Despite the number of trucking jobs that have been lost since COVID-19 started, preliminary used Class 8 volumes grew in July, according to ACT Research’s most recent State of the Industry: U.S. Classes 3-8 Used Trucks report.
Same dealer used truck sales in North America grew 16 percent month-over-month in July. Longer-term, volumes rose 48 percent compared with July 2019, and were up 7 percent when measured against the first seven months of last year, ACT reports.
Other data released in ACT’s preliminary report included month-over-month comparisons for July 2020, which showed that average prices increased 4 percent, while average miles and average age each decreased 4 percent and 1 percent, respectively, compared with June.
Year-to-date, average price, miles, and age were all lower, down 17 percent, 2 percent and 7 percent, respectively, compared with the first seven months of 2019.
“The current economic slowdown is largely driven by a dramatic reduction in spending on services, which really is making the situation different this time. In the commercial vehicle world, that means that freight continues to move, albeit at a somewhat lower pace,” says ACT Research Vice President Steve Tam.
“The upshot is that truck sales, both new and used, are performing at better than expected levels. That said, on the used truck side, this is curious, particularly given the number of trucking jobs that have been lost since COVID-19 started,” Tam says. “Unemployed truckers temporarily tighten capacity as their trucks are sidelined. This has led to increased freight rates, which has enticed first-time buyers to snap up equipment and jump into the fray.”
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.