Research firm said buyers may be waiting for “more favorable pricing.”
According to data tracked by ACT Research, used Class 8 truck sales dropped by 17% in November after an "unexpected climb" in sales that occurred in October.
“Seasonal weakness is not uncommon in early to middle fall,” noted Steve Tam, ACT’s vice president, in a statement. “Some would argue this is due to buyers waiting for more favorable pricing that sometimes occurs in December [as] dealers attempt to reduce inventory before year end.”
The average price of total reported used Class 8 trucks fell 3% month-over-month in November, according to ACT’s numbers, but were 1% higher compared to last November.
“Year-to-date values continue to lag behind last year’s prices, down 6% compared to the comparable period from 2016,” Tam said.
Despite the month-over-month sequential decline in sales, dealers are reporting that used truck sales have improved from early 2017 levels.
However, ACT noted the heavy-duty truck market continues to be “negatively impacted” by the large numbers of used late model aerodynamic sleepers in inventory that are pushing down prices.
“The good news is, buyers are more active now than a few months ago,” noted Tam. “One issue impacting used truck sales is there is better communication about used truck prices than there was a few years ago.”