COLUMBUS, Ind. — Same-dealer sales volumes jumped 20% during the first 10 months of 2020 compared to 2019, according to ACT Research’s latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks. In addition, the average price, miles and age of used Class 8 trucks sold year to date are all below October 2019 year-to-date rates — down 11%, 2% and 8%, respectively.
Compared to September 2020, used Class 8 sales volumes and average miles both fell during October — down 4% and 1% month over month, respectively; average age was flat sequentially, and average price rose 6% from September.
“Input from dealers with whom we communicated over the past month confirms that the recovery in the market remains on track, though it is showing some signs of slowing,” said Steve Tam, vice president of ACT Research.
“At the beginning of the pandemic, the industry sidelined more than 100,000 for-hire truck drivers, artificially tightening capacity,” he said. “The two catalysts of solid freight growth and unproductive trucks have conspired to drive spot freight rates to record levels, and this, in turn, has attracted a higher-than-expected number of buyers to the used truck market, yielding higher sales and selling prices.”
ACT Research’s State of the Industry: U.S. Classes 3-8 Used Trucks report provides data on the average vehicle 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).