U.S. truck dealers experienced an increase in used Class 8 sales this January as prices dipped.
Used Class 8 retail volumes (same dealer sales) were up 12% in January compared to December, according to data from ACT Research’s latest State of the Industry: U.S. Classes 3-8 Used Trucks report.
Average mileage was up 8%, with average price down 7% and age up 1% month over month. Longer term, average prices and volumes were lower year over year, with age and miles higher.
“Same dealer Class 8 retail truck sales saw a second month of sequential gain in January, up 12% from December,” said Steve Tam, vice-president at ACT Research.
“Sales typically see a moderate decrease [about 7%] in January, so the increase was departure from seasonality. However, expectations called for the disconnect. The assumption was based on strong new truck sales in November and December, which helped to relieve some of the pent-up demand the used truck market suffered through most of 2022,” he explained.
“As conditions in the secondary market tighten, it is interesting to see those truck owners who were selling their own equipment turn back to dealers and auctions to handle transactions. While participating dealers reported a 12% month-over-month increase in sales, we estimate the total industry saw about a similar decline in sales,” Tam said.
“Many in the industry are voicing concerns about the health and viability of owner-operators and small fleets, particularly as freight rates fall and operating costs rise. While the economy may avoid a recession, inflation remains a very real concern. With that in mind, we expect, the market to fall as much as 10%,” he added.