It continues to be a strong seller’s market for used Class 8 trucks, as prices for these vehicles keep rising as supplies of them remain tight. That’s the conclusion of the latest ACT Research Co. (ACT) State of the Industry: U.S. Classes 3-8 Used Trucks report.
The report found that the average retail sales price of Class 8 used vehicles sold in September increased 3% month-over-month to $42,100. And the number of units sold declined by 5% month-over-month “as dealers reported tightening supply of late-model equipment,” according to ACT.
“Having fewer than necessary trucks of the right specifications is exacerbating the shortage of equipment and helping to drive up prices,” said Steve Tam, vpt-- commercial vehicle sector with ACT. “Despite the lower number of transactions compared to August, all three used truck sales channels (auction, retail and wholesale) are well ahead of last year’s pace on a year-to-date basis. The used dealer industry remains cautiously optimistic about future prospects as freight, trucker profitability and new truck demand are improving,” he added.
Tam pointed out that ACT’s used-truck database participants report approximately 2,500 transactions per month. He said the company is working with used vehicle market participants to push the number of reported transactions significantly higher. ACT estimates that approximately 10% of used Class 8 transactions are included in the database.
The ACT report also provides data on the average used price for the top-selling Class 8 model for each of the major truck OEMs: Freightliner (DTNA); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo.
For subscription information to the full report, go to http://www.actresearch.net.