Used Class 8 Truck Prices Surge 16% Year Over Year
Class 8 Truck Market Trends in June In June, prices for used Class 8 trucks and same-store dealer sales saw an increase, despite prevailing low freight rates, tariffs, and rising interest and insurance costs. According to a report from ACT Research released on July 16, average retail sale prices for
Class 8 Truck Market Trends in June
In June, prices for used Class 8 trucks and same-store dealer sales saw an increase, despite prevailing low freight rates, tariffs, and rising interest and insurance costs.
According to a report from ACT Research released on July 16, average retail sale prices for used Class 8 trucks climbed by 16% year-over-year and 10% month-over-month in June. Additionally, same-dealer sales for these trucks experienced a 5% month-over-month rise and a 22% year-over-year increase.
(Courtesy/ACT Research)
Although same-dealer sales surpassed the typical seasonal expectation of a 3% MoM increase, auction sales and wholesale transactions encountered difficulties, as noted by Steve Tam, vice president at ACT Research.
He pointed out that auction sales were unexpectedly low, declining by 18% month-over-month, and wholesale transactions fell by 16% in the same timeframe.
Particularly, auction sales for Class 8 day cabs faced significant pressure, with asking prices dropping by 1.6% MoM and 6.3% YoY. This category recorded the steepest price drops with a 4.4% decline MoM and 9.9% YoY, according to Jim Ryan, Equipment Lease and Finance Manager at Sandhills Global.
Persistent Challenges in the Truck Market
The transportation sector continues to grapple with challenges posed by freight rates and tariffs, noted Tam in his report. He observed that while spot freight market capacity tightened further in June, growth in freight remained elusive, with tariffs influencing used truck market performance.
With the ongoing rise in truck prices, coupled with escalating interest rates and insurance premiums, operators are feeling the financial squeeze, prompting dealers and lenders to seek more flexible financing solutions to keep trucks affordable, stated Kirk Mann, executive vice president at Mitsubishi HC Capital America. He emphasized the difficulties that rising truck prices pose not only for operators but also for dealers holding inventory as they face increased interest costs.