The average price of total used Class 8 trucks in August dipped 1% y/y, the first such decline since January 2018, ACT Research says.
Month-over-month, prices fell 3%, but longer-term, remained 7% higher year-to-date. Same-dealer sales rose 9% in August compared to July, but contracted 19% versus the first eight months of 2018, according to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research.
The report also indicated used Class 8 average miles increased slightly month-over-month, up 2%, and were down 1% year-to-date, while average age rose 1% compared to July and 4% on a year-to-date basis.
“Dealers are reporting that used truck sales are not in the tank, but the prices for trucks have fallen and inventories are growing,” said Steve Tam, vice president at ACT Research. “This is not unexpected, as sales of new trucks have been barreling along, leading to many trade trucks coming to dealers. With lower truck values and growing inventories, many dealers have become much more conservative about what they will pay for trade-ins, while the rapid decrease in used truck values has caught some customers by surprise, as customers became used to receiving more for trucks in the last two years than what is normal.”