Machinery Pete - Equipment Auction News
Get the latest farm equipment news, auction trends auction results from Machinery Pete on AgWeb, including Pete’s Pick of the Week.
Check out used farm equipment listings on MachineryPete.com.
Machinery Pete shares about a special Allis-Chalmers 8070 to be auctioned on Nov. 9 and a recent auction that featured quite the collection of early model John Deere tractors.
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.
Despite concerns over rising costs and current economic challenges in agriculture, the market for used equipment remains strong, particularly for older, simpler models.
You run it for a few years and then voila — you have the low-hour, 10-year-old unit everyone wants.
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.
Machinery Pete says it could be dangerous to rely on past equipment sales patterns
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.
The world of used farm equipment changed dramatically during the pandemic as auctions moved to online rather than in-person events. According Machinery Pete, the change was both significant and permanent.