COLUMBUS, Ind. — According to the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research, preliminary Class 8 used truck retail sales increased by 14% in August.
Compared to the data from July, the average retail price had increased by 1% while miles and age declined by the same percentage, according to a news release.
Compared to August of 2022, volumes improved by 6%, but the pricing, miles and age all fell — pricing by 26%, miles by 3% and age by 4%.
“Historically, August is the second-best month of the year, more than 8% above average and 10% better than July,” said Steve Tam, the vice president at ACT Research. “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, according to ACT.
“Looking ahead to next month, the price against which longer-term comparisons will be made will be considerably lower than they have for the first half of 2023,” Tam said. “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.”
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.