The recovery in the used truck market remains on track, though it is showing signs of slowing, according to input ACT Research received from dealers over the past month.
Used Class 8 same dealer sales volumes were up 24 percent year to date against the first nine months of 2019, with average price, miles and age all below September 2019 year-to-date rates, down 14 percent, 2 percent and 9 percent, respectively, according to the most recent release of ACT’s State of the Industry: U.S. Classes 3-8 Used Trucks.
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Near term, the report also indicated that used Class 8 sales volumes rose, up 3 percent sequentially, with average price rising 2 percent month over month. Average miles and age were both flat compared to August.
“Surprisingly bullish new truck buyers and used truck customers showing a marked increase in interest are taking advantage of situational circumstances,” says ACT Vice President Steve Tam.
“At the beginning of the pandemic, the industry cut loose more than 100,000 for-hire truck drivers and, because the overwhelming majority of them have yet to return to work, capacity is artificially being squeezed; there is too much freight from consumers’ transition from services to goods, but not enough drivers,” Tam says.
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.