ACT Research has published its December report for Class 8 used truck sales, saying volumes increased 20% month over month. Those numbers were 25% lower than December 2021, however. The data comes from the preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
In June, ACT Research reported that freight was softening due to a drop in consumer demand and an increasing in prices for most goods. This follows two years of heavy demand due to pandemic-related lockdowns.
ACT Research
Other data released in ACT’s report for December included month-over-month comparisons for December 2022, which showed that average retail price and miles declined 1% and 4%, respectively, while average age declined 1% from November’s readings. Compared to December 2021, the average retail price and miles declined by 3%, while age increased by 2%.
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 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.
“The economy, freight market, and even the commercial vehicle (CV) industry are sprinkled with bits of data that suggest the situation might be better than some originally envisioned," said Steve Tam, vice president at ACT Research. "December used truck volumes are one of those data points. History suggests sales usually tick in at year end, but the 20% m/m increase was more than three times the typical growth rate. Despite all of the downside projections floating around today, there is still solid demand for used trucks of all vintages. Supply also seems to be increasing, thanks to better new truck sales.”
Steve Tam, vice president at ACT Research.ACT Research
Tam concluded, “Demand has cooled to the point that prices will continue to come down. And they are running smack dab into the toughest comparisons they have ever faced. The ride is going to be a rough one, but when the industry comes out of the other end of the cycle, we believe prices will bottom above the low point of the previous cycle’s trough. Then it will be off to the races as the cycle resets.”
ACT Research is a publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets.
