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Preliminary used Class 8 volumes (same dealer sales) rose 11% month-over-month in December, and are 25% higher year-to-date compared to 2019, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research. Compared to December of 2019, volumes gained 27%.
Other data released in ACT’s preliminary report included month-over-month comparisons for December 2020, which showed that average prices increased 2%, while average miles dropped 1% and average age was 1% higher, compared to November. Year-to-date, average price, miles, and age were all lower, down 8%, 4%, and 8%, respectively, compared to full-year 2019.
“Months before COVID reared its ugly head, we were expecting the cooling that started mid-year in 2019 to continue into 2020. The market was overheated and in need of a much-deserved breather,” said Steve Tam, vice president at ACT Research. “While we are not yet officially forecasting used truck values, we called for full-year pricing to be down between 5% and 10%. December’s preliminary reading of -8% falls squarely in that range.”
“Pricing improved year-over-year in all three channels, with a restrained gain in the retail market keeping a lid on growth, while auction and wholesale price surged,” Tam added. “Miles and age continue to support higher pricing, falling 8% and 9%, respectively, compared to 2019.”