REPORT: Used Truck Sales Down Almost 20% From 2018 Despite Jump in August
Columbus, IN – A new report indicates used truck sales are down almost 20% from the same time in 2018, though August saw a significant increase from July.
Trucking industry analyst, ACT Research, published its latest “State of the Industry: U.S. Classes 3-8 Used Trucks” report this week and it reveals sales so far in 2018 are down.
According to ACT, same-dealer sales rose 9% in August compared to July, but contracted 19% versus the first eight months of 2018.
Additionally, the average price of total used Class 8 trucks in August dipped 1% year-over-year.
The decline in price was the first since January 2018, according to ACT.
Month-over-month, prices also fell 3%, but longer-term remained 7% higher year-to-date, ACT said.
The report also indicated used Class 8 average miles increased slightly month-over-month, up 2%, and were down 1% year-to-date.
The average age rose 1% compared to July and 4% on a year-to-date basis, the report noted.
Steve Tam, Vice President at ACT Research, offered his analysis.
“Dealers are reporting that used truck sales are not in the tank, but the prices for trucks have fallen and inventories are growing,” Tam said.
Tam indicated the findings in ACT’s latest report were “not unexpected.”
“With lower truck values and growing inventories, many dealers have become much more conservative about what they will pay for trade-ins, while the rapid decrease in used truck values has caught some customers by surprise, as customers became used to receiving more for trucks in the last two years than what is normal,” Tam commented.
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