The average price of total used Class 8 trucks in November was up 10% year-to-date, when compared to the first 11 months of 2017, 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 same dealer sales volumes fell 17% m/m, in line with seasonal expectations, but rose 10% year-to-date, while average mileage was flat and average age declined 3% from a year ago.
“Dealers are indicating that used truck sales are very strong. They are scrambling to find inventory, with many reporting that 2018 may be the best truck market they have ever seen,” said Steve Tam, Vice President at ACT Research. He continued, “The combination of strong demand and tight supply is keeping truck prices high. While the good news is that trucks are selling, the bad news is the trucks are more expensive than normal.”
Analysis of the individual market segments continue to indicate mixed results. Tam explained, “Compared to last year, the wholesale market is up 5% y/y, with the retail segment growing just 1% y/y. The auction market was bearish in November, contracting 51% y/y. The three channels carry the same bias on a year-to-date basis.”
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 – Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo).