May Used Truck Sales Rise 18% From 2023

The transportation industry is currently experiencing a rise in used Class 8 truck sales, with an 18.1% increase in May compared to the previous year. However, the average retail sale price has decreased by 15.5% year-over-year due to a weaker freight market. This trend is expected to continue with stable prices through most of 2024 before transitioning to growth in the fourth quarter. The decline in same-dealer retail truck sales indicates a challenging landscape, with inventory levels rising and affordability improving but demand remaining sluggish. As a result, there is heightened competition among dealers, leading to downward pressure on pricing. This situation highlights the importance of strategic fleet management and the need for adjustments in response to market dynamics to navigate these challenging times in the transportation sector.