Class 8 same dealer used truck sales dropped by 17 percent last month following the unexpected climb in October, ACT Research announced Thursday in its latest State of the Industry: U.S. Classes 3-8 Used Trucks report.
“Seasonal weakness is not uncommon in early to middle fall,” says Steve Tam, vice president at ACT Research. “Some would argue this is due to buyers waiting for the more favorable pricing that sometimes occurs in December, due to dealers attempting to reduce inventory before year end.”
Despite the sequential decline, ACT states dealers are reporting that used truck sales have improved from early 2017 levels. That said, ACT adds the market continues to be negatively impacted by the large numbers of used late model aerodynamic sleepers in inventory that are pushing down prices.
“The good news is, buyers are more active now than a few months ago,” says Tam. “One issue impacting used truck sales is there is better communication about used truck prices than there was a few years ago.”
The average price of total reported used Class 8 trucks fell 3 percent month-over-month in November, but were 1 percent higher compared to last November, ACT says.
“Year-to-date values continue to lag behind last year’s prices, down 6% compared to the comparable period from 2016,” says Tam.