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Greg Peterson

Greg Peterson, the founder behind the Machinery Pete brand, has built an extensive industry network connecting 950 regional auctioneers, 600 ag lenders, 2,000 implement dealers, and thousands of farmers across the U.S. and Canada. Since 1989, the Machinery Pete platform has compiled a database of over 500,000 auction prices on used farm and construction equipment, expanding in 2015 to launch a dealer listings site featuring analytics and marketing services.

As an individual commentator, Peterson serves as Farm Journal Media’s multimedia expert on used equipment values across print and broadcast. A sought-after speaker for farmer and investor audiences, he hosts Machinery Pete TV—a weekly 30-minute show launched on RFD-TV in November 2013. Peterson’s personal audience engagement includes over 200,000 Facebook followers and 60,000 YouTube subscribers.

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Semi demand continues to hold strong, particularly for low-mileage, earlier emission-tier models. For example, at a retirement auction in Missouri a year ago, a 2017 Peterbilt 389 Glider day cab semi with 34,493 miles sold for $350,000.
Timing is everything, according to the equipment pricing trends Machinery Pete is watching.
Digging into his data, the average auction prices for Case IH Magnum 290 and John Deere 8285R tractors are both down 34% this year versus last year.
Despite concerns over rising costs and current economic challenges in agriculture, the market for used equipment remains strong, particularly for older, simpler models.
Machinery Pete says going the online auction route has tangible implications if you’re looking to sell a piece of equipment (or five) to manage cash flow.
From Jan. 1 to Aug. 4, Machinery Pete has seen 66 new to 3-year-old planters sell at auction. Twenty sold during that same time frame a year ago, 10 in 2022, 14 in 2021 and a mere six in 2019.
Nine months ago, high-horsepower tractors were selling for record-high auction prices. Those same models are now bringing more than $100,000 less. As prices trend down, the opposite is happening with inventory on lots.
An International Harvester 856 diesel tractor, a Peterbilt 389 Glider kit day cab semi and a collection of John Deere 55 series tractors are just a few pieces of equipment that have caught Machinery Pete’s eye lately.
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Machinery Pete predicts descriptions of used equipment won’t be enough to create buyer trust in the near future.