Preliminary Class 8 same dealer used truck sales were down 2.9% month over month in July, says ACT Research's State of the Industry: U.S. Classes 3-8 Used Trucks report.
[RELATED: Used truck sales, pricing rise in June, ACT says]
"The decline was larger than expected based on historical seasonality, which called for about a 0.5% month over month decrease," says Steve Tam, vice president at ACT Research. "Total reported preliminary sales wrapped up July 5.7% lower month over month. Considering the spot freight market appears to have hit a ceiling in July, reduced used truck sales are not surprising."
The preliminary average retail price of used Class 8 trucks also fell in July, down 4.4% month over month to $61,000.
Average sales prices in July remained just below $90,000 for two-year-old units, based on data from Price Digests (owned by Fusable, parent company of TPS). Five-year-old used trucks sold for just over $50,000 on average, while 10-year-old trucks brought about half that price.
"Pricing softened more than seasonal expectations, which called for a little over 1% reduction," Tam says.
