ACT Research reported Tuesday preliminary used Class 8 volumes (same dealer sales) dropped 14 percent from April, but they remained 46 percent above the same period last year.
Prices were up 5 percent and average miles and age were up 2 and 3 percent compared to April. Compared to COVID-impacted May of 2020, average price was 52 percent higher, with average miles 2 percent lower year over year and average age flat. On a year-to-date basis, average price is 33 percent above its year-ago level for the first five months of 2020, with average miles and age both 4 percent lower year-to-date.
ACT also reports activity is 32 percent higher compared to the same period a year ago.
"By all indications, demand continues to outpace supply, and for that reason, it should come as no surprise that truck prices continue to increase," says Steve Tam, vice president, ACT Research. "In the near term, miles and age crept up, but longer-term, used trucks hitting the market are generally younger with fewer miles. This is also a contributing factor to higher prices."
Tam adds that with U.S. GDP forecast to hit nearly 7 percent in 2021, "freight volumes are through the roof, and freight rates are just now starting to pull back from record highs.. It is in the context of this strong market that new truck production is struggling to keep up with strong demand and limiting the used truck market from realizing its full potential.”