Used Class 8 same dealer sales volumes dropped 1 percent month-over-month in March, with sales rising 5 percent year-over-year compared with March 2019, and 12 percent year to date, according to ACT Research’s State of the Industry: U.S. Classes 3-8 Used Trucks.
The report also indicates used Class 8 average price, miles and age in March were essentially unchanged compared with the previous month. Longer term, average price, miles and age all contracted year over year as well as year to date, down respectively from the first three months of 2019 by 15 percent, 1 percent and 7 percent.
“Dealers are reporting that there are more trucks than buyers, which is not new news. This has kept downward pressure on prices, particularly for late model aerodynamic sleepers,” says Steve Tam, ACT Research vice president.
“Some dealers are saying they just want to get rid of inventory and take their losses. Dealers had become accustomed to getting more money than what is normal for used trucks in 2018 and early 2019,” Tam says. “When trucks are overvalued, sellers can ask for higher pricing on their used trucks as long as demand supports higher-than-normal prices. Unfortunately, when the market adjusts, taking big losses is the only solution. The good news for buyers in a falling used truck market is that there are some very good bargains to be had.”
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.