COLUMBUS, Ind. — Preliminary used Class 8 volumes (same dealer sales) grew 54% month over month in June, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research. For the longer term, volumes rose 6% compared to June 2019 but were flat when measured against the first six months of last year.
Other data released in ACT’s preliminary report included month-over-month comparisons for June 2020, which showed that average prices were down 4%, while average miles and average age of used Class 8 vehicles each increased, up 4% and 1%, respectively, compared to May. Year to date, average price, miles, and age were all lower — down 13%, 3%, and 8%, respectively — compared to the first six months of 2019.
ACT’s Classes 3-8 Used Truck 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 professionals throughout the trucking 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.
“The fact that no one buys a truck that is not needed calls into question why so many used trucks are currently being sold, given all the negative news about the economy,” said Steve Tam, vice president of ACT Research.
“The simple truth is that, fingers crossed, the worst of the global pandemic is behind us. Even though new cases are at or near record highs in the U.S. and deaths are on the rise, we are no longer in uncharted territory,” he continued. “The first wave of COVID-19 came out of the blue, but now businesses are much more prepared to deal with the virus, and citizens of this country are nothing if not resourceful and ready to move past this disaster.”