Trucking news and briefs for Thursday, Jan. 26, 2023:
Used Class 8 retail volumes (same dealer sales) increased 16% in December from November, according to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks by ACT Research.
Average mileage for used trucks sold in December was down 4% from November, with average price and age down 2% and 3%, respectively. Longer term, average price and miles were lower, with age flat year-over-year.
“Activity typically sees a moderate increase in December, so the increase was directionally consistent with expectations,” said Steve Tam, Vice President at ACT Research. “We ascribe the relative strength to the elevated new truck sales in November and December, which helped to sate pent-up demand in the inventory-starved used truck market.”
Tam noted that while there have been slowdowns in the economy and freight market, in turn lowering used truck demand, “there are many used truck buyers who have been forced to hold onto their trucks beyond their expiration dates.”
Overall, used Class 8 truck sales “were still meaningfully weaker for longer-term comparisons,” with sales being down 30% year-over-year in December and down 35% for all of 2022 compared to 2021.
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