Last month, Class 8 used truck same dealer sales volumes jumped 43 percent month over month in what ACT Research largely believes is an anomaly.
The October surprise follows a 5 percent month-over-month loss in September, according to ACT’s State of the Industry: U.S. Classes 3-8 Used Trucks. Longer term, sales were up 7 percent year over year, but down 17 percent year to date compared with the first 10 months of 2018.
The report also indicates used Class 8 average miles increased month-over-month (4 percent) and were virtually flat year to date, while average age inched up 1 percent compared with September, but rose 4 percent on a year-to-date basis. Average price also shed 13 percent month over month, while growing 3 percent year to date.
“Despite the pop in sales … most dealers are reporting lagging used truck sales; at the same time, inventories are continuing to build,” says Steve Tam, ACT vice president.
“The two forces are conspiring to drive prices down and creating a buyer’s market.” Tam says. “Prices have reached a point that is attractive enough to some buyers who are looking to upgrade their fleets to make a purchase decision, while fleets who have been holding onto trucks that they no longer need are making these trades available for purchase as freight softens.”
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.