According to Sandhills Global’s newest market reports, used heavy-duty truck, semitrailer and construction machinery in Sandhills marketplaces in June followed the same trends observed in previous months, with inventory levels increasing, driving asking and auction values down. The used tractor market, however, is a notable exception to these trends.
Used combine inventory levels have remained steady for the past few months, while asking and auction values continue to soften. Recent inventory gains in Q2 among high-horsepower (300 HP and greater) tractors have driven auction values downward. Despite the increasing inventory levels and decreasing auction values, however, asking values for high-HP tractors remain elevated. Buyers and sellers should monitor and assess values in the short term.
“Asking values for high-horsepower tractors were up compared to last year, but auction values are trending down,” Mitch Helman, sales manager of Sandhills, said. “It will be well worth paying attention to changes in this market as the spread between auction and asking values grows.”
The key metric used in all of Sandhills’ market reports is the Sandhills Equipment Value Index (EVI). Buyers and sellers can use the information in the Sandhills EVI to monitor equipment markets and maximize returns on acquisition, liquidation, and related business decisions. The Sandhills EVI data include equipment available in auction and retail markets as well as model year equipment actively in use.
Additional Market Report Takeaways
Sandhills market reports highlight the most significant changes in Sandhills’ used heavy-duty truck, semitrailer, farm machinery, and construction equipment markets. Key points from the current reports are listed below. Full reports are available upon request.
U.S. Used Tractors Over 300 Horsepower
- Used farm equipment inventory levels continued to climb through June, with a substantial number of late-model high-horsepower tractors coming to market.
- Inventory levels of used high-HP tractors increased 10.27% month-to-month and 59.81% year-over-year in June. This continues a months-long trend of inventory increases.
- Since the beginning of 2023, asking values have held steady while auction values have declined. The subsequent gap between asking and auction values continued to grow larger in June. Used high-HP tractor asking values increased 1.4% month-to-month and rose 10.6% year-over-year in June and are currently trending sideways. Auction values dropped 0.55% month-to-month and rose 3.66% year-over-year and are trending down.
U.S. Used Combines
- Used combine inventory levels held steady in June, decreasing 0.75% month-to-month but increasing 18.32% year-over-year.
- Asking and auction values have been in decline since the start of the year. Asking values decreased 2.84% month-to-month in June but rose 6.61% year-over-year. Auction values pushed further into negative year-over-year territory in June, falling 3.94% month-to-month and 2.7% year-over-year, and are trending down. Asking values typically lag auction values by a few months.
U.S. Used Compact & Utility Tractors
- Inventory levels of used compact and utility tractors under 100 HP continued to rise in June, increasing 3.40% month-to-month and 66.78% year-over-year, and are trending up. The under-40-HP tractor category showed the largest month-to-month inventory increases.
- Asking values were 0.06% lower month-to-month but 2.5% higher year-over-year and are currently trending sideways. Auction values decreased 0.64% month-to-month and 1.57% year-over-year and are trending down.
U.S. Used Heavy-Duty Trucks
- Used inventory levels were up 4.45% month-to-month and 32.52% year-over-year in June following several months of increases. Day cab trucks are driving continued inventory level increases among used heavy-duty trucks overall.
- Asking and auction values fell in June, continuing a months-long trend of decreases. Asking values dropped 1.51% month-to-month and 20.75% year-over-year while auction values decreased 2.07% month-to-month and 24.42% year-over-year.
U.S. Used Semitrailers
- Used semitrailer inventory levels have shown consecutive months of increases, driving asking and auction values down. Continuing the trend, inventory levels were up 1.67% month-to-month and 38.47% year-over-year in June.
- asking values fell 1.84% month-to-month and 23.53% year-over-year while auction values were down 3.31% month-to-month and 26.61% year-over-year. Asking and auction values have both shown decreases for several months.
- The highest month-to-month changes in inventory and values are occurring within the dry van trailer category.
U.S. Used Medium-Duty Trucks
- Like inventory changes among used heavy-duty trucks, medium-duty truck inventories continue to grow. Inventory levels rose 8.58% month-to-month and 30.54% year-over-year in June following months of increases.
- Values continue showing decreases of 2% to 3% each month. Asking values were down 2.52% month-to-month and 10.62% year-over-year in June and are trending down. Auction values fell 4.01% month-to-month and 16.72% year-over-year. As with heavy-duty trucks and semitrailers, these value drops follow months of declines.
U.S. Used Heavy-Duty Construction Equipment
- Used heavy-duty construction equipment inventory levels have been increasing since January. Inventories were up 2.63% month-to-month and 3.5% year-over-year in June and are currently trending up.
- Values, meanwhile, have been declining since January. Asking values decreased 2.15% month-to-month and 4.85% year-over-year in June and are trending down. Auction values fell 3.06% month-to-month and 6.94% year-over-year.
U.S. Used Medium-Duty Construction Equipment
- Following numerous months of increases, inventory levels of used medium-duty construction equipment rose 9.15% month-to-month and 42.80% year-over-year. Inventory in this category has increased more rapidly since January compared to heavy-duty construction equipment.
- Asking values remained steady but auction values fell in June, and Sandhills has observed a slight gap between asking and auction prices. Asking values decreased 0.59% month-to-month and 2.13% year-over-year in June while auction values fell 1.82% month-to-month and 5.86% year-over-year.
U.S. Used Lifts
- Similar to inventory increases in used medium-duty construction equipment, the used lift market has posted consecutive months of inventory increases since February. June increases were relatively modest for lifts, however, with inventory levels rising 5.30% month-to-month and 0.12% year-over-year.
- Asking values dropped 0.50% month-to-month and rose 6.14% year-over-year in June and are currently trending up. Auction values decreased 5.21% month-to-month and 1.97% year-over-year in June and are trending down.
