Sales of used heavy-duty, or “Class 8,” trucks grew 54% month-over-month in June and were up 6% compared to June 2019, according to data from ACT Research, released this week.
Preliminary volumes, reported as “same dealer sales,” were released as part of the researcher’s State of the Industry: U.S. Class 3-8 Used Trucks report. Other data showed that average prices were down 4% consecutively, while average miles and average age each increased, up 4% and 1% respectively, compared to May. Year-to-date, average price, miles, and age were all lower, down 13%, 3%, and 8%, respectively, compared to the first six months of 2019.
Researchers said the June data may signal a positive turn for the U.S. economy.
“The fact that no one buys a truck that is not needed calls into question why so many used trucks are currently being sold, given all the negative news about the economy,” Steve Tam, vice president at ACT Research, said in a statement announcing the monthly results. “The simple truth is that, fingers crossed, the worst of the global pandemic is behind us, and even though new cases are at or near record highs in the U.S. and deaths are on the rise, we are no longer in uncharted territory.”
Tam added: “The first wave of Covid-19 came out of the blue, but now businesses are much more prepared to deal with the virus, and citizens of this country are nothing if not resourceful and ready to move past this disaster.”