February saw strong growth in used Class 8 truck sales at the same dealer level, increasing by 12% from January, according to ACT Research.
The growth significantly outpaced historical trends, which typically show a 6% month-over-month increase. However, auction activity saw only a slight rise of 2.2%, while wholesale transactions declined by 4.9% year-over-year. overall, ACT reported that February’s preliminary sales were up 7.9% from the previous month.
“The gain is a testament to the stalwart nature of truckers, but also somewhat counterintuitive considering all the economic and political uncertainty they are currently facing,” said Steve Tam, vice president, ACT Research.
Chris Visser, J.D. Power director of specialty vehicles, noted that February results showed that auction and retail sales remained slow, aligning with typical seasonal trends.
Pricing for late-model sleeper tractors declined across most model years. The largest drops were seen in 2021 and 2020 models, which fell by 6.5% and 6.6%. The 2023 model year saw a 2.3% decline, while the 2022 model dipped slightly by 0.5%. interestingly, 2019 models were the exception, seeing a small increase of 0.7% over January.
At auctions in February, 4- to 6-year-old trucks saw an average price drop of 4% from January but remained 8.9% higher than February 2024. Despite the recent declines, prices are still well above pre-pandemic levels, Visser said.
Pricing for that group is currently 11.9% higher than the strong market of 2018, though when adjusted for inflation, they are actually 2.5% lower. Compared to the market low of late 2019, prices remain significantly elevated — up 79.1% in nominal terms and 44.2% when adjusted for inflation.
The most notable declines were in 4- and 5-year-old trucks, which saw significant price drops for the second consecutive month. However, despite February’s depreciation, the year-over-year price comparisons remain positive, continuing an upward trend that began in November 2024.
"The market continues to draw a major distinction between low mileage versus average to high mileage. Trucks with under 350,000 miles are bringing strong money, while trucks with over 400,000 have depreciated," Visser said.
Additionally, the price gap between different makes and models has widened, he said, which is common in a looser market.
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Economic policies impact
One key factor influencing pricing and volume has been the rush to move freight that started last year to get ahead of tariffs, Visser said. This likely helped sustain demand, keeping some drivers in business and supporting overall truck utilization.
"It's unclear what will happen now that some degree of punitive tariffs are actually in place," he added.
An indirect impact that recent tariff policies have had in the market, Tam noted, is that buyers are opting for late-model, low-mileage used trucks instead of new ones.
“New truck buyers are concerned about the already high prices rising even further because of tariffs,” Tam said. “Coupled with the fact that new truck sales have already started to slow, used truck prices are firming and even beginning to increase on lower supply. This situation could actually be beneficial for the used truck market.”
Net orders for 2025 Class 8 trucks are down 26% year-over-year, with retail demand declining, Dan Moyer, senior analyst at FTR Transportation Intelligence, noted during a recent webinar. With a 25% tariff on aluminum and steel, FTR analysts anticipate that Class 8 truck prices are projected to increase 4% to 6%.
“Whenever the industry is faced with price increases, it has a decision to make,” Tam noted.
He said some fleets may choose to delay maintenance and repairs, while buyers might avoid trucks needing immediate service in favor of those in better condition. Similarly, sellers may list trucks in “as-is” condition to avoid costly repairs.
The long-term impact depends on how long tariffs remain in place, Tam pointed out.
“The longer the tariffs remain, the bigger the negative impact to the cost of ownership and potential used truck values.”
