U.S. truck dealers experienced a drop in used Class 8 truck sales this July, and at first glance the average sticker prices appeared higher than expected — but you can blame a statistical anomaly for that.
Used Class 8 retail volumes were down 8% in July when compared to June, and 47% lower than July 2021, according to preliminary data from ACT Research’s latest State of the Industry: U.S. Classes 3-8 Used Trucks report. Average retail prices were flat month over month, but 41% higher than July 2021.
“Given softer spot freight volumes and rates, coupled with still-expensive diesel fuel prices, the logical expectation was for continued declines in values. However, we got a bit of a twist in the preliminary July used truck data where prices are concerned,” said Steve Tam, vice-president of ACT Research.
“The first thing to notice is the composition of units that were sold during the month. On average, the units were about five months younger, even though they have a few more miles on them,” he explained.
“In the case of this month’s data, a higher number of higher-dollar transactions resulted in improved overall results during the month.”
The average mileage on sold trucks was up 1% in July, compared to June, while the average age was down 5%. Compared to July 2021, average mileage and age increased by a respective 2% and 9%.
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