Used Class 8 truck volumes, based on same dealer sales, fell for the second straight month in a row in December, according to preliminary numbers from ACT Research.

For the first time in nearly two years same dealer sales fell below 2,000 units, but analysts at ACT Research said that the trend is still not a cause for concern. In fact, ACT Research Vice President Steve Tam said that decreasing volumes do not tell the whole story.

“In the context of increasing general economic uncertainty, slowing freight growth, and softening new truck demand, lower used truck sales beg the question of whether demand is waning, supply is wanting, or the reality lies somewhere between,” said Tam.

While volumes declined sequentially, they were still up 8% compared to December 2017 and the average price of a used Class 8 truck increased by 13% year to date. Average miles remained the same and average age improved but was still 3% below year-to-date comparisons.

“Stories of a white hot market abound, with many dealers commenting that they do not have sufficient inventory to meet demand,” said Tam. “If used truck pricing is any indication, and we believe that it is, demand is still easily outpacing supply.”