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September 2013 Archive for Machinery Pete

RSS By: Greg Peterson, AgWeb.com

Learn how to better manage your machinery investments from Greg Peterson, a.k.a. "Machinery Pete." He's been researching and analyzing machinery auction prices for more than 20 years.

Never Used Chevy Pickups from '50's & '60's Sold on Nebraska Auction

Sep 30, 2013

Not your average auction Saturday (September 28, 2013) in Pierce, NE.

Lambrecht Chevrolet was opened for business in 1946. Owner Ray Lambrect is now 95 years old. Since the late 1950's he kept many never sold Chevy cars & pickups on his lot, sitting outside, also many in a storage warehouse that eventually had the roof collapse after a heavy snow. Saturday was sale day. What would these never sold classic Chevys go for? Chatter leading up to auction day was amazing. Here's a partial list of the Chevy pickups sold:

1958 Chevy Cameo pickup with 1.3 miles...sold $140,000

ChevyCameo1958 NE  140K

 

1958 Chevy Apache 31 pickup with 5 miles...sold $80,000

ChevyApace31 NE  80K

 

1960 Chevy Apache C10 1/2 Ton pickup with 2 miles...sold $46,000

ChevyApache10 NE  46K

 

1964 Chevy C10 1/2 Ton pickup with 4 miles...sold $14,500

ChevyC10 NE  14500

 

1964 Chevy C10 1/2 Ton pickup with 2 miles...sold: $10,500

ChevyC10 NE  10500

 

1964 Chevy C10 1/2 Ton pickup with 26 miles...sold: $20,000

ChevyC10 NE  20K

 

1964 Chevy C10 1/2 Ton pickup with 5 miles...sold: $24,000

ChevyC10 NE  24K

 

1963 Chevy  1/2 Ton pickup with 29 miles...sold: $23,000

ChevyhalfTon NE  23K

 

1966 Chevy 1/2 Ton pickup with 5 miles...sold: $39,000

Chevyhalfton NE  39K

 

1964 Chevy 1/2 Ton pickup with 8 miles...sold: $20,000

Chevyhalfton NE  20K

 

1964 Chevy 1/2 Ton pickup...sold: $19,000

Chevyhalfton NE  19K

 

1964 Chevy 1/2 Ton pickup with 5 miles...sold: $18,000

Chevyhalfton NE  18K

 

1965 Chevy 1/2 Ton pickup with 4 miles...sold: $18,500

Chevyhalfton NE  18500

 

1965 Chevy 1/2 Ton pickup with 5 miles...sold: $18,000

Chevyhalfton NE 1965  18K

 

1964 Chevy 1/2 Ton pickup with 6 miles...sold: $18,000

Chevyhalfton NE 1964 2ndone  18K

 

1963 Chevy 1/2 Ton pickup with 16 miles...sold: $19,500

Chevyhalfton NE  19500

 

Like I said, this wasn't your average auction, was it? It will be interesting to watch and see down the road how many of these classic Chevy pickups are restored and then possible brought back to auction to sell. I'm guessing we'll be seeing a few on upcoming Barrett-Jackson TV auctions.

www.machinerypete.com

Prices, Pics & Video from Iowa Auction Today

Sep 28, 2013

 CaseIH2366 IA  118K

2002 CaseIH 2366 combine with 1,869 engine hours sold for $118,000

A very rainy day for a farm auction today just north of Hubbard, IA. Ironic, as locals were telling me it basically didn't rain in the area at all the entire months of July and August. Ouch. But despite the dry end to the summer and the rain this morning, another very strong sale today with competitive bidding for Richard & Kollene Dreifke's beautiful line of farm equipment. A few sale price highlights for you in addition to the 2002 CaseIH 2366 combine with 1,869 engine hours sold for $118,000 (picutred above):

2009 CaseIH 3206 6-row corn head...sold: $29,500

CaseIH3206 IA  29500

 

2010 CaseIH 1020 20' platform, 3" cut, 642 acres...sold: $19,000

CaseIH1020 IA  19K

 

1998 CaseIH 8920 2WD tractor with 3,300 hours...sold: $60,500

CaseIH8920 IA  60500

 

