According to the latest release of ACT Research’s State of the Industry: U.S. Classes 3-8 Used Trucks report, used Class 8 volumes (same dealer sales) in May were 12% lower month over month but significantly higher year over year and year to date. Average prices were 2% higher compared with April and 43% higher than in May 2020, while average miles were 6% higher month over month and average age was 1% older month over month, with both metrics dropping 2% compared with May 2020.

“Used Class 8 same dealer sales volumes stayed in negative territory in May. Historically, sales usually slow a few percentage points from April to May, so the 12% decline was bigger than expected,” Steve Tam, vice president at ACT Research, said. “Some in the industry are starting to question whether continually rising prices are beginning to test the limits of borrowers and perhaps even some lenders. Unless transactions are requiring larger down payments and/or higher monthly payments, there is a growing possibility that some buyers may be upside down on their loans when truck prices start to come back down. Regardless, demand remains strong, thanks to underlying freight and driver dynamics.”

Looking at the different sales channels for used Class 8 vehicles, Tam said, “Channel results were once again mixed, with all three segments in decline in the near-term and strongly positive on [a] year-over-year basis. Sequential softness came from the retail market, which also bolstered broader year-over-year and year-to-date gains.”