Sales of used heavy-duty trucks the heaviest Class 8 weight segment jumped 16 percent in November over the same month a year earlier, according to ACT Research.
While the year-over-year increase was big, sales dropped 17 percent from October. One reason for the month-over-month drop was that October was month for used truck sales month this year, according to ACT Research.
However, December is expected to be a stronger month than November as used truck dealers attempt to reduce their inventory prior to the end of the year “before being assessed with an inventory tax,” Steve Tam, vice president of ACT Research.
Used truck buyers with money remaining in their budgets also look to spend before the end of the year.
“We tend to be creatures of habit and a lot of those habits revolve around fiscal and calendar year ends,” Tam told Trucks.com.
Tam anticipates a drop-off in sales in January.
“January is historically the weakest month for used truck sales so if we see a large drop-off, it should not come as a surprise,” he said.
ACT estimates that the average price of used Class 8 trucks dropped 3 percent from October, but increased 1 percent compared to the same period a year earlier.
“The market continues to be negatively impacted by the large number of used late model aerodynamic sleepers in inventory that are pushing down prices,” Tam said.