Used Combine values are dropping.
Not necessarily new news there folks, as I began reporting on this trend the end of the 1st week of December '22 - concentrated back then with 1-4 year old used harvesters, but as Summer '23 turns to Fall '23 our Machinery Pete auction sale price data is showing clearly that used Combines values are falling across the board. This after used Combine values moved sharply HIGHER 2021 into 2022 due to severely pinched supply of New and more importantly a never before seen pinched supply of used Combines. Here’s a visual look at the Supply (Blue) and Demand (Orange) of used Combines for sale over the past 2 years, so late Summer '21 on the far left and late Summer '23 on the right. Note how the Blue Supply line bottomed out a year ago, late Summer into early Fall '22.
The month of August '23 saw a glut of used Combines hit the auction market. As can be expected…auction prices fell - now down 20% this year on John Deere S690, S680 and S670 models made from 2012 - 2017. Here are the facts:
JOHN DEERE S690 (made 2012 - 2017)
- Avg. Auction Price This Year = $117,700
- Avg. Auction Price Last Year = $147,495
Down 20.2% this year
Down 6.5% in August '23
JOHN DEERE S680 (made 2012 - 2017)
- Avg. Auction Price This Year = $107,980
- Avg. Auction Price Last Year = $135,604
Down 20.4% this year
Down 5.7% in August '23
JOHN DEERE S670 (made 2012 - 2017)
- Avg. Auction Price This Year = $104,921
- Avg. Auction Price Last Year = $132,482
Down 20.8% this year
Down 7.7% in August '23
JOHN DEERE S660 (made 2012 - 2017)
- Avg. Auction Price This Year = $134,656
- Avg. Auction Price Last Year = $139,128
Down 3.2% this year
Up 1.3% in August '23
JOHN DEERE S790 (made 2018 - 2023)
- Avg. Auction Price This Year = $294,706
- Avg. Auction Price Last Year = $327,556
Down 10% this year
Up 4.2% in August '23
JOHN DEERE S780 (made 2018 - 2023)
- Avg. Auction Price This Year = $287,945
- Avg. Auction Price Last Year = $346,900
Down 17% this year
Down 2.6% in August '23
JOHN DEERE S770 (made 2018 - 2023)
- Avg. Auction Price This Year = $314,916
- Avg. Auction Price Last Year = $284,618
Up 10.6% this year
Down 3% in August '23
JOHN DEERE S760 (made 2018 - 2023)
- Avg. Auction Price This Year = $298,000
- Avg. Auction Price Last Year = $319,833
Down 6.8% this year
Up 0.5% in August '23
JOHN DEERE 9870 STS (made 2008 - 2011)
- Avg. Auction Price This Year = $58,904
- Avg. Auction Price Last Year = $65,579
Down 10.2% this year
Down 6.5% in August '23
JOHN DEERE 9770 STS (made 2008 - 2011)
- Avg. Auction Price This Year = $78,577
- Avg. Auction Price Last Year = $81,420
Down 3.5% this year
Down 3.1% in August '23
JOHN DEERE 9670 STS (made 2008 - 2011)
- Avg. Auction Price This Year = $77,729
- Avg. Auction Price Last Year = $100,065
Down 22.3% this year
Up 2.4% in August '23
JOHN DEERE 9570 STS (made 2008 - 2011)
- Avg. Auction Price This Year = $90,580
- Avg. Auction Price Last Year = $97,136
Down 6.7% this year
Up 0.8% in August '23
CaseIH 8250 (made 2019 - 2023)
- Avg. Auction Price This Year = $349,800
- Avg. Auction Price Last Year = $374,000
Down 6.5% this year
CaseIH 8240 (made 2015 - 2018)
- Avg. Auction Price This Year = $199,250
- Avg. Auction Price Last Year = $206,536
Down 3.5% this year
CaseIH 8230 (made 2012 - 2014)
- Avg. Auction Price This Year = $80,363
- Avg. Auction Price Last Year = $95,088
Down 15.5% this year
CaseIH 7088 (made 2008 - 2012)
- Avg. Auction Price This Year = $68,319
- Avg. Auction Price Last Year = $90,479
Down 24.5% this year
CaseIH 6088 (made 2008 - 2012)
- Avg. Auction Price This Year = $79,500
- Avg. Auction Price Last Year = $87,500
Down 9.1% this year
Again, important to note here that falling/depreciating used Combine values is news mainly because the past 2 years used Combines values did something they historically never did before…the ROSE, fairly sharply, due to pinched supply of both New and Used on the market.
Couple things I found statistically interesting in these data…
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Consistent value drop with JD S690, S680 and S670 values, each 20%. The S600 Series was made by Deere from 2012 - 2017 so at this point we’re talking 6-11 years old
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Smallest % drop in value came on the JD S660, only down 3.2% this year, confirming a market truth I’ve talked about often over the years, how the Smaller Capacity used model Combines seem to hold their value better. Case in Point here with JD S660’s. Same with the older model JD 9570 STS, down only 6.7% so far this year, while the larger 9670 STS’s are down 22.3%.
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August '23 saw huge jump in the No. of used Combines sold at auction. So far this year I’ve seen (98) JD S780 combines sold at auction. All of last year…only 38 sold. This the result of farm equipment dealers working to get and stay ahead of the rising supply of used Combines on their lots, after historically LOW levels of used combines on their lots the past 2 years.
Click here to view auction sale prices on 376 Combines sold the past 5 weeks - 80 sold the past week: https://tinyurl.com/MachineryPete-Combines8-23
Pete
Machinery Pete