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 retail volumes (same dealer sales) in March were 11% higher month over month.
Longer term, volumes were down 27% year over year. Average prices were 8% higher compared to February, and 90% more expensive than in March of 2021. Average miles and age were down slightly from February, at -2% and -4%, respectively, with miles up 2% year over year and age 1% higher than last March.
The report from ACT 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 utilized 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.
“Used Class 8 same dealer retail sales volumes enjoyed a second straight month of improved volumes in March, rising 11% sequentially,” said Steve Tam, vice president at ACT Research.
“Typical seasonality called for a 13% increase, so while better recent new truck sales may have contributed, the gain was not unanticipated,” he continued. “Positively, March new truck sales were meaningfully higher, exceeding expectations, and as the associated trades work their way through the process, they should also contribute to improved used truck sales.”
When asked about the future of the US used truck market, Tam said, “Looking ahead to near-term expectations, sales usually slow to below-average levels in April and May, returning to normal in June and July. As has been the case for more than a year now, it will be the supply chain that dictates the pace and timing of new truck deliveries, which in turn largely control the tempo of the used truck market.”
He concluded, “The foremost topic in used truck dealers’ minds is where values are headed. Driven by new truck market and supply-chain challenges, it seems no truck customers, new or used, can get the equipment they want when they want it. And while some progress is being made with regard to part shortages, limitations are likely to persist through 2022 and into 2023.”
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.