Preliminary used Class 8 same dealer sales grew 23% month-over-month in March, but were 23% lower compared to March 2021, according to the latest preliminary release from ACT Research.
Other data released in ACT’s report, State of the Industry: U.S. Classes 3-8 Used Trucks, included month-over-month comparisons for March 2022, which showed that the average retail price of a used truck rose 11% and average miles and age both were lower, down 3% and 7%, respectively, from February. Compared to last March the average retail price was 90% higher, with miles and age greater by 3% each.
See also: Used truck prices continue to rise
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 Class 8 models for each of the major truck OEMs: Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo).
“Positively, used truck sales continued to benefit from recent moderate supply-chain improvements,” according to Steve Tam, VP at ACT Research, who said preliminary used truck sales strung together a second consecutive monthly gain of plus-23%. “And a strong one it was, well above the historical seasonal increase of 13%.”
He added: “It almost goes without saying that the used truck industry is still plagued by demand greatly in excess of supply. As a result, longer-term comparisons are more representative of current market conditions.”
“A quick look at the average selling price for all reported units—auction, retail, and wholesale—presents a pretty compelling argument that the current cycle has just about topped-out. The question on everyone’s mind is how quickly will the market correct?” Tam continued.
“The answer truly depends on what happens with the economy, freight, freight rates, and truckers. For the record, ACT Research is not forecasting a recession in 2022 or 2023, or through 2027 for that matter. While recent developments have increased the likelihood, we believe there is sufficient strength to avoid economic contraction.”
