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Used Class 8 Truck Sales Rise in March as Prices Slip
In March, sales of used Class 8 trucks rose by 4.2% year-over-year, totaling 22,600 units. However, the average sale price experienced a 6% decline compared to the previous year, settling at $56,525, despite a sequential increase of 5.6% from February, marking the largest rise since March 2022. Average mileage also saw a slight increase from the previous year, though it dipped slightly compared to the previous month.
ACT Research's Vice President, Steve Tam, pointed out that the slowdown in new truck sales is affecting the availability of used trucks, as fewer trade-ins are coming into the market. This trend is pushing traditional new truck buyers to consider used options due to the scarcity and higher prices of new trucks. Trey Golden from Rush Enterprises expressed satisfaction with March’s sales, noting that seasonal trends were aligning as expected, even with some pricing pressures.
The used truck market is currently being influenced by tariffs imposed on imports, causing some uncertainty among buyers regarding new truck prices. While there's an ongoing debate on whether these tariffs will elevate used truck prices, Golden believes that demand in the used truck sector reflects current freight market conditions. He indicated that unless freight demand increases significantly, sustained growth in used truck prices is unlikely.
J.D. Power noted a solid rise in auction prices for certain truck categories, indicating a stable pricing environment despite the turbulent economic backdrop. Early signs for April are also positive, emphasizing the impact of preemptive buying in light of impending tariffs.
From a transportation perspective, the dynamics of the used truck market exemplify how external economic factors, such as tariffs and freight demand, can heavily influence sales and pricing structures. As businesses navigate these challenges, it’s critical to monitor not just current market activities but also broader economic indicators that could signal future shifts in demand. This ongoing volatility underscores the need for flexibility and strategic planning within the trucking and logistics sectors.
ACT Research's Vice President, Steve Tam, pointed out that the slowdown in new truck sales is affecting the availability of used trucks, as fewer trade-ins are coming into the market. This trend is pushing traditional new truck buyers to consider used options due to the scarcity and higher prices of new trucks. Trey Golden from Rush Enterprises expressed satisfaction with March’s sales, noting that seasonal trends were aligning as expected, even with some pricing pressures.
The used truck market is currently being influenced by tariffs imposed on imports, causing some uncertainty among buyers regarding new truck prices. While there's an ongoing debate on whether these tariffs will elevate used truck prices, Golden believes that demand in the used truck sector reflects current freight market conditions. He indicated that unless freight demand increases significantly, sustained growth in used truck prices is unlikely.
J.D. Power noted a solid rise in auction prices for certain truck categories, indicating a stable pricing environment despite the turbulent economic backdrop. Early signs for April are also positive, emphasizing the impact of preemptive buying in light of impending tariffs.
From a transportation perspective, the dynamics of the used truck market exemplify how external economic factors, such as tariffs and freight demand, can heavily influence sales and pricing structures. As businesses navigate these challenges, it’s critical to monitor not just current market activities but also broader economic indicators that could signal future shifts in demand. This ongoing volatility underscores the need for flexibility and strategic planning within the trucking and logistics sectors.
Vehicle Guru