(4) 2000 Brent 644 gravity wagons...sold (Right to left): $10,200, $10,500, $10,500, $10,300

Brent644 4 IA 10200 10500  10500  10300R L

 

2009 JD 512 disc chisel, 5 shank...sold: $16,700

JD512 IA  16700

 

1996 CaseIH 3950 disk, 23'7", 22" blades...sold: $13,100

CaseIH3950 IA  13100

 

IHC 720 5-18 plow, auto reset...sold: $2,400

IHC720 IA  2400

 

And I saved the best for last...a beautiful 1998 CaseIH 8940 tractor with 2,436 hours. Here's Youtube video I shot of this tractor selling on today's auction:

Tomorrow I will post some additional Youtube video from today's sale...including the "hottest" bidding I have EVER seen on a SNOW BLOWER....wow. Stay tuned.

www.machinerypete.com

 

My Dealer Doesn't Want My Trade-In

Sep 23, 2013

"My dealer doesn't want my trade."

I've been hearing this one quite a bit lately from farmers stopping in to visit with their implement dealer to talk about their annual or every other year trade in and purchase of larger capacity tractors and combines. Here's a recent example from Ryan via a message to me our Machinery Pete Facebook page (www.facebook.com/machinerypete):

"Pete, what are your thought on late model used machinery values over the next 12 months? Buyers market? I have 2 year old S660 (combine) and 8310R & 8260R (tractors) that we want to trade in and the dealer doesn't even want to trade. $80,000 to boot for a 300 sep hours! Pricing exact same machine just a 2014 model. I think large late model equipment will get soft but small late model should hold there value. Thoughts?"

No secret there has been an issue with high levels of late model (1-4 year old) used combines on dealers' used lots going on 3+ years now. We've all seen the big summer consignment/dealer/online auctions featuring 10, 20, 30, 40+ late model combines for sale. No surprise those babies tend to sell a bit on the "soft" side. Simple supply & demand at work with these very large auctions and high #'s of any one item (late model combines). Harder to find that 2nd buyer. Mfg's rightly try to help the situation by squeezing the supply side, limiting how many new machines certain dealers can get to sell based on their competitive market share #'s.

But now late model large HP and 4WD tractors too?

Yep, since late Spring '13 I have been seeing more show up at auction and more sitting on dealers' used lots. Again, getting tougher to find that 2nd buyer. Now factor in the softer commodity price outlook going forward (lower farm income ahead), the uncertainty with the IRS Sec. 179 tax write off limits for 2014 (set to fall from all-time of $500K in '13 all way down to only $25K in '14) not too mention the potential for gradually rising interest rates and you can understand better why more implement dealers are offering much less on their customer's large late-model tractors and combines on trade this fall.

Quite frankly they (dealers) are a bit...I'll say apprehensive.

The farm implement biz is a great business but the risks involved (much the same as farming) have been skyrocketing with the rising cost of equipment. The bottom line for implement dealers is pretty simple......their business health is tied directly to the value of their used inventory. More particularly, how accurate their used valuations are. Not long ago a $10,000 miscalculation on any one piece of used equipment was a large gaff. Now? Try $40K, $50K, $70K...more?

...x's the 5, 10, 25, or 40+ large late-model units sitting out there on their used lots. 

I'm not trying to paint any type of bleak picture here folks, just relaying current realities. Come along with me out to any auction around the country of late and you'll hear folks having this same conversation about softening values on large late-model used combines and tractors. But any statements trying to say that all used farm equipment values are falling would be flatly FALSE. Just check out my Facebook page and see the recent string of VERY STRONG auction sale prices for a wide variety of used equipment.

The common factor on those strong/rising auction prices? They tend to be on older (comparatively less $$ expensive) items in very good condition. When a new (fill in the ____) costs $200K, $300K, $450K....tends to make more folks interested in writing checks to acquire that super nice 6, 10, 15, or 25-year old item. Bunch of folks feel same way, it goes up for bid.....strong/rising auction values.

So a very interesting time indeed right now in the used equipment market. I suspect we'll once again see increased buyer interest & activity and holding to strengthening used values come the 4th Qtr. with folks viewing a possible last chance to grasp the large immediate $500K write off via IRS Sec. 179 write off.

