Used Class 8 retail volumes were 11 percent higher month-over-month. Longer term, volumes were down 27 percent year over year, according to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research.
Average prices were 8 percent higher compared to February, and 90 percent more expensive than in March of 2021. Average miles and age were down slightly from February, at -2 percent and -4 percent, respectively, with miles up 2 percent year over year and age 1 percent higher than last March.
“Used Class 8 same dealer retail sales volumes enjoyed a second straight month of improved volumes in March, rising 11 percent sequentially,” says ACT Research Vice President Steve Tam. “Typical seasonality called for a 13 percent increase, so while better recent new truck sales may have contributed, the gain was not unanticipated. Positively, March new truck sales were meaningfully higher, exceeding expectations, and as the associated trades work their way through the process, they should also contribute to improved used truck sales.”
[RELATED: ACT Research reports Class 8 NG truck retail sales gains]
Regarding the future of the U.S. used truck market, Tam says, “Looking ahead to near-term expectations, sales usually slow to below-average levels in April and May, returning to normal in June and July. As has been the case for more than a year now, it will be the supply chain that dictates the pace and timing of new truck deliveries, which in turn largely control the tempo of the used truck market. The foremost topic in used truck dealers’ minds is where values are headed. Driven by new truck market and supply-chain challenges, it seems no truck customers, new or used, can get the equipment they want when they want it. And while some progress is being made with regard to part shortages, limitations are likely to persist through 2022 and into 2023.”
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.
