ACT Research: US Used Truck Retail Sales Prices Continue To Climb

Preliminary used Class 8 retail volumes (same dealer sales) grew 20% month-over-month, but were 14% lower compared to February of 2021, 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 2022, which showed that the average retail price rose 8%, as average miles were flat and average age rose 1% compared to January. Compared to February of 2021, the average retail price was 85% higher, with average miles and age greater by 3% and 7%, respectively.

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.

“Presumably, the bumps in December and January new truck production freed the logjam of trucks headed to the used truck market. " - Steve TamAccording to Steve Tam, Vice President at ACT Research, “Presumably, the bumps in December and January new truck production freed the logjam of trucks headed to the used truck market. As evidence, preliminary same dealer retail sales popped in February, more than the expected seasonal gain.” He elaborated, “More importantly, it is obvious that demand for used equipment remains robust. Regardless, inventory is still in short supply, so longer-term comparisons continue to be unfavorable.”

Tam continued, “The preliminary average retail selling price for Class 8 trucks has yet to show any signs of retreat, climbing 8% month-over-month in February. Near-term growth continues to be overshadowed by longer-term comparisons, where prices were up 85% year-over-year and 85% year-to-date.” He concluded, “It is also worth noting that the higher prices are shrugging off the fact that, collectively, used trucks are older and have more miles on them for just about every time period comparison. The presumption is that fleets have been forced to hold onto their trucks longer than normal as they await delivery of the supply-chain constraint delayed new units.”

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 Research recently completed POWER UP, a look at 7 global regions and more than 20 countries in a review of local regulations, infrastructure, and the impact on the adoption of battery and fuel cell electric commercial vehicles through 2040. This forecast is the first of its kind, a review of the decarbonization of commercial vehicles around the world. POWER UP is available now at https://www.actresearch.net/power-up/.

Additionally, ACT Research published an update to CHARGING FORWARD, a North American-centric battery and fuel cell electric vehicle adoption rate forecast, covering 23 vehicle applications, in Classes 4-8 commercial vehicles, through 2040. CHARGING FORWARD is considered by many industry leaders to be the apex of analysis and economic-based total cost of ownership modeling in the industry. And, it is now available for purchase at https://www.actresearch.net/electric-vehicles-charge/.

Currently, the team at ACT Research is engaged in a commercial autonomous vehicle multi-client study. Through this work, we will identify adoption rates and forecast autonomous Classes 4-8 vehicles through 2040. If you’re working to understand the economic value proposition or the unit economics of different autonomous models, participation in this study is a must. Learn more at https://www.actresearch.net/autonomous-cv/.

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