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.
Seller's Remorse: Did I Sell my Tractor for too Little?
Jan 04, 2014
Oh oh. Did I sell for too little?
The first guy that called on my tractor for sale bought it. Maybe I didn't ask enough for it. We all know buyer's remorse, that sick feeling you get driving away from an auction wondering if you paid too much. Well, here's the flip side..."seller's remorse." A different kind of sick feeling.
Recently I got a message on our Machinery Pete Facebook page from Mitch. Mitch had just sold his beautiful 1998 CaseIH 8940 tractor (pictured above) with 2,113 hours. His for sale private asking price was $92,500. The first caller took it. So Mitch reached out and asked me:
"Pete, did I ask enough for it?"
Happily, I was able to let Mitch know he did just fine on the sale. In fact, the highest auction sale price I've seen on a CaseIH 8940 tractor is $92,000 on a January 22, 2011 farm auction in northeast Illinois for a 1997 model 8940 with 1,875 hours. Here's a pic of that 8940 sold for $92,000 three years ago:
Values have definitely been going UP on 8940's over the past five years. From late 2001 through 2007 the highest auction sale price I saw on an 8940 was $76,000. Since 2008 I've now seen (6) 8940's sold for $80,000 or above. Below are a couple examples:
1998 CaseIH 8940 with 2,346 hours: $85,000 (11/13/12 west-central Nebraska)
Video: 1998 CaseIH 8940, 2,436 hours: $87,000 (9/28/13 east-central Iowa)
Whether buying, selling, or trading any type of used equipment, it helps to arm yourself with the very latest in comparable sale price data, not only so you can make the best deal possible...but just as important, to avoid that sick feeling that comes with "did I pay too much / sell for too little?"