Two new pieces of data were released in the past few days that support our long and strong view of used Class 8 retail pricing. First, the American Trucking Association released their Truck Tonnage Index figure for May, showing the highest level on record. Second, R.L. Polk released data showing a 3.0% increase in used Class 8 registrations in Q1 2013 vs. Q1 2012. Total registrations were not record-setting, but were among the highest in the past five years.
NADA data shows a 2.5% increase in the average retail price of a used Class 8 sleeper in Q1 2013 vs. Q1 2012. 2009 and 2010 model year trucks are entering the market in greater numbers, fulfilling some of the demand for lower-mileage iron and bolstering the overall average. Sales per dealership rooftop were down 1.6% in Q1, although volume came back a bit in April and May, and 2013 is now leading same-period 2012 by a similar margin.
The low returning supply of average- to low-mileage 2008-2011 model year trucks will support high retail pricing for at least the next 12 months. And data of the type mentioned above points to continued favorable conditions on the demand side as well.