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February Used Truck Prices Rise 15 Percent From Previous Year

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February Used Truck Prices Rise 15 Percent From Previous Year

The average price of a Class 8 used truck sold in February was $48,173, nearly 15 percent higher than the same month a year ago when trucks were selling for $41,995, according to ACT Research.

However, sales of used trucks in February are down 7 percent from the previous month and dipped 20 percent from the same month a year earlier, Steve Tam, vice president of ACT Research, told FreightWaves.

"We are hearing from trucking companies that freight growth may be softening and customers may not be interested in buying a used truck right now," Tam said. "But, we are also hearing from dealers that they would be able to sell more trucks if they had more used trucks to sell. It's been a puzzling month."

The average used truck mileage was 444,000 in February, the same as a month earlier, but down approximately 2 percent from 451,000 miles a year ago, according to ACT.

The average age of a truck is six years and nine months, an increase from six years and three months a year earlier, Tam said.

"Despite reports from some dealers that the used truck market is slowing slightly, most are reporting that the market continues to be very strong," he said.

Image sourced from Pixabay

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