The average price of total used Class 8 trucks in July was virtually flat, down 1 percent, on a month-over-month basis, but fared better when compared to July 2017, writes ACT Research in its recent State of the Industry: U.S. Classes 3-8 Used Trucks.
The report also indicates used Class 8 same dealer sales volumes rose 12 percent year-over-year, while average mileage was unchanged and average age declined 5 percent when compared to the previous July. When compared shorter term, same dealer sales volumes fell 7 percent month-over-month in July, their weakest month so far this year, the company states.
“Dealers are reporting that the used truck market is strong,” says Steve Tam, vice president at ACT Research. “Dealers are having a hard time finding used trucks to sell, which is supporting used truck prices. The strong market has also been a boon to finance companies actively looking to finance used trucks.”
Individual market segments yielded mixed results last month.
Tam says, “Retail and auction markets declined 9 percent and 5 percent, respectively, on a month-over-month basis in July, while sales via the wholesale channel recorded a 1 percent month-over-month gain. However, when compared longer term, the retail and wholesale markets show year-over-year increases of 18 percent and 3 percent, respectively, but the auction channel was down 10 percent compared to July 2017.”