Preliminary used Class 8 volumes (same dealer sales) dropped 14% month over month but rose 46% year over year in May, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks report from ACT Research. Through the first five months of the year, activity was 32% higher compared with the same period a year ago.

Other data released in ACT’s preliminary report included month-over-month comparisons for May 2021, which showed that average prices increased 5%, as average miles and age grew 2% and 3%, respectively, compared with April. Compared with COVID-19-impacted May of 2020, average price was 52% higher, with average miles 2% lower year over year and average age flat. On a year-to-date basis, average price is 33% above its year-ago level for the first five months of 2020, with average miles and age both 4% lower year to date.

According to Steve Tam, vice president at ACT Research, “U.S. GDP is forecast to hit nearly 7% in 2021, freight volumes are through the roof and freight rates are just now starting to pull back from record highs. It is in the context of this strong market that new truck production is struggling to keep up with strong demand and limiting the used truck market from realizing its full potential.

“By all indications, demand continues to outpace supply, and for that reason, it should come as no surprise that truck prices continue to increase. In the near-term, miles and age crept up, but longer-term, used trucks hitting the market are generally younger with fewer miles. This is also a contributing factor to higher prices.”