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 15 percent lower month-over-month. Longer term, volumes were down 16 percent year over year, but up 11 percent year to date. Average prices were 12 percent higher compared to October, 68 percent more expensive than in November 2020, and 38 percent greater YTD. Average miles were 3 percent fewer month over month but up 2 percent year over year, while average age decreased 2 percent from October but was 5 percent older compared to November 2020.

“Used Class 8 same dealer retail sales volumes continued to struggle in November, extending their sequential decline to a second consecutive month,” said Steve Tam, Vice President at ACT Research. “The softness was in exact agreement with seasonal expectations, and whether that was a coincidence or not, dreary new truck sales are keeping a stranglehold on used truck inventory.”

Looking at the different sales channels for used Class 8 vehicles, Tam said, “Near-term channel results were mixed, with auction sales growing 6 percent month-over-month, while wholesale activity fell by a similar amount. All three markets experienced lower volumes compared to November 2020. As has been the case so far this year, only the retail segment has improved.”

He added, “Looking ahead to next year, the underlying tenet of our outlook is moderate progress on the supply chain front. Assuming this, as well as our equally buoyant expectations for economic expansion and freight activity happen, used truck sales volumes should also come along for the ride.” Tam concluded, “Used truck prices will continue to benefit from strong demand and tight supply, though growth rates are likely to decline meaningfully, as freight hauling capacity rebalances. That said, it is important to note that prices will be retreating from record highs and are not expected to collapse, but rather revert in an orderly manner toward the mean.”