Used Class 8 volumes dropped 20 percent month-over-month in November but are 18 percent higher year-to-date compared with the first 11 months of 2019. Compared with November of 2019, volumes gained 32 percent, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
Other data released in ACT’s preliminary report included month-over-month comparisons for November 2020, which showed that average prices increased 9 percent, while average miles dropped 2 percent and average age was 3 percent lower, compared with October. Year-to-date, average price, miles and age were all lower, down 8 percent, 3 percent and 8 percent, respectively, compared with the first 11 months of 2019.
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“Other than the preliminary used Class 8 sales volume contraction, there wasn’t much not to like about the used truck market in November. Our preliminary used truck dashboard revealed a lot of positive data, and the drop in sales was consistent with typical seasonality. That said, because of November’s softness, December volumes typically enjoy a strong sequential rebound,” says ACT Research Vice President Steve Tam.
“Generally speaking, the freight markets are still quite robust, which bodes well for continued sales and price gains for the used truck industry. Capacity is still being constrained by drivers sidelined directly or indirectly by COVID-19,” Tam says.
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.