Auction
Fleet industry veteran Todd Welle joins the Top Producer podcast to share some smart purchases he’s seeing farmers make.
Timing is everything, according to the equipment pricing trends Machinery Pete is watching.
Machinery Pete also shared the results of a special Allis-Chalmers auctioned off for charity on Nov. 9.
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.
When ag equipment manufacturers start shedding union line workers, shuttering plants and shifting factories to Mexico, and there’s a glut of used equipment covering dealer lots, you know the tide is quickly turning.
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.
Highlights included a restored 1971 International Harvester 1456 and many late model tractor and combine deals.
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.