Preliminary used truck sales in the heaviest weight segment – Class 8 – fell 13 percent in April compared with the same month a year earlier.
Used truck sales dropped 5 percent in April compared with a 25 percent uptick in sales in the previous month. The average price of a used truck increased 14 percent, while average miles contracted and average truck age “were relatively flat,” according to ACT Research, a trucking industry research firm.
“Recent conversations with market contacts suggest dealers are very aware that conditions are changing,” said Steve Tam, vice president of ACT. “Auction and wholesale volumes, as well as pricing, are softening.”
Sales of used trucks have dropped 16 percent year-to-date, ACT said.
“Some used truck buyers and sellers are paying close attention, but others may be only casually aware of any looming concern,” Tam said. “Most truckers have yet to make the leap, as signified by retail markets that are outperforming their dealer counterparts.”