Used Class 8 retail volumes (same dealer sales) decreased 15% in November compared to October and were 38% lower compared to November of 2021, 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 2022, which showed that average retail price declined 3% (after ticking up 1% in October), average miles remained flat (they declined 1% the month before), and average age increased 1% (after increasing 3% in October). Compared to November 2021, the average retail price was 1% higher, with average miles and age both greater by 3% and 1%, respectively, according to a Dec. 16 release from ACT.
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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: Freightliner (Daimler), Kenworth and Peterbilt (Paccar), International (Navistar), and Volvo and Mack (Volvo).
“Positively, the average retail sales price of Class 8 trucks sold in November was above $80,000. Unfortunately, that means prices fell 3% compared to October,” said Steve Tam, VP at ACT Research.
He continued: “There is no escaping the reality that is excess freight hauling capacity in a declining economy and freight market. That simple fundamental imbalance carries quite a bit of sway when it comes to used-truck pricing. The average retail used-truck price has descended into negative y/y territory for the first time since August 2020. Welcome to the new normal.”
Tam concluded: “Despite the somewhat dour news regarding slowing sales and lower prices, there are numerous examples of solid performance peppered throughout the industry. A quick scan of the preliminary Used Trucks report shows several instances of high-volume truck models whose prices have yet to throw in the towel. The challenge is no different than it has ever been.”
Working with truck dealers and OEM remarketing dealerships throughout the U.S., ACT collects transactions on a monthly basis, covering an estimated 20% of all used-truck transactions. While dealerships share their numbers anonymously, they provide data critical to understanding the current used-truck market such as average selling price, miles, and age based on a sample of industry data, according to the Dec. 16 ACT Research release.
This article was originally published on FleetOwner.
