Used Truck Prices Continue Strong in May, Equipment Supply Remains Tight

Following flat volumes in April, the 3% month-over-month decline in May was not unexpected, as historical data indicates that used truck sales volumes usually dip in late spring.

Longer-term comparisons, however, show used truck sales volumes up 12% year-to-date compared to the same period in 2017, according to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research. The report also indicated that the average price of total used Class 8 trucks rose 11% y/y, while average mileage fell 1% y/y.

“Dealers are reporting that used truck sales are very good, but some are reporting difficulties finding enough trucks to meet demand,” said Brian Armstrong, Information Systems Manager at ACT Research. He continued, “As the used truck market stays strong, many fleets opt to sell their own used trucks themselves, since they can make more money that way, rather than by trading the trucks.”

Individual market segments yielded mixed results in May. Armstrong explained, “The auction and wholesale market segments fell 15% and 10%, respectively month-over-month, while the retail sector improved 1%. On a year-over-year basis, however, the retail and wholesale markets were up 18% and 14%, respectively, while the auction market fell 12%. Looking forward, we expect full-year totals to remain at or near current levels.”

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).

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