Record-setting orders for new Class 8 trucks are apparently not creating any type of used-truck glut, if used-truck prices are any indication.The average price of total used Class 8 trucks in September rose 3% month-over-month and fared even better, up 9% year-to-date, when compared to the first nine months of 2017, according to ACT Research.
ACT's State of the Industry: U.S. Classes 3-8 Used Trucks report also indicated used Class 8 same dealer sales volumes rose 9% year-over-year, while average mileage dropped 1% and average age fell 3% from a year ago. When compared shorter term, same dealer sales volumes fell 9% month-over-month, after reporting 17% month-over-month growth in August.
“Dealers are reporting that used truck sales are very strong, with more demand than available trucks,” said Steve Tam, ACT vice president. “Finding used trucks to sell has dealers searching hard and paying more for trucks than what would normally be expected. Additionally, most dealers are keeping an eye on new truck orders and watching anticipated trades to understand the dynamics that can impact what the units can be sold for and still make a profit.”
Analysis of individual market segments indicated consistent short-term results, but mixed ones when making longer-term comparisons. “The retail, auction, and wholesale channels were all down month-over-month," Tam explained, "but longer-term, retail and wholesale markets recorded gains of 10% and 17%, respectively, while the auction market fell 20% year-over-year.”
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.