markets were up 18% and 3% respectively while the auction channel was down 10%.
“Dealers are reporting that the used truck market is strong,” said Steve Tam, vice president at ACT Research. “Dealers are having a hard time finding used trucks to sell, which is supporting used truck prices. The strong market has also been a boon to finance companies actively looking to finance used trucks.”