Used Class 8 truck sales increase in January

Used Class 8 truck sales bucked expectations in January, according to ACT Research.

While sales typically decrease slightly month over month in January, this year the number of units sold (same dealer sales) increased 12%, according to a statement from ACT Research.

While the number of units increased month over month, the average price went down 7%. In addition, the average age of the trucks sold increased slightly and the average mileage on the trucks went up 8%.

Year-over-year data tells a slightly different story.

The number of trucks (same dealer sales) sold decreased 7%. The average price is 16% lower year over year, while the average mileage per truck went up 5%.

“Same dealer Class 8 retail truck sales saw a second month of sequential gain in January, up 12% from December,” Steve Tam, vice president at ACT Research, said in the company statement. “Sales typically see a moderate decrease (about 7%) in January, so the increase was departure from seasonality.”

Tam noted there were strong new truck sales in November and December, which helped to relieve some of the pent-up demand the used truck market suffered through most of 2022. However, January sales data bucked that expectation.

“As conditions in the secondary market tighten, it is interesting to see those truck owners who were selling their own equipment turn back to dealers and auctions to handle transactions. While participating dealers reported a 12% month-over-month increase in sales, we estimate the total industry saw about a similar decline in sales,” he said.

Owner-operators and small fleets face uncertain times with falling freight rates and rising operation costs, he noted. In addition, while the economy may not go into recession, inflation remains a significant concern.

“With that in mind, we expect, the market to fall as much as 10%.” Tam said.

Columbus, Ind.-based ACT Research publishes commercial vehicle truck, trailer, and bus industry data, market analysis, and forecasts for the North American and Chinese markets. The company publishes a report titled “State of the Industry: U.S. Classes 3-8 Used Trucks.” Data here is from the report.

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