The upward price trend of used Class 8 commercial vehicles that began in early 2010 continued into March 2011, with the reported average sales price increasing 6% from February levels, according to ACT Research Co (ACT).
The price increases were reported in the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research. ACT also reported that average miles for vehicles in the used market also continued to increase.
“Inventory on hand continues to be very tight,” said Steve Tam, vice president-commercial vehicle sector with ACT. “The trend is for vehicles coming to market with higher mileage, a reaction to fleets holding on to their equipment longer. Used prices will continue to rise, driven by tight availability of low-mileage and late-model units.”
ACT Used Truck database participants report approximately 2,700 transactions per month. The company is working with additional used vehicle market participants to push the number of reported transactions significantly higher. ACT estimates that approximately 10% of used Class 8 transactions are currently included in the database.