January Used Truck Retail Volumes Jumped 24% M/M

Preliminary used Class 8 retail volumes (same dealer sales) increased 24% month-over-month and were just 2% higher compared to January of 2022, 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 2022:

Average retail price declined 5%.
• Miles increased 9%.
• And age declined 2%.

Compared to January of 2022:
• Average retail price declined 14%.
• Miles increased 4%.
• And age was flat.

ACT’s Classes 3-8 Used Truck report provides data on the average selling price, miles, and age based on a sample of industry data. In addition, 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). This report is utilized by those throughout the industry, including commercial vehicle dealers to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance.

According to Steve Tam, Vice President at ACT Research, “Most notably, Class 8 same dealer used truck retail sales volume benefited, jumping 24% m/m. The gain was facilitated by a slew of new truck sales at the end of 2022.” He continued, “January used retail sales were even able to eke out a gain relative to January 2022. Though, we view January’s performance as a bit of an outlier and still expect sales to be lower in 2023.”

Tam concluded, “The preliminary average retail prices of a used Class 8 truck sold in January dropped 5% m/m, to just over $75,600. That is 14% lower than January 2022. Comparisons are expected to become increasingly negative.”

ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.