![4 class 8 trucks, white, red, indigo, and white in Red Rock County Utah](https://de20kuyh79gr1.cloudfront.net/Stock-Photos/_725x420_crop_center-center_none/33.png)
According to the latest State of the Industry: U.S. Classes 3-8 Used Trucks by ACT Research, the used Class 8 average retail sale price took a big hit in June, slumping 7.6% m/m and 20% y/y to $54,300 units.
![ACT's Used Class 8 Retail Summary](https://de20kuyh79gr1.cloudfront.net/2024-Press-Releases/July/Used-Cl8-Retail-Summary-Heat-Map-June-2024-Final.png)
“We signaled the price drop last month, based on the fact that freight growth remains somewhat elusive,” said Steve Tam, Vice President at ACT Research. “Prices are expected to remain stable at this lower level through 2024, now transitioning to y/y growth in early 2025.”
Regarding volumes, Tam explained, “Same dealer Class 8 retail truck sales downshifted for a fourth consecutive month in June. The 16% drop was counter to the five percentage point seasonal gain indicated by history. June is typically about as average a month as can be. Wholesale activity improved 3.6% m/m, and in normal last-month-of-the-quarter fashion, auction sales swelled 42% m/m.” He added, “Combined, the total market same dealer sales volume rose 13% m/m in June.”
State of the Industry: U.S. Classes 3-8 Used Trucks Report Overview
ACT’s Classes 3-8 Used Truck report provides data on the average selling price, miles, and age based on a sample of industry data. In addition, the report provides the average selling price for top-selling Class 8 models for each of the major truck OEMs – Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo). This report is utilized by those throughout the industry, including commercial vehicle dealers to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance.
ACT Research Overview
ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.
Additional Resources
Counter to historical seasonality, preliminary Class 8 same dealer used truck retail sales volumes slowed in June (-5.3%), according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
“A lack of traction in freight and freight rate improvement, coupled with still-high interest rates, remains the largest hurdles to better used truck sales performance. Seasonality called for an increase of more than 5% m/m,” according to Steve Tam, Vice President at ACT Research. “In typical fashion, auction volumes surged in the final month of the quarter, jumping 36% m/m in June. Wholesale activity pulled back, shedding 20% m/m.”
Tam concluded, “Looking ahead, July sales are typically lackluster, with buyers likely to re-engage in a meaningful way in August.”
Compared to May 2024:
- Average retail volumes decreased 16%.
- Retail price decreased 8%.
- Miles increased 1%.
- And age increased 3%.
Compared to June 2023:
- Average retail volumes decreased 17%.
- Price declined 20%.
- Miles declined 3%.
- And age increased 1%.
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