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 made good progress in July, rising 2.3% m/m, to $55,800.
“On a y/y basis, prices were 14% lower. Prices are expected to remain stable at or around this lower level through 2024, transitioning to y/y growth in early 2025,” said Steve Tam, Vice President at ACT Research.
“For the time being at least, retail prices seem to be appreciating for trucks six years old and younger. There is probably still some validity to the assumption that these units are potential substitutes for new trucks. It is also possible that some used truck buyers are continuing to refresh their fleets, replacing their existing trucks with younger pre-owned equipment. Moreover, the market is seeing prices for seven-year-old and older trucks decline. The working hypothesis is that credit availability and cost for buyers of older equipment may be tightening to the point that it is negatively impacting demand,” Tam explained.
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
Somewhat unexpectedly, preliminary used Class 8 same dealer retail sales volumes surged 38% m/m in July, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
“Despite slow freight and freight rate improvement and falling, but elevated, interest rates, the buyers’ market remained attractive to quite a few truckers. Seasonality called for a decrease of about 2% m/m,” according to Steve Tam, Vice President at ACT Research. “According to plan, auction activity fell from its usual final-month-of-the-quarter high, down 41% m/m. Wholesale transactions advanced 7.1% m/m.” Tam went on to point out that the outsized increase is based on preliminary data. When all the dealers have reported, the total will vary.
Tam concluded, “Altogether, July sales rose 14% from June. If history is to be believed, August sales should jump a bit.”
Compared to June 2024:
- Average retail volumes increased 15%.
- Retail price increased 2%.
- Miles increased 2%.
- And age decreased 1%.
Compared to July 2023:
- Average retail volumes increased 6%.
- Price declined 14%.
- Miles increased 1%.
- And age was flat.
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