Pete’s Pick of the Week goes to a full-blown auction hosted by Eds Machinery in Memphis, Mo., last Friday, May 29. Machinery Pete was impressed by the late-model sale prices:
- 2024 John Deere 8R 370 with 178 hours sold for $370,000.
- 2023 John Deere 8R 370 with 913 hours sold for $315,000.
- 2022 Case IH Steiger 470 Quadtrac with 468 hours sold for $365,000.
“If we take the example of John Deere 8R 370s, I think it’s very indicative of the used tractor market since November 2025 and the first five months of this year being surprisingly strong,” says Machinery Pete.
John Deere 8R 370 Auction Prices Surge 12.7%
Why has the used tractor market strengthened the past few months? This year, the average auction price for a John Deere 8R 370 is $348,824, which is up 12.7% versus last year’s $309,446 price, Machinery Pete explains.
In 2024, that number was $332,000 and in 2023 it was just above $356,000. In 2024, equipment owners sold more machines to get ahead of the market, which is why there was a considerable drop-off in price from 2023 to 2025. Now, prices are starting to increase because used machinery supply is tightening.
Current Trends Signal a Softening Used Combine Market
In addition to the late-model tractors, the Mississippi auction also featured a 2024 John Deere S770 with 657 hours. The combine sold for $351,000, which is an anomaly in the softening combine market. In 2026, the average auction price for that same combine model is $234,757. That’s down 7.9% from last year’s average around $254,900.
He also compares the average auction price and average dealer-advertised price. Currently, on a John Deere S770 combine the average dealer ad price is $358,177.
To further explain the softening combine market, Machinery Pete turns to the “Machinery Pete Ratio,” which divides the average auction price by the average dealer ad price. For a John Deere S770, the ratio is at 65.5%. Typically, the normal ratio is between 71% and 76%. When you dip under it, that means the market is soft.
Machinery Pete Looks Ahead to Future Auctions
On July 9, in Penfield, Ill., Kerr Auction is having its annual Historic Farm Days Consignment Auction. The auction has a unique sale where two tractors – a John Deere 4455s with a sister serial number – will be sold as a unit.
A July 14 auction in Mount Pulaski, Ill., by Maske Auction Service will feature Kevin and Kathy Wilhelm’s collection. Kevin has been painting and restoring John Deere tractors for 41 years. The auction will have a variety of machines for sale:
- John Deere 8R 370 tractor with less than 1,000 hours.
- John Deere 4450 2WD with less than 1,000 hours.
- 2018 John Deere S770 combine.
