Used truck volume continues climb, prices slide
The volume of used Class 8 trucks sold in June rose 10 percent over May’s according to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research, bucking a season trend of summer swoon.
“June’s performance was a little counterintuitive, given that sales usually slow in the summer months, “ says Steve Tam, Vice President-Commercial Vehicle Sector with ACT. “While one month does not make a trend, it is a confirmation that demand in the used truck market remains strong.”
The average selling price of total reported Class 8 trucks sold in June slipped for just the second month in 2014, to a record $47,345.
“Despite the short-term decline, our expectation is for price appreciation of up to 10 percent for 2014, with some upside risk possible,” says Tam.
“Pricing has trended flat to mildly downward, with depreciation kept in check by continued high demand for lower-mileage trucks,” says ATD senior analyst Chris Visser. “We expect results to follow this trend through the end of the year, with depreciation on 2011-2013 models averaging roughly 1.5% per month in both the wholesale and retail channels by December.