According to the latest State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research, the used Class 8 average retail sale price dipped 2.9% m/m to $60,100 in March.
According to Steve Tam, Vice President at ACT Research, “In our most recent update, pricing pressure abated moderately from Q4’23 to Q1’24.”
Tam concluded about volumes, “March same dealer Class 8 retail truck sales pulled back sequentially, counter to the seasonal bump indicated by history. However, the total market same dealer sales volume rose 17% from February to March.”
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
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 dipped 2.9% m/m to $60,100 in March.
“On a year-over-year basis, used retail prices were 20% lower,” said Steve Tam, Vice President at ACT Research. “In our most recent update, pricing pressure abated moderately from Q4’23 to Q1’24. Prices are expected to remain relatively stable through most of 2024, transitioning to y/y growth in late Q3 or early Q4. Sequential growth most likely will take place at the end of 2024.”
Regarding volumes, Tam explained, “March same dealer Class 8 retail truck sales pulled back sequentially, counter to the seasonal bump indicated by history. However, the total market same dealer sales volume rose 17% from February to March. Compared to March 2023, the retail market advanced 3.9%. The auction segment swelled 48% y/y, with wholesale volumes more than doubling (+103% y/y).” He added, “Combined market results saw volumes increase 26% y/y. Expectations for 2024 call for moderate growth relative to 2023.”
Compared to January 2024:
- Average retail volumes increased 19%.
- Retail price increased 4%.
- Miles increased 1%.
- And age increased 1%.
Compared to February 2023:
- Average retail volumes increased 29%.
- Price declined 14%.
- Miles declined 8%.
- And age declined 1%.
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