According to the latest State of the Industry: U.S. Classes 3-8 Used Trucks report, published this week by ACT Research, the used Class 8 average retail sale price improved 2.6% month over month to $59,400 in January. The last time retail prices were this low was in the spring of 2021.
“On a year-over-year basis, used retail prices were 20% lower,” says Steve Tam, vice president at ACT Research. “Our pricing expectations remain steady, with a return to month over month growth toward the end of 2024 as the most likely course.”
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On a volume perspective, Tam says the combined total market same dealer sales volume fell 35% month over month in January. Relative to January 2023, he says the retail market ticked up 0.6%. The auction segment soared, rising by 240% year over year and tracking with data released by J.D. Power last week, while wholesale volumes rocketed up 193%.
Tam says, “Combined market results saw volumes increasing 46% year over year. Expectations for 2024 call for moderate growth relative to 2023.”
