In late January I headed to Sidney, Iowa, for the Lawrence and Mary Lou Crom farm retirement auction.
Being at an in-person sale with live bidding and rubbing elbows with other actual humans was like stepping back into the good old days I remember — not to mention the temperature of 9°F below freezing added to the effect for this Minnesota boy.
One of my principal truths after more than 34 years tracking auction prices is that bad weather equals hot bidding. This sale was no exception. Particularly for Lawrence Crom’s like-new 2021 Case IH Maxxum 150 tractor with only 140 hours on it that sold for a hammer price of $133,000 plus a $1,250 online buyer fee. That’s a new record-high auction price on Maxxum 150s by $4,250.
The number of new record auction prices on 140 hp to 160 hp tractors over the past couple of years has been astonishing. I almost can’t count that high. This sector of the used tractor market shows strength beyond record-shattering individual auction prices, as well as strength beyond the pre-DEF, pre-Tier IV models from 2011 and prior.
| Model | Hours | Price | Date | Location | Amount Above Record |
|---|---|---|---|---|---|
| 2002 John Deere 7610 | 889 | $130,000 | 6/16/23 | Strafford, Mo. | $20,000 |
| John Deere 4455 | 3,549 | $97,850 | 10/28/23 | Winchester, Ky. | $6,850 |
| 2018 John Deere 6155R | 256 | $187,000 | 3/20/23 | Hamilton, Ill. | $250 under record |
| 2004 New Holland TV145 | 1,161 | $117,500 | 12/29/23 | Minot, N.D. | $15,500 |
| 2010 New Holland T6070 | 1,152 | $108,000 | 10/24/23 | Sarles, N.D. | $30,000 |
| 1997 Case IH 8920 | 2,827 | $125,250 | 6/27/23 | Lostant, Ill. | $25,250 |
Take John Deere 6155Rs as an example. The average auction price last year on them rose 4.2% to $125,677 from $120,608. That makes three years in a row that the average auction price has risen on this model.
Record-High Price Still a Deal
The Sidney, Iowa auction brought big sales despite the price of corn and soybeans falling earlier that week. And don’t forget it was in January, so there were no year-end IRS Section 179 tax-motivated buyers at play.
Of course, a huge continuing driver of strong used tractor values is the cost of new models. A quick peek at Maxxum 150 tractors for sale on our Machinery Pete website showed the highest dealer-advertised price of $243,711 for one with a loader and just 8 hours. Makes $134,250 for the 2021 model with 140 hours feel like quite the bargain.
