I’ve noticed several high horsepower tractors not selling at auctions lately due to lack of bids. How does this type of market effect the price data on MachineryPete.com? Does this indicate a turn lower in auction prices?
We just continue to compile sale prices on all types of equipment across North American on daily basis, all conditions, ages. Certainly have begun to see some recalibration with auction pricing and used values here early in '24. To be expected with commodity price levels where they’ve been. We’re coming off 3+ year stretch all time High with used equipment values. So far our Machinery Pete data showing drop in values not as extreme as we saw back in 2014-2015. Back then our data showed 20-25% YOY drop in large late model used equipment values.
These pivot points in time when used equipment values adjust downward…can be difficult for auctions with Reserve Prices. Sellers basing expectations on what same item would have sold for 2, 3, 4 mo. ago. That was then. This is now. This is why critical to stay on top of what stuff sold for Today, Yesterday, etc. Check the latest here: www.MachineryPete.com/auction_results
All this said…Good condition used equipment remains in demand, in great part due to the breathtaking RISE in price of New equipment.
Stay tuned.
Pete
Machinery Pete