According to preliminary data from ACT Research, Class 8 same dealer used truck retail sales volumes surged 14% month over month in August. In addition, compared to July 2023, average retail prices increased 1%, while miles and age both declined 1%. Compared to August of 2022, volumes improved by 6%, while prices declined 26%, miles declined 3% and age declined 4%.
“Historically, August is the second-best sales month of the year, more than 8% above average and 10% better than July,” Steve Tam, vice president at ACT Research, said. “The uncharacteristically large improvement this month is likely a reflection of the increased availability of units at more attractive prices.
“In three of the past four months, used Class 8 average retail sale prices have reflected either below normal or typical levels of month-to-month depreciation. Looking ahead to next month, the prices, against which longer-term comparisons will be made, will be considerably lower than they have for the first half of 2023. With destocking on shippers’ inventory at hand, freight is expected to stop contracting and perhaps even return to growth soon. At the same time, the number of trucks servicing the freight market continues to decline. These are the exact ingredients for a rebalancing of capacity and the subsequent return to a more normal used truck market.”
