ACT Research on Thursday released its most recent State of the Industry: U.S. Classes 3-8 Used Trucks report, in which the firm confirmed last week's report from J.D. Power that retail used truck prices actually rose month over month in July.
ACT states its data indicates the average retail sale price for a Class 8 used truck in July was $55,800, up 2.3% from June. That total was down 14% from July 2023, but Steve Tam, ACT Research vice president, says price is expected to remain stable “at or around this lower level through 2024, transitioning to year over year growth in early 2025.”
“For the time being at least, retail prices seem to be appreciating for trucks six years old and younger. There is probably still some validity to the assumption that these units are potential substitutes for new trucks,” says Tam.
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Yet he adds it also is possible some used truck buyers are continuing to refresh their fleets, replacing their existing trucks with younger pre-owned equipment.
“Moreover, the market is seeing prices for -year-old and older trucks decline. The working hypothesis is that credit availability and cost for buyers of older equipment may be tightening to the point that it is negatively impacting demand.”
