According to the newest market reports from Sandhills Global, supply increases throughout 2023 for used heavy-duty trucks, semitrailers, tractors, construction equipment and lifts in Sandhills’ marketplaces have not been accompanied by corresponding increases in demand. This has led to a decline in asset values in most equipment, truck and trailer categories.

“The trend we’re tracking across all three industries — trucks, farm equipment and construction equipment — is especially pronounced within the heavy-duty truck and semitrailer markets,” Scott Lubischer, sales manager of Truck Paper, said. “These markets have declined continually since the last value peaks occurred in Q2 2022.”

High-horsepower tractors (those with 300 horsepower or greater) are the only exception to the trend. This market has shown a greater degree of stability and growth in asking values over the past year compared to other markets. By contrast, other markets have been weak, with current asking and auction values falling below year-ago levels.

The key metric used in all of Sandhills’ market reports is the Sandhills Equipment Value Index (EVI). The Sandhills EVI data include equipment available in auction and retail markets as well as model year equipment actively in use.

U.S. Used Heavy-Duty Trucks

• The supply of used heavy-duty trucks in the U.S. has been rising for several months with inventory levels increasing 46.71% year over year in October. Inventory levels were up 3.35% month over month and are trending up.
• However, the market has not responded with strong demand for the abundance of used trucks, as illustrated by 18 months of consecutive declines in asking and auction values. Asking and auction values were both lower in October than they were last year, reflecting a weak overall market for used heavy-duty trucks. Asking values were down 3.31% month over month and 21.64% year over year and are trending down.
• Auction values were down 4.33% month over month and 28.53% year over year and are trending down.

U.S. Used Semitrailers

• Inventory levels of used semitrailers have exhibited significant growth in 2023. This is particularly true of dry van semitrailers, as their supply more than doubled compared to last year. Used semitrailer inventory increased 8.29% month over month in October following several months of increases and rose 89.15% year over year.
• Increased supply has led to declines in asking and auction values, both of which are trending down. Asking values inched down 0.98% month over month in October after months of decreases and were 19.67% lower than last year.
• Auction values showed a similar pattern, down 1.05% month over month after months of decreases while posting a 25.83% year-over-year decline.

U.S. Used Medium-Duty Trucks

• Used medium-duty truck inventory levels have surged in