ACT Research reported Tuesday the average price of total used Class 8 trucks in July dipped 4 percent month-over-month, while rising against longer-term comparison, up 9 percent year-to-date. Same-dealer sales, on the other hand, were flat in July compared to June, but contracted 18 percent versus the first seven months of 2018, the company says.
“We have received reports from dealers over the past month that the used truck market is experiencing contrasting performance,” says Steve Tam, vice president, 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 percent decline in the volume of trucks priced below $50,000, while the volume above that point has increased by a similar percentage.”
ACT Research also indicates used Class 8 average miles was neutral month-over-month and down 1 percent year-to-date, while average age rose 2 percent compared to June and 4 percent on a year-to-date basis.
“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,” Tam says.
