In a seminar at the 2011 National Farm Machinery Show, Auction Action columnist Greg Peterson presented his latest data from auctions across the country.
“In the past four years I’ve kept asking myself if auction prices would continue to be so strong, and today I can say that this trend of rising used equipment is a new reality,” Peterson says.
He reports that since 2004, his auction price data has shown value on the rise since 2004. Peterson, also known as Machinery Pete, collects auction data from across the country and updates his web site www.MachineryPete.com
. He cites the following reasons for the drive up in auction prices on good quality used equipment:
· New equipment prices continue to sky rocket
· When buying new, it requires pre-ordering often
· Farm income in up
· Fewer machinery auctions than ever before
Peterson says there were 3,291 auctions every year from 2001 to 2003. There were 1,769 auctions every year from 2007 to 2009. January was the quietest month for auction activity in his 21 years of monitoring the business.
“There is an increased premium being paid for used equipment in good condition,” Peterson says.
He says one of the hottest segments of machinery include gravity wagons, grain carts and grain trailers.
One tip he gives those who are about to put machinery on the market, is to list the machine’s progression of ownership at the beginning of the listing and include if you are the first or second owner. Another tip is to include any maintenance records.
To learn more, visit: http://machinerypete.com/