Turn the page into 2014 and beyond.....we'll see.

But therein lies the true beauty of the "hard cash" auction sale price I've been compiling now for nearly 24 years....what's it worth? Put it up for sale and let's find out.

www.machinerypete.com 

 

 

Restored 1966 IHC 1206 Tractor

Sep 18, 2013

 IHC1206 pic1

Kind of pretty, don't you think?

This restored 1966 IHC 1206 diesel tractor is up for sale on an auction in Onawa, IA this Saturday (September 21, 2013). IHC 1206's have kind of been the poster boy for what I've been calling "The New Collector Tractor"....by this I mean models from the mid 1960's - the mid 1970's. LOT of $$'s been flowing to acquire these very nice restored or original tractors at auction the past few years.

So how high have the nicest IHC 1206's sold at auction?

Good question. A quick bit of digging in our www.machinerypete.com web site's "auction results" database turned up these facts...the highest auction sale prices I've seen on IHC 1206's the past few years:

Auction Prices on IHC 1206 Tractors

Year Hours Cond. Price Date Area* Specs
1966 9222 Good $19,000 7/14/12 NWIA Good TA
1967 - Good $27,000 12/10/12 ECIL All original, 1 owner
1966 - Good $22,750 7/16/11 NEKS 2000 hours on complete engine overhaul
1966 - Exc. $24,000 3/26/11 SEWI Restored
1967 6730 Good $20,500 11/14/11 ECIL ROPS canopy
1967 - Good $21,500 7/16/11 NEKS Restored
- - Good $27,000 9/4/10 NEIN 4x4
- - Good $20,000 11/28/09 ECIL Restored
1965 2222 Exc. $30,000 4/4/09 SWMI 1 owner
1966 3696 Exc. $32,500 9/6/08 WCIA Restored
1967 - Exc. $23,500 9/6/08 WCIA Fresh engine overhaul

* Area sold: WCIA = west-central Iowa, etc.  Data from www.machinerypete.com

Here is a fun little auction preview video I just posted tonight featuring this restored 1966 IHC 1206 diesel tractor for sale Saturday in Onawa, IA:

www.machinerypete.com

 

Iowa Man Restores 1970 JD 4020 to Honor Father

Sep 09, 2013

 JD4020 1970 IA RichardVid

This one's for you dad.

Jerry Fricke of Winfield, IA lost his father Charles, Jr. back in 2001. Fricke inherited his father's 1970 John Deere 4020 diesel, syncro tractor and wanted to honor his dad...so he had the tractor professionally restored, spending $17,000 in the process. What a beauty. The tractor has only 5,532 original "1 owner family" hours on it.

Now it's time to sell. The tractor goes up for sale this Thursday (September 12, 2013) on Steffes Auction Group's big AgIron consignment sale in Mt. Pleasant, IA: www.IQBID.com

Today I did a fun video interview with Jerry Fricke and we talked about his 1970 JD 4020 and the emotions involved with restoring it to honor his dad and now with selling it. Here's the Youtube video...with more great pics of this 1970 JD 4020:

How high will it sell? We'll find out Thursday....stay tuned.

www.machinerypete.com

 

 

 

 

Video: Nice Smaller Equipment on MN Auction Today

Sep 07, 2013

 NH355 MN  8K

Fun to cover auctions like this.

With nice condition small, older used farm equipment. I love the big, shiny, late-model expensive stuff at auction too, but just something about a sale like today's farm auction in Kenyon, MN that makes me smile. And apparently a lot of other folks too, judging from all the conversations I had at the sale today. I met a guy from Wisconsin who drove over because..."this is the stuff I farmed with."

Bingo.

