First Price Jump in Over Two Years
For the first time in 2½ years, the average retail price for a used Class 8 truck has increased year over year. According to ACT Research, June’s average retail price hit $60,324, marking a 10.4% increase from $54,621 in June 2024 and a 6.2% rise from $56,813 in May. This annual jump is the first since December 2022.
While freight demand and spot rates remain flat, ACT Vice President Steve Tam noted that market averages don’t tell the full story. Segments of the industry are experiencing different realities, and some sellers are actively mining past customer data to spark sales.
Sales and Mileage Trends
Sales volume in June reached 22,600 units, up 9.2% from the same month last year, though unchanged from May. One factor influencing higher prices is the quality of the trucks sold — they’re getting younger and showing lower mileage. The average mileage in June was 403,000 miles, down 4.7% from last year and 2.2% from the prior month.
Tam emphasized that these shifts in age and mileage indicate a gradual tightening in the late-model segment, contributing to higher valuations.
Market Sentiment: Slow but Watch for a Spike
Not everyone is seeing a boom. Charles Smith of Mission Financial Services described the market as “slow,” noting year-over-year declines in their own sales despite staying above financial breakeven. He warned that slower new truck production — partly due to layoffs at manufacturing plants — could eventually put upward pressure on used prices if fleets can’t get the new equipment they’ve ordered.
When new truck supply tightens, fleets often turn to the used market, which can trigger sudden price spikes.
Auction and Retail Market Dynamics
J.D. Power’s monthly market report shows that auction trends for Class 8 trucks are following normal seasonal patterns. The number of 3- to 5-year-old sleeper tractors available is increasing, typical for mid-year, but buyers remain conservative.
Even so, fleets still need to replace high-mileage equipment, leading to a steady trickle of late-model trade-ins entering the market. This ongoing replacement cycle is helping sustain activity in both retail and auction channels.
What This Means for the Industry
June’s data highlights a potential turning point in the used truck market. While overall freight demand remains stagnant, structural factors — like younger inventory, tighter new truck supply, and ongoing fleet replacement needs — are creating pockets of price resilience.
If new truck production remains sluggish, the used Class 8 market could see further upward price movement, especially for well-maintained, low-mileage units. For buyers, this could mean acting sooner rather than later before prices climb higher. For sellers, the current market presents an opportunity to capitalize on late-model equipment demand.
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