The average price of a Class 8 used truck sold in June was $48,800, up 6 percent compared to June 2018 when trucks were selling for around $46,000, according to the latest report by ACT Research.
June used truck prices are up 2 percent compared with the previous month, and are up 10 percent year-to-date compared with the first six months of 2018, according to Brian Armstrong, information systems manager of ACT.
“Used truck prices are still doing pretty well even though some dealers are talking about prices potentially starting to fall,” Armstrong told FreightWaves.
Sales of used Class 8 trucks plummeted 26 percent in June compared with the same month a year earlier, and fell 10 percent from the previous month, he said.
“Dealers are reporting that used truck sales have slowed and appear to be slowing to even lower levels than what is currently being sold,” Armstrong said.
Sales of used trucks are down 18 percent year-to-date compared with the first six months of 2018.
The average used truck mileage was 430,000 in June, down 2 percent compared with the same month a year ago.
The average age of a used truck for sale in June was 82 months, a slight increase from around 81 months the same month a year earlier, Armstrong said.
“Many [dealers] are reporting that there has been some downward adjustment of prices, but they are still good, and despite slower sales and lower truck values, sales remain strong and prices are higher for a given age and mileage level than what would normally be expected,” Armstrong said in the ACT release.