The average price of total used Class 8 trucks in July dipped 4% month-over-month, while rising against longer-term comparison, up 9% year-to-date, ACT Research reports.
Same-dealer sales, on the other hand, were flat in July compared to June, but contracted 18% versus the first seven months of 2018, ACT found. ACT also indicated used Class 8 average miles was neutral month-over-month and down 1% year-to-date, while average age rose 2% compared to June and 4% on a year-to-date basis.
“We have received reports from dealers over the past month that the used truck market is experiencing contrasting performance,” said Steve Tam, vice president at ACT Research. “One dynamic contributing to waning year-to-date gains for values in our data sample is the declining number of price point trucks. Since the beginning of 2018, we have seen a 30% decline in the volume of trucks priced below $50,000, while the volume above that point has increased by a similar percentage. Simple math dictates that the average will increase under those conditions, and as freight growth has slowed, or even contracted, owner/operators and small fleets appear to no longer be in the market for used trucks.”