The average price of total used Class 8 trucks in July was virtually flat, down 1%, on a month-over-month basis, but fared better when compared to July 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 used Class 8 same dealer sales volumes rose 12% year over year, while average mileage was unchanged and average age declined 5% compared to the previous July. When compared shorter term, same dealer sales volumes fell 7% month over month in July, the weakest month so far this year.
“Dealers are reporting that the used truck market is strong,” said Steve Tam, vice president at ACT Research. “Dealers are having a hard time finding used trucks to sell, which is supporting used truck prices. The strong market has also been a boon to finance companies actively looking to finance used trucks.”
Individual market segments yielded mixed results last month. Tam explained, “Retail and auction markets declined 9% and 5%, respectively, on a month-over-month basis in July, while sales via the wholesale channel recorded a 1% month-over-month gain. However, when compared longer term, the retail and wholesale markets show year-over-year increases of 18% and 3%, respectively, but the auction channel was down 10% compared to July 2017.”
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