ACT Research: Used Class 8 Retail Sales Volumes and Average Price Higher in February, While Miles and Age Flat Sequentially

According to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research, used Class 8 retail volumes (same dealer sales) were 16% higher month-over-month. Longer term, volumes were down 17% y/y. Average prices were 7% higher compared to January, and 83% more expensive than in February of 2021. Average miles and age were flat sequentially, with miles up 3% y/y and age 5% higher than last February.

The report from ACT 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.

Used 3.29.22“Used Class 8 same dealer retail sales volumes got an expected breath of life in February, jumping 16% sequentially,” said Steve Tam, Vice President at ACT Research. He continued, “Typical seasonality called for a 13% increase, so elevated new truck activity seems to have provided a little traction in the secondary market, but in all likelihood, the bump is not sustainable.” Tam added, “New truck sales appear to have lagged the spike in December production and the accompanying echo in January. That could translate to another month or two of better-than-expected used truck sales.”

Asked about the future of the US used truck market, Tam commented, “Slowing freight growth, combined with the continued flow of new entrants into trucking, has effectively defined the start of falling freight rates. Through mid-March, rising fuel prices have masked a rapid month-over-month decline in spot freight rates. We contend that this signals an impending slowdown in demand for used trucks, with prices to follow accordingly, and some dealers already reporting prices softening around the edges.”

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 now 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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