COLUMBUS, Ind. – According to the latest version of State of the Industry: US Classes 3-8 Used Trucks, published by ACT Research, Class 8 used retail volumes (sales at the same dealership) were down 24 % month to month.
Looking further ahead, volumes were down 40% year over year. Average prices were down 1% from March, but 75% more expensive than April 2021.
Average mileage and age were up slightly from March, at over 3% and over 4%, respectively, with miles up 6% year-over-year and age up 7% higher than last April.
ACT’s report provides data on average selling price, miles and age based on sample industry data.
Additionally, the report provides the average selling price of the top-selling Class 8 models for each of the major truck manufacturers – Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo). This report is used by all industry players, including commercial vehicle dealers, to better understand the used truck market, especially with respect to short-term performance changes.
“Retail sales of used Class 8 trucks at the same dealership fell slightly in April. While normal seasonality predicted an 8% decline, lumpy new truck sales and a lack of used truck inventory are the most likely culprits for the April slowdown,” said Steve Tam, vice president of ACT Research.
He continued, “April’s decline in new truck sales portends further weakness in the aftermarket, although the March rally has yet to work its way through the inventory maze.” Tam added: “The April shortfall marks the tenth consecutive month of declining year-over-year sales, which were crippled by the reduced flow of units into used truck inventory. A snapshot of near-term expectations suggests that sales are generally below average in May, then return to normal in June and July before picking up again in August. »
Asked about the impact of the supply chain on the US used truck market, Tam commented, “As OEMs strive for higher new truck production and sales, which would likely benefit the used trucks, the relief they seek on the supply chain front has proven elusive.
He concluded by discussing demand, saying: “Inflation continues to weigh on consumer confidence and spending. While spot freight markets bore the brunt of the initial slowdown, contract markets are unlikely to come out unscathed. Collectively, the decline in demand for trucks while capacity additions are still occurring has the predictable and understandable effect of lowering prices for freight transportation and used trucks.
The Trucker News Staff produces engaging content not only for TheTrucker.com, but also for The Trucker Newspaper, which has served the trucking industry for over 30 years. With a focus on drivers, the Trucker News team aims to provide relevant and objective content regarding the trucking segment of the transportation industry. The Trucker News team is based in Little Rock, Arkansas.