Over the past year, Sandhills Global has noted a significant increase in late-model used farm equipment inventory levels in its marketplaces. At the same time, newer equipment has become more prevalent, as manufacturers have returned to normal production levels following the resolution of numerous supply chain issues. Sandhills has monitored similar trends in the construction and transportation markets as well.

“We’ve observed a huge decrease in the auction value of planters month over month,” Ryan Dolezal, sales manager of TractorHouse, said. “Some late-model units have been selling at auction for 10% to 20% less than what they were a month ago. Given the auction values observed over the past month, buyers and sellers should be prepared for asking values to follow a similar path.”

Sandhills’ market reports highlight the most significant changes in Sandhills’ used heavy-duty truck, semitrailer, farm machinery and construction equipment markets. The key metric used in all of Sandhills’ market reports is the Sandhills Equipment Value Index (EVI). Key points from the current reports are listed below.

U.S. Used Planters

• Planter inventory levels have begun trending sideways with only marginal month-over-month changes. Levels decreased just 0.24% month over month in March. However, inventory levels are still elevated compared to March 2023, up 41.66% year over year, which has exerted a downward pressure on values.
• Asking values decreased 2.57% month over month, increased 6.43% year over year and are beginning to trend lower.
• Auction values have fallen at a higher rate than asking values. There is a 70% spread between asking and auction EVI, with an EVI spread this high having not been observed since May 2015. Following consecutive months of decreases, auction values dropped 16.1% month over month and 15.45% year over year in March.

U.S. Used Combines

• Used combine inventory levels showed a modest month over month increase of 1.72% in March after consistently rising for several months, now standing at 17.28% higher on a year-over-year basis. These steady inventory increases have led to falling auction values.
• Asking values remained steady in March, down slightly by 0.29% month over month, up 7.9% year over year and trending sideways. With auction values falling, however, Sandhills anticipates asking values will fall as well.
• Auction values decreased 3.56% month over month and 2.14% year over year and are beginning to trend lower.

U.S. Used Tractors 100 Horsepower and Greater

• Inventory levels in this category rose 2.5% month over month and 53.61% year over year in March. Significantly high inventory levels have put downward pressure on values for several months. If the current trends persist, values will drop further, according to Sandhills.
• Asking values experienced a modest decrease of 0.76% month over month in March but remained higher year over year at 5.11%. Asking values are trending sideways.
• Auction values decreased 2.57% month over month and 0.71% year over year in response to high inventory levels. Auction values are trending sideways.

U.S. Used Compact and Utility Tractors

• Inventory levels of used compact and utility tractors in Sandhills’ U.S. marketplaces continued a downward trend that started in January, decreasing by 3.75% month over month in March. However, inventory levels continue to be higher than last year’s figures, up 17.66% year over year in March and trending sideways.
• Asking values showed a slight decrease of 0.77% in March after several months of decreases. Asking values were down 2.37% year over year.
• Auction values declined 1.37% month over month and 3.97% year over year and are trending down.

U.S. Used Heavy-Duty Trucks

• In March, inventory increases of 7.19% month over month and 14.38% year over year were observed in this category, which includes day cabs and sleeper trucks. Inventory levels are trending sideways.
• Asking values inched up by 0.61% month over month in March but dropped 16.49% year over year and are trending down.
• Auction values displayed a similar pattern, posting a 0.83% month-over-month increase and a 19.47% year-over-year drop. Like asking values in this category, auction values are trending down.

U.S. Used Semitrailers

• Inventory levels of used semitrailers rose 5.07% month over month and 44.83% year over year in March, suggesting a growing surplus.
• Reflecting declines in auction values, asking values fell 1.33% month over month and 21.94% year over year in March following consecutive months of decreases.
• Auction values have posted month-over-month decreases in recent months as well. Auction values were down 2% month over month and 22.88% year over year in March.

U.S. Used Medium-Duty Trucks

• Inventory levels of used medium-duty trucks continue to rise, putting pressure on asking and auction values. Inventory levels were up 13.88% month over month and 37.46% year over year in March.
• Although asking and auction values have posted monthly increases, these values are still trending down and are lower than last year’s values. Asking values were up 2.31% month over month and down 12.62% year over year in March.
• Auction values increased 1.19% month over month and decreased 12.37% year over year.

U.S. Used Heavy-Duty Construction Equipment

• Inventory levels in this category rose 2.43% month over month in March, marking a trend of consistent increases, and are notably higher year over year with a 15.59% rise.
• Asking values showed a marginal decrease of 0.71% month over month and were 2.4% lower year over year. Asking values are trending sideways.
• Auction values, which are also trending sideways, decreased 2.36% month over month and 8.95% year over year in March.

U.S. Used Medium-Duty Construction Equipment

• Inventory levels of medium-duty construction equipment continued an upward trend, posting a 1.33% month-over-month increase in March and a substantial 55.33% year-over-year rise, indicating a significant accumulation of stock. The skid steer and mini excavator categories have experienced the largest changes in inventory levels, asking values and auction values.
• Asking values decreased 0.35% month over month and are trending sideways. However, asking values were 6.03% lower than last March.
• Auction values ticked up slightly at 0.17% month over month, fell 9.67% year over year and are currently trending sideways.

U.S. Used Lifts

• Used lift inventory levels were up 2.18% month over month and 8.36% year over year in March. This category is exhibiting an upward trend, driven largely by increases in telehandler inventory.
• Asking values decreased 2.46% month over month and 6.74% year over year and are trending down.
• Auction values decreased 2.44% month over month and 13.91% year over year and are trending down. Combined, these inventory and value metrics indicate a market with growing supply but waning demand and value.