Used Class 8 Truck volumes rebounded nicely in February following a disappointing month of sales in January, according to an ACT Research report.
Volumes increased by 6% for the month, but year-to-date the numbers are still off by 7% when compared to the first two months of 2015.
“February Class 8 used truck volumes appeared to be getting an early jump on spring, rising 6% year over year,” said Steve Tam, ACT’s vice president, commercial vehicle sector. “This, however, translates to a 7% year-to-date contraction compared to the first two months of 2015.”
Truck values have been falling and dealers are reporting slower than desired sales, Tam said. A large number of new trucks sold and the resulting trades over the past three years have contributed to the current used market.
“Average mileage of used Class 8 trucks in February fell 3% m/m, breaking a streak of four consecutive monthly increases,” said Tam. “We expect YTD mileage numbers to remain lower in 2016 as the industry continues to work its way through the supply of underutilized trucks from the 2008-2010 economic downturn.”