The Robert “Farmer Bob” Green estate sale, hosted by Schram Auction, on June 27 in Springfield, Neb., featured quite the assortment of farm equipment. Taking home Pete’s Pick of the Week honors, a 1998 Case IH 8930 with 3,537 hours sold for $97,000, the third-highest auction price for this model.
This sale, along with other recent record price tags, points to continued strength in used equipment prices – a trend that dates back a couple of years. In 2024, large dealer groups were paying 8% interest on their used inventory.
“They had way too much one- to three-year-old stuff. I’ve never seen the level of auction activity we saw two years ago,” Machinery Pete explains. “That started this tightening process of used equipment, which has continued … the used equipment has been getting tighter and tighter.”
Record-Breaking Auction Sales Surge Across Multiple States
Elevated new equipment prices continue to support demand for quality used machinery. An online sale on June 23 by the Musser Brothers, featuring equipment from Nevada, Idaho, Montana, Washington and other states, shed light on what’s of interest to farmers:
- 2017 New Holland TS6.140 with 447 hours sold for $81,000, the highest auction price for this model with a loader.
- 2016 Case IH Steiger 580 QuadTrac with 4,784 hours sold for $170,000, the third-highest auction price ever for this model with over 4,500 hours.
- 2022 Case IH 9250 combine with over 3,000 engine hours sold for $280,000, the second-highest auction price ever for this model with over 3,000 engine hours.
“Just the last 10 days to two weeks we’ve seen basically all types of used equipment rise,” Machinery Pete explains.
Meanwhile, an auction by BigIron on June 24 in Chappel, Neb., broke a six-year sales record. A 2016 Massey Ferguson WR9870 swather with 1,015 hours sold for $137,750. This beats the previous record by just more than $15,000.
That same day, a Hiner Real Estate & Auction in Andrews, Ind., saw strong prices as well:
- 2023 Case IH 6150 with 196 engine hours sold for $334,000, the second highest auction price on this model.
- 2014 Case IH Puma 130 CVT with 396 hours sold for $100,000, making it the highest auction price.
- 2023 Kinze 3605 1632 Planter sold for $140,000.
- 2014 Case IH Magnum 250CVT with 1,447 hours sold for $139,000.
“Very well-conditioned equipment is selling well because the supply of used equipment is pinching down more than people are realizing,” Machinery Pete says.
5- to 12-Year-Old Farm Equipment is Vanishing from the Market
The used marketplace is experiencing a shortage of equipment in the five- to 12-year-old range, but the opposite is true for the one- to three-year old and 12-plus-years-old categories.
“I would say 5- to 12-year-old equipment has really been eaten out of the marketplace,” says Casey Seymour, co-host of the “Moving Iron” podcast.
Used Equipment Prices “Off the Rails” Despite a Weak Ag Economy
In his experience, when the ag economy weakens, auction activity increases and prices drop. That’s not the case right now because dealers proactively reduced late-model inventory two years ago.
“You start to see these use values go up when times suck. This is where we’re kinda off the rails here – I just haven’t seen this in 36½ years before,” Machinery Pete shares.
Listen to the latest “Moving Iron” podcast for more from Machinery Pete and Seymour as they continue to break down the evolving market on agriculture equipment.
