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May Used Truck Sales Rise 18% From 2023

Jul 09, 2024 at 08:03 AM CST

Used Class 8 truck sales in May increased 18.1% compared with the same period the prior year, ACT Research reported.

Sales increased to 22,800 units from 19,300 during May 2023. But there was no change in sales from the prior month. The average retail sale price fell 15.5% year-over-year to $58,380 from $69,073, and 1.5% from $59,269 the prior month. Mileage decreased 2.1% to 417,000 from 426,000 a year ago, and 0.5% from 419,000 the prior month.

“We anticipate the price outlook will soften in our next update, owing to a weaker-than-expected freight market,” ACT Research Vice President Steve Tam said. “Prices are expected to remain stable through most of 2024, transitioning to [year-over-year] growth in Q4. Sequential growth most likely will take place at the end of 2024.”