According to the latest release of ACT Research’s State of the Industry: U.S. Classes 3-8 Used Trucks report, used Class 8 retail volumes (same dealer sales) were 11% higher in March than in February. However, volumes were down 27% year over year.

Meanwhile, average prices were 8% higher in March compared with February and 90% more expensive than in March of 2021. Average miles in March were down 2% compared with February and average age was down 4% month over month and up 1% year over year, while average miles were up 2% year over year.

“Used Class 8 same dealer retail sales volumes enjoyed a second straight month of improved volumes in March, rising 11% sequentially,” Steve Tam, vice president at ACT Research, said. “Typical seasonality called for a 13% increase, so while better recent new truck sales may have contributed, the gain was not unanticipated. Positively, March new truck sales were meaningfully higher, exceeding expectations, and as the associated trades work their way through the process, they should also contribute to improved used truck sales.

“Looking ahead to near-term expectations, sales usually slow to below-average levels in April and May, returning to normal in June and July. As has been the case for more than a year now, it will be the supply chain that dictates the pace and timing of new truck deliveries, which in turn largely control the tempo of the used truck market. The foremost topic in used truck dealers’ minds is where values are headed. Driven by new truck market and supply chain challenges, it seems no truck customers, new or used, can get the equipment they want when they want it. And while some progress is being made with regard to part shortages, limitations are likely to persist through 2022 and into 2023.”