According to ACT Research‘s latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks report, used Class 8 retail volumes (same dealer sales) were down 19% month to month in November. Average mileage was down 1%, with average price down 3% and age up 2% month-to-month. Longer term, average price and miles were higher year-to-year, with age up 7% year-to-year.
“Used truck sales typically see a meaningful fall off in November when compared with October, so the decline was in line with expectations,” Steve Tam, vice president at ACT Research, said. “Used Class 8 retail truck sales for November were also meaningfully weaker for longer-term comparisons, falling both y/y and ytd.”
Examining the other channels reveals some interesting variances. Near-term channel results show auction sales were up 46% compared to October, while wholesale activity softened 13% month-to-month. In total, the market was 3% lower in November than in October.” Tam said. “We are expecting the total market to decline in 2022. Looking ahead to 2023, the market is expected to continue falling as inflation triggers a short, shallow general recession, concentrated in the manufacturing segment.”
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