Auction
Machinery Pete continues to see higher than average farm equipment resale prices, and he has an idea why that is.
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.
For example, at Lawrence Crom’s retirement auction, his like-new 2021 Case IH Maxxum 150 tractor sold for $133,000, plus a $1,250 online buyer fee. That’s a new record-high auction price on that model.
This 40-plus-year-old tractor still has some life left in it. At a farm retirement auction, it topped $20,000.
Times are different, which means trying to predict how used farm equipment values will behave coming out of a strong up cycle into a slower, tighter period in the ag economy is dangerous.
As usual, there was a ton of fireworks in the auction market at the end of 2023. One sale on Dec. 29 by Swenson & Sons in Minot, N.D., featured several incredible tractors in good condition.
Timing is everything. Machinery Pete’s recommendation for when to host an equipment auction is quickly approaching.
As it stands right now, it looks like 2022 will be the high-water mark for used construction equipment values.
The rebuilt/retrofit factor in the used planter market has been huge the past 18 to 24 months.