Preliminary used Class 8 volumes (same dealer sales) rose 29% month-over-month and 31% y/y in March. Additionally, they were 21% 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 March 2021, which showed that average prices rose 6%, as average miles and age dropped 2% and 1%, respectively. Compared to March of 2020, average price was 33% higher, with average miles 6% lower y/y and average age down 1%.
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, “Underscoring the tight supply of freight hauling capacity, used truck sales enjoyed strong sequential growth in March.” He continued, “Early indications for new truck sales suggest commensurate improvements, and the higher new truck sales help to explain where used truck sellers are finding inventory, which has become increasingly scarce.”
Tam added, “The imbalance between the supply of and demand for trucks is the key to understanding what is happening in the pricing arena. It would appear as though dealers have quickly gotten comfortable with paying significantly more for trades than they were just a few months ago. And while they may not like it, buyers realize that if they want a truck, it is going to cost more in today’s environment. Given where freight rates are, truckers are in a better position to afford more expensive used equipment.”
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, was published in late March, 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 https://www.actresearch.net/electric-vehicles-charge/.
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