Used retail prices for Class 8 trucks hit a cycle low in November, ACT Research stated Tuesday in its most recent state of the industry market report.
The company says average retail prices were down 2.6% percent month over month in November, with the $58,000 average price being the lowest number seen in the market since April 2021. ACT Research Vice President Steve Tam adds that price also was 28% lower year over year and could continue falling in the immediate term before course correcting in the fall.
“Our pricing expectations remain steady, with a return to month over month growth toward the end of 2024 as the most likely course,” Tam says.
On a volume basis, Tam says “the total market same dealer sales volume rose 24% in December. For the full year, total sales were up 40% compared to 2022. Auctions led the growth, improving 78%, with the wholesale market expanding by 75%. Growth in the retail market was more reserved at 12%.”
