According to ACT Research, the average retail sale price of a used Class 8 truck fell 1% month over month and 25% year over year to $62,900 in October.

“The past three months’ less-than-expected declines present mounting evidence of pricing stability. We expect lower prices through the end of 2023, with a return to [month-over-month] growth toward the end of 2024,” Steve Tam, vice president at ACT Research, said.

The commercial vehicle industry is currently questioning when values will stabilize, with Tam explaining, “The answer to that question seems to be in flux. There are still too many trucks chasing too little freight. Until the economy can strike a balance between those two factors, downward pressure on pricing will continue to exist. Once the excess capacity is absorbed, the freight rate environment and trucker profits will correct, restarting the cycle that is the commercial vehicle industry.”