ACT Research announced this week the used Class 8 average retail sale price fell 1% month over month and 25% year over year to $62,900 in October.
“The past three months’ less-than-expected declines present mounting evidence of pricing stability. We expect lower prices through the end of 2023, with a return to month over month growth toward the end of 2024,” says Steve Tam, vice president at ACT Research.
ACT adds the industry is currently questioning when values will stabilize. ACT had previously reported a contraction of the used truck market in October in its earlier reports.
“The answer to that question seems to be in flux. There are still too many trucks chasing too little freight. Until the economy can strike a balance between those two factors, downward pressure on pricing will continue to exist. Once the excess capacity is absorbed, the freight rate environment and trucker profits will correct, restarting the cycle that is the commercial vehicle industry,” Tam says.