Sale prices held up very well I thought. Strong, competitive bidding on (4) items in particular...the IHC 710 3-18 plow, the New Holland 355 grinder/mixer, a New Holland 489 9' haybine and finally the last item on today's auction, a nifty 1993 JD 6400 2WD open station tractor with only 905 actual "1 owner" hours. Here's what they went for:

IHC 710 3-18 Plow...sold: $2,200

IHC710 3btm MN  2200

 

NH 355 Grinder/Mixer...sold: $8,000 (pictured above)

NH 489 9' Haybine...sold: $5,200

NH489 MN  5200

 

1993 JD 6400 2WD Tractor with 905 hours...sold: $31,300

JD6400 MN  31300

Here's a Youtube video I shot, you can see these (4) items as they sold on today's auction with my comments posted along the way through the video + more items on the sale, including that hard to find IHC 3088 tractor with 3,329 hours and a Year Round cab:

Lots more auction sale price data pouring in from all over...stay tuned.

www.machinerypete.com

 

 

Shining Spotlight on Ohio Sale Saturday

Sep 05, 2013

I'm salivating.

Salivating looking at pics of the following (4) items up for sale on a very small farm auction this Saturday (September 7, 2013) in New Reigel, OH by my good friends Doug and Eileen Walton with United Country - Walton Realty & Auction Co., LLC. Here's the rundown:

1981 JD 4240 tractor with 5,509 hours, Power Shift

JD4240 OH WaltonUC

 

1984 MF 550 combine with 2,067 hours, 15' grain head

MF550 OH WaltonUC

 

IHC 510 18-7 grain drill with seeder

IHC5100 OH WaltonUC

 

Kinze 2000 6-row corn planter, < 1,500 acres

Kinze2000 6R OH WaltonUC

Here is a link to the sale bill: www.ucwaltonauctionco.com/property.aspx

That JD 4240 sure is a looker. Here is a list of a few of the highest auction sale prices I've seen the past 20 months on JD 4240's:

Year Hours Cond. Price Date Area* Specs
1978 3,452 Exc. $32,000 8/28/12 WCMN QR
1979 3,879 Good $30,750 11/17/12 SWMN QR
1980 ? Good $26,500 6/8/13 NEIA PS
1981 3,380 Good $24,750 6/1/13 ECIA PS
1981 5,820 Good $27,750 4/10/13 NETX w/Loader
1981 4,791 Exc. $34,500 2/28/12 ECNE QR, 2nd owner
1982 2,612 Exc. $32,500 9/22/12 WCMN PS, 1 owner
1982 3,444 Exc. $35,000 11/24/12 SEMN  

* Area sold: SEMN = Southeast Minnesota, etc.

The 1982 JD 4240 with 3,444 hours sold for $35,000 highlighted in the table...that is the highest auction sale price I've seen on a JD 4240. For latest in auction sale price data and equipment available on upcoming machinery auctions all over, go to www.machinerypete.com

Machinery Pete's Youtube Video Channel:  www.youtube.com/user/machinerypete

 

2-Year Old Auctioneer

Sep 01, 2013

The auction biz is in the blood.

I've been covering the farm machinery auction scene now for almost 24 years. I've seen tons of great auctioneers do their thing from coast to coast. Each has their own unique style. I've seen slow paced auction chants. I've seen fast paced. I've seen and heard southern drawls, northeastern accents, I've heard auction calls from the plains of Kansas back home here to Minnesota.

The one common denominator? Every auctioneer LOVES what they do.

One last distinction I've enjoyed over the years covering auctions....the age of the auctioneer. Last December (12/12/12) I dropped in on a nice farm estate auction in northern Illinois, a sale by my friend Gordon Stade with Gordon Stade Auctions. Just a pleasure to hear Gordon call a sale. Oh, did I mention...Gordon is now 80+ years old? Yep, but sharp as a tack and his sales move at a cracklin pace. Gordon is a great auctioneer.

I've run across tons of fantastic young auctioneers too, although I think I just found the youngest: 2-year old Barrett Polk of New Paris, IN. Barrett is the son of auctioneer Jeff Polk with Polk Auction Company and the grandson of legendary auctioneer Dennis Polk. I bumped into Dennis out on the auction trail 2 weeks ago and he sent me this video of 2-year old grandson Barrett grabbing the mic from dad Jeff:

Young Barrett has it down..."Going once, going twice...SOLD!" then grab and show the bidding No. Beautiful job Barrett. Just keep on watching and learning from dad Jeff and grandpa Denny. Who knows, maybe 80 years from now in the year 2093 Barrett Polk will still be calling auctions?

The auction biz...it's in the blood.

www.machinerypete.com

 

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