According to ACT Research’s State of the Industry: U.S. Classes 3-8 Used Trucks, used Class 8 retail volumes (same dealer sales) increased 12% month to month in January. Average mileage increased 8% month to month, with average price down 7% and age up 1%. Longer term, average price and volumes were lower, with age and miles higher year over year.
“Same dealer Class 8 retail truck sales saw a second month of sequential gain in January, up 12% from December,” Steve Tam, vice president at ACT Research, said. “Sales typically see a moderate decrease (~7%) in January, so the increase was departure from seasonality. However, expectations called for the disconnect. The assumption was based on strong new truck sales in November and December, which helped to relieve some of the pent-up demand the used truck market suffered through most of 2022.”
“As conditions in the secondary market tighten, it is interesting to see those truck owners who were selling their own equipment turn back to dealers and auctions to handle transactions. While participating dealers reported a 12% month to month increase in sales, we estimate the total industry saw about a similar decline in sales.”
“Many in the industry are voicing concerns about the health and viability of owner/operators and small fleets, particularly as freight rates fall and operating costs rise. While the economy may avoid a recession, inflation remains a very real concern. With that in mind, we expect, the market to fall as much as 10%.”
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