“Positively, the average retail sales price of Class 8 trucks sold in November was above $80,000. Unfortunately, that means prices fell 3% compared to October,” said Steve Tam, VP at ACT Research.
He continued: “There is no escaping the reality that is excess freight hauling capacity in a declining economy and freight market. That simple fundamental imbalance carries quite a bit of sway when it comes to used-truck pricing. The average retail used-truck price has descended into negative y/y territory for the first time since August 2020. Welcome to the new normal.”
See also: Topsy-turvy times for used trucks
Tam concluded: “Despite the somewhat dour news regarding slowing sales and lower prices, there are numerous examples of solid performance peppered throughout the industry. A quick scan of the preliminary Used Trucks report shows several instances of high-volume truck models whose prices have yet to throw in the towel. The challenge is no different than it has ever been.”
Working with truck dealers and OEM remarketing dealerships throughout the U.S., ACT collects transactions on a monthly basis, covering an estimated 20% of all used-truck transactions. While dealerships share their numbers anonymously, they provide data critical to understanding the current used-truck market such as average selling price, miles, and age based on a sample of industry data, according to the Dec. 16 ACT Research release.