Preliminary used Class 8 volumes (same dealer sales) fell 6% month-over-month and 8% y/y in February, but are 5% higher on a year-to-date basis compared to this time last year, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
Other data released in ACT’s preliminary report included month-over-month comparisons for February 2021, which showed that average prices rose 1%, while average miles was up 5% and average age was 3% higher compared to January. Compared to February of 2020, average price was 17% higher, while average miles and age rose 2% each.
ACT’s Classes 3-8 Used Truck Report provides data on the average selling price, miles, and age based on a sample of industry data. In addition, the report provides the average selling price for top-selling Class 8 models for each of the major truck OEMs – Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo). This report is utilized by those throughout the industry, including commercial vehicle dealers to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance.
According to Steve Tam, Vice President at ACT Research, “Somewhat belying history, February used truck sales volumes took a step down from January, which is typically the weakest sales month of the year. What is different this time is that the inventory of used trucks is in short supply.” He continued, “Owing partially to strong used truck sales in the second half of 2020 and to supply chain-constrained, lower-than-expected new truck build and sales, dealers are having a hard time sating used truck buyers’ appetites.”
Tam added, “Demand continues to be stoked by a robust freight market that is yielding some of the highest spot freight rates on record. While we believe used truck prices will continue to increase, the gains do come with an expiration date, as the supply-demand balance between trucks and freight will equalize and used truck price comparisons will get increasingly tougher.”
ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.
ACT’s commercial electric vehicle study, Charging Forward: 2020-2024 BEV & FCEV Forecast & Analysis, is due to publish March 31, 2021, after months of extensive research. Utilizing industry expertise and analysis, as well as the input from a comprehensive list of key industry study participants, ACT Research has developed a critical guide for battery electric and fuel cell electric unit build and sales forecasts over the next two decades. With coverage of Classes 4-8 commercial vehicles, ACT has identified 14 market subsegments and more than 20 application types; this one-of-a-kind report is a must-have for those investing or investigating electric power opportunities. To learn more or to purchase this report, go to actresearch.net/cv-electrification-study-2021.
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