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 down 19% m/m. Average mileage was down 1%, with average price down 3% and age up 2%, m/m. Longer term, average price and miles were higher y/y, with age up 7% y/y.

“Used truck sales typically see a meaningful fall off in November when compared with October, so the decline was in line with expectations,” said Steve Tam, vice president, ACT Research. “Used Class 8 retail truck sales for November were also notably weaker for longer-term comparisons, falling both y/y and ytd.” 

Tam added, “Examining the other channels reveals some interesting variances. Near-term channel results show auction sales were up 46% compared to October, while wholesale activity softened 13% m/m. In total, the market was 3% lower in November than in October. We are expecting the total market to decline in 2022. Looking ahead to 2023, the market is expected to continue falling as inflation triggers a short, shallow general recession, concentrated in the manufacturing segment.”