Class 8 retail prices dropped again in May, ACT Research says in its final survey for the month. Prices slid 1.5% lower month-over-month, settling at $58,400 in May.
"On a year-over-year basis, used retail prices were 15% lower," says Steve Tam, vice president. "We anticipate the price outlook will soften in our next update, owing to a weaker than expected freight market. Prices are expected to remain stable through most of 2024, transitioning to year-over-year growth in Q4. Sequential growth most likely will take place at the end of 2024."
[RELATED: Is pre-buying upsetting the conventional freight cycle?]
In volumes, sales were also down for a third consecutive month, off 3.9%, which matches the seasonal drop. Wholesale activity was down 11%, month-over-month.
"The only volumes growth segment for May was auction sales, which added 36% month-over-month," Tam says. "Combined, the total market same dealer sales volume rose 11% month-over-month in May."
ACT's State of the Industry: U.S. Classes 3-8 Used Trucks provides data on the average selling price, miles and age of sold trucks based on a sample of industry data. It also provides the average selling price for top-selling Class 8 models for each of the major truck OEMs.
