Sales of used Class 8 trucks increased for a second straight month in March, rising 23% compared to February, according to a preliminary report from ACT Research, released Tuesday.
Used truck prices rose 11% compared to February while average vehicle miles and age were down 3%, according to the report, which provides monthly information on same-dealer sales for the used truck market.
Compared to , sales were down 23% but prices were up 90%, according to the report.
The March report reflects continued strength in the market, with consecutive sales well above the historical seasonal increase of 13%, according to Steve Tam, vice president of ACT Research. He said the higher average selling prices may indicate that the current cycle has “just about topped out.”
“The question on everyone’s mind is how quickly will the market correct,” Tam said. “The answer truly depends on what happens with the economy, freight, freight rates, and truckers. For the record, ACT Research is not forecasting a recession in 2022 or 2023, or through 2027 for that matter. While recent developments have increased the likelihood, we believe there is sufficient strength to avoid economic contraction.”