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Steve Tam, the Vice President at ACT Research, commented, "Year-over-year, prices are now 14% lower than they were last year. We anticipate that these prices will stabilize at this reduced level through 2024, with growth resuming again in early 2025."
Looking deeper into the details, the report indicates that the number of used Class 8 trucks sold at retail by the same dealerships fell by 2.3% in September. This marks a continuation of a trend we’ve seen before, where the market tends to slow down during this time of year. Interestingly, the decline in September sales was almost exactly in line with the typical seasonal slowdown of 2.7%. Historically, September has been the third-strongest sales month, often exceeding the average by about six percent. Meanwhile, the wholesale segment also saw a dip in volumes, declining by 10% compared to August. On the flip side, auction volumes increased significantly, rising by 34% month-over-month. When combining all three sales channels—retail, wholesale, and auctions—the total market volume for same-dealer sales actually grew by 12% month-over-month in September.
ACT’s comprehensive Classes 3-8 Used Truck report provides valuable insights into the used truck market, offering data on the average selling price, mileage, and age based on a broad industry sample. Additionally, it breaks down the average selling price for the most popular Class 8 models from the major Original Equipment Manufacturers (OEMs), including Freightliner (Daimler), Kenworth and Peterbilt (Paccar), International (Navistar), and Volvo and Mack (Volvo). This report serves as an essential tool for stakeholders across the industry, helping commercial vehicle dealers stay informed about trends and changes in the used truck market.
ACT Research stands out as the premier source of data, market analysis, and forecasts for the commercial vehicle industry in North America and China. Their reports are relied upon by major truck and trailer manufacturers, their suppliers, financial institutions, and investors alike. With a reputation for accuracy and reliability, ACT Research contributes to the prestigious Blue Chip Economic Indicators and is a respected member of the Wall Street Journal Economic Forecast Panel. ACT Research’s team includes experts who have received numerous accolades, such as election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and recognition for having one of the most accurate economic forecasts over a four-year period. The firm’s leadership has also been honored with awards like the Chicago Federal Reserve Automotive Outlook Symposium’s Best Overall Forecast and inclusion among the USA Today Top 10 Economic Forecasters. For more information about ACT Research, visit their website at www.actresearch.net.
Used Class 8 Truck Retail Sale Price Dropped in September
According to the latest edition of the insightful State of the Industry: U.S. Classes 3-8 Used Trucks report from ACT Research, September brought some unexpected shifts in the used Class 8 truck market. After showing strong momentum in August, the average retail sale price for these trucks took a hit, dropping by a significant 5.2% month-over-month.
Take a look at the accompanying graph from ACT, which offers a detailed summary of the used Class 8 retail market. This visual representation highlights how prices have fluctuated over recent months.