Used Class 8 Truck Retail Sales Slowed for a Second Straight Month in April

| May 30, 2024

ACT Research reports used Class 8 average retail sale price slid 1.9% m/m to $58,900 in April

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 slid 1.9% m/m to $58,900 in April.

“On a year-over-year basis, used retail prices were 17% 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, “Same dealer Class 8 retail truck sales slowed for a second straight month in April. The 5.6% drop was less than the seasonal decline indicated by history. April typically falls ten percentage points from March, to about one percentage point below average. Wholesale activity contracted by a much greater amount, down 30% m/m. Predictably for the first month of the quarter, auction sales paled at -48% m/m.” He added, “Combined, the total market same dealer sales volume shrank 30% m/m in April.”

The report from ACT 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.

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