ACT Research: Used Truck Prices Rise As Secondary Market Inventory Trickles

Preliminary used Class 8 volumes (same dealer sales) dropped 3% month-over-month and 19% y/y in July. Through the first seven months of the year, activity is 13% higher compared to the same period a year ago, 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 July 2021, which showed that average prices dropped 3%, as average miles and age rose 4% and 3%, respectively, compared to June. Compared to July of 2020, average price was 45% higher, with average miles and age each up 1%. On a year-to-date basis, average price is 31% above its year-ago level for the first seven months of 2020, with average miles and age each down 1% on a year-to-date basis.

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, “Preliminary same dealer sales continued to ebb lower in July, slowing 3% from June and 19% lower compared to July 2020. Typically, there is not much difference in activity between June and July.”

Used 81821 (2)Regarding used truck prices, Tam added, “The bigger issue continues to be the narrative surrounding the trickle of inventory coming into the secondary market from the new truck side of the industry. Unable to take delivery of new trucks when originally planned, new truck buyers are hanging on to units they had planned to trade. And of course, those new trucks have had their production hampered by pervasive part shortages.” He concluded, “Owing to the scarcity, particularly in a strong demand environment, used truck prices continued to increase in July. Looking ahead, pricing will most likely peak around mid-year 2022, based on expected economic/freight activity and forecast supply and demand. It is important to keep in mind that when the market inevitably slows, it will be doing so from a record level.”

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.

What’s coming next in 2021 and 2022? ACT’s 65th OUTLOOK Seminar is the planning event for your business needs. Mark your calendar for August 24-26, 2021 to gain market updates and forecasts from ACT’s award-winning, veteran team with more than 200 years of combined industry experience. Click here for more details. 

ACT’s commercial electric vehicle study, Charging Forward: 2020-2024 BEV & FCEV Forecast & Analysis, was published on 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, click here. 

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