Pricing for used Class 8 sleeper tractors held mostly firm in September following late-summer price increases, according to market analysts.
J.D. Power in its monthly Commercial Truck Guidelines report for October reported retail selling prices down about a half of a percent in September from August, while wholesale prices fell 3.4%, and auction prices dipped nearly 5%.
The firm noted that a deeper look into used-truck prices back in the summer found the August increase “was an actual market shift and not due solely to an anomalous mix of specs in our averages,” as originally thought. “That value increase held through September,” J.D. Power added.
Trucks sold at retail in September were a month older with 1.6% more miles than those sold in August, the firm said.
“Used sleeper tractor pricing increased in late summer,” J.D. Power concluded. “More new drivers entering the industry needed clean used trucks at a time when inventory was tight. Pricing held firm in September, indicating conditions did not change appreciably. Capacity utilization is at a high level, which should mitigate the value implications of increased trade-ins in upcoming months.”
[Related: Ways to assess used-truck market value for trade or sale, purchase, insurance]
Pricing figures from Overdrive parent company Fusable’s Price Digests showed an actual slight uptick in used sleeper pricing for September, underscoring those factors.
Values for 2-year-old used sleepers were up about 3%, while 5-year-olds were going for about 3.6%. Trucks in the 10-year-old range saw just half a percent increase in pricing.
ACT Research detailed more of a downward trend in the wider used-truck market beyond sleepers when it comes to pricing. Its preliminary September numbers showed more softness “than seasonally expected, dipping 1.5% from August to $61,000” for average retail.
Auction and wholesale pricing also contracted, ACT said, “with the combined preliminary average sale price for all units dropping 7.1% month-over-month.”
“While tighter inventories have been a persistent theme, it’s clear that higher interest rates and ongoing challenges in the driver pool and fuel costs are also influencing the used truck market,” said Steve Tam, Vice President at ACT Research. “Despite these headwinds, the sequential uptick in total sales and continued strength in freight activity suggest that underlying demand for used equipment remains resilient.”
[Related: Used trucks: How to evaluate a rig to protect long-term value]
