COLUMBUS, Ind. — According to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research, used Class 8 same dealer sales volumes dropped 12% month over month in May, with longer-term sales down 20% year over year compared to May 2019.
Year-to-date sales through May are up an incremental 2%. The report also indicates that used Class 8 average price and miles rose from April’s levels, up 2% and 1%, respectively, with average age 1% lower than the previous month. Longer term, average price, miles and age all contracted year over year, as well as year to date, down respectively from the first five months of 2019 by 16%, 2%, and 6%.
“Dealers are reporting that low used truck prices and high inventories were challenges before COVID-19 struck and they continue to be an issue,” said Kenny Vieth, president and senior analyst at ACT Research. He continued, “The upside for people buying trucks is that there are bargains available.”
ACT’s State of the Industry: U.S. Classes 3-8 Used Trucks report provides data on the average selling price, miles and age based on a sample of industry data. In addition, the report provides the average selling price for top-selling Class 8 models for each of the major truck OEMs: Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo). This report is used by those throughout the industry, including commercial vehicle dealers, to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance.
“Not surprisingly, most sales reps are reporting their business as much slower now than in early March, with some saying they are doing well with dump trucks and other vocational truck types, while aerodynamic sleepers continue to be grossly oversupplied,” Vieth said.