COLUMBUS, Ind. – Used Class 8 tractor retail volumes (same dealer sales) increased 16% month-over-month in December 2022.
Average mileage was down 4% month-over-month, with average price and age down 2% and 3%, respectively, according to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research.
Longer term, average price and miles were lower, with age flat year over year.
The report from ACT provides data on the average selling price, miles and age based on a sample of industry data. The report also 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).
The report is used throughout the industry, including commercial vehicle dealers, to gain better understanding of the used truck market, especially as it relates to changes in near-term performance.
“Activity typically sees a moderate increase in December, so the increase was directionally consistent with expectations,” Steve Tam, vice president at ACT Research, said. “We ascribe the relative strength to the elevated new truck sales in November and December, which helped to sate pent-up demand in the inventory-starved used truck market.
Tam said that while the economy and freight markets are slowing, cooling used truck demand, there are many used truck buyers who have been forced to hold onto their trucks beyond their expiration dates.
“Used Class 8 retail truck sales for December were still meaningfully weaker for longer-term comparisons, falling 30% year-over-year and 35% for all of 2022 compared to full year 2021,” Tam said. “We estimate the total Class 8 used truck market sales for 2022 were 245,000 units, down from 265,000 (-7.5%) in 2021.”
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