According to ACT Research, the used Class 8 average retail sale price fell 1% month-over-month and 25% year-over-year to $62,900 in October.

“The past three months’ less-than-expected declines present mounting evidence of pricing stability. We expect lower prices through the end of 2023, with a return to m/m growth toward the end of 2024,” said Steve Tam, vice president at ACT Research.

Tam said that the industry is currently questioning when values will stabilize, adding that “the answer to that question seems to be in flux. There are still too many trucks chasing too little freight. Until the economy can strike a balance between those two factors, downward pressure on pricing will continue to exist. Once the excess capacity is absorbed, the freight rate environment and trucker profits will correct, restarting the cycle that is the commercial vehicle industry.”