Preliminary used Class 8 retail volumes as same dealer sales grew 20 percent month over month in February but were down 14 percent from the same period last year, ACT Research reported Tuesday.
“Presumably, the bumps in December and January new truck production freed the logjam of trucks headed to the used truck market. As evidence, preliminary same dealer retail sales popped in February, more than the expected seasonal gain,” says Steve Tam, vice president, ACT Research. “More importantly, it is obvious that demand for used equipment remains robust. Regardless, inventory is still in short supply, so longer-term comparisons continue to be unfavorable.”
Average retail price also rose 8 percent in February while miles were flat and age rose 1 percent from January. Compared to February 2021, price was an astonishing 85 percent higher, while miles and age were up 3 and 7 percent.
Tam adds preliminary average retail selling price for Class 8 trucks has yet to show any signs of retreat.
“The higher prices are shrugging off the fact that, collectively, used trucks are older and have more miles on them for just about every time period comparison,” he says. “The presumption is that fleets have been forced to hold onto their trucks longer than normal as they await delivery of the supply-chain constraint delayed new units.”