Used Class 8 truck sales fell sharply in September, reversing a growth trend that started in February, according to an ACT Research report.
Truck sales dropped 11% compared with the previous month. The average price of used Class 8 trucks increased 1% over the same period. ACT Research said it believes that prices will remain steadily lower in the long term.
The used truck market saw a late summer surge through August with strong sales across all market segments. However, September’s numbers suggest the boom in used truck sales may be over for now.
“The retail market segment fared the best, marking only a 1% decline month-over-month, while the auction and wholesale markets took the biggest hits, falling 45% and 25% month-over-month, respectively,” Tam said.