Used tractor values remained strong right through the end of 2018. A plethora of auction sale prices from last November and December prove the point.
One example sold on our Machinery Pete’s year-end unreserved online dealer auction, which we held in conjunction with our friends at Bigiron.com. Midwest Machinery of central Minnesota had a 2016 model John Deere 6155R (155 hp) with 531 hours and a John Deere 640R loader sell for $123,501. That was a record-high auction sale price on a 6155R.
Another example was when Younger Auction Company sold two tractors at a Dec. 28, 2018, farm auction in northeast Kansas. A 2017 John Deere 8370R with 194 hours, IVT and warranty sold for $258,000. That was the highest sale price for a 8370R in 2018. It only trailed the 2016 model 8370R with 265 hours, IVT and ILS that sold for $300,000 on a March 30, 2017, farm auction in west-central Texas.
On the same Dec. 28 farm auction in Kansas, a 2014 John Deere 8370RT track tractor with 1,250 hours sold for $215,000, which was the second-highest auction sale price in 2018. The 8370RT was indicative of a pattern of strong buyer demand for used track tractors. This makes sense with the very late, very wet harvest season we slogged through.
A 2012 Case IH Steiger 550 Quadtrac with 2,178 hours sold at Randy and Connie Reuss’ farm retirement auction in west-central Minnesota, which we filmed for our “Machinery Pete TV” show (watch at MachineryPete.com/mptv). Connie says they received many inquiries on this tractor, which sold for $232,000, a strong price given almost 2,200 hours. Another hot item was a 2014 Case IH Steiger 500 Quadtrac with 1,446 hours that sold for $225,000.
Prices on good-condition older tractors were also high in 2018. The one that had folks talking was the 1990 John Deere 4455 MFWD tractor with only 1,904 actual hours (one owner, always shedded) that sold for $90,500 (not a misprint) on a Dec. 8, 2018, consignment auction in southeast Minnesota. Watch the video at bit.ly/JohnDeere4455. The only 4455 to sell higher at auction was back on Oct. 3, 2009, at a farm auction in south-central South Dakota. There, a 1991 model 4455 MFWD with only 1,423 hours and a John Deere 280 loader sold for $94,500.
Another record price was set at a consignment auction in northeast Illinois on Dec. 28, 2018. A 1976 International Harvester 966 Black Stripe front-wheel drive tractor sold for $33,000.
Whether late model or 20-plus years old, nice used tractors continue to be highly sought after.
Greg Peterson is the most trusted name in farm equipment. Since 1989, he has worked with a network of 1,000 auction companies to track used equipment prices. His website, MachineryPete.com, features equipment listings from dealers and equipment for sale at upcoming auctions.