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The average retail price for a used Class 8 in October climbed as expected year-over-year, but surprised with a very modest upturn compared with September’s price, ACT Research reported.
ACT’s preliminary data, which it will finalize with numerical values later this month, showed the year-over-year average retail price was 14% higher, with average miles and age greater by 1% and 2%, respectively.
Month-over-month, the average retail price ticked up 1%, while average miles declined 1%, and average age increased 3% from September’s readings.
ACT Research: October US Used Truck Average Retail Sales Price Defied Expectationshttps://t.co/jG0d8F43e9
— ACT Research (@actresearch) November 15, 2022
Month-over-month average retail price declines had become the expected norm for the past several months.
Retail sales fell 30% compared with a year earlier and were down 10% from September.
“Drama in the used truck market increased in October, as the average retail sales price moved counter to expectations, ticking up a scant 1% month-over-month,” ACT Vice President Steve Tam said in a release. “While a welcome change from the monotonous drumbeat of persistent decline, nothing fundamental that would recalibrate expectations has changed.”
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