Preliminary used Class 8 volumes (same dealer sales) were 25% higher in 2020 compared with 2019, according to ACT Research, which further noted that preliminary used Class 8 volumes rose 11% month over month in December. Compared with December 2019, volumes gained 27%.
Other preliminary data released by ACT included month-over-month comparisons for December 2020, which showed that average prices increased 2%, while average miles dropped 1% and average age was 1% higher compared with November. Year-to-date average price, miles and age were all lower, down 8%, 4% and 8%, respectively, compared with 2019.
“Months before COVID reared its ugly head, we were expecting the cooling that started mid-year in 2019 to continue into 2020,” Steve Tam, vice president at ACT Research, said. “The market was overheated and in need of a much-deserved breather. While we are not yet officially forecasting used truck values, we called for full-year pricing to be down between 5% and 10%. December’s preliminary reading of -8% falls squarely in that range.
“Pricing improved year over year in all three channels, with a restrained gain in the retail market keeping a lid on growth, while auction and wholesale price surged. Miles and age continue to support higher pricing, falling 8% and 9%, respectively, compared to 2019.”
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