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Used Class 8 sales down 10% in July, ACT reports

Aug. 29, 2022
Some of the nosedive may be due to seasonal factors, but the lull might also be a sign that the freight market is cooling, ACT’s Tam says

Used Class 8 same-dealer sales in July were down 10% month-over-month over June, according to ACT Research, and average price and miles of used tractors were down 1% and 0.4%, respectively. Average age also was down last month 7% compared to June, ACT reported.

According to the latest release of the ACT-published State of the Industry: U.S. Classes 3-8 Used Trucks report, average price actually was higher in July year-over-year and year-to-date, as were average miles and age. Prices were up 69% year-to-date in July, average miles were 3% higher compared to the first seven months of 2021, and average age was 6% older for the same period, ACT reported.

See also: ‘Who cares’ if this is a recession? CV demand could prop up market

“Same-dealer retail sales of used Class 8 trucks took a nosedive in July,” said Steve Tam, VP at ACT. “Historically, used truck sales are typically flat from June to July, so it is a safe bet the decline is a reflection of softening freight, particularly in the spot market.”

The State of the Industry: U.S. Classes 3-8 Used Trucks report from ACT provides data on the average selling price, miles, and age based on a sample of industry data. 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).

“Since the advent of the global pandemic, and now with the Ukraine war, seasonality has become less of a factor in explaining month-to-month variation in sales volumes. Rather, development in areas such as economics, freight, and new truck production and sales are playing a much larger role when it comes to the used truck market,” ACT’s Tam added. “As the economy and freight begin to cool from their torrid pace over the past two years, it is logical and expected to see demand for commercial vehicles, both new and used, slow.”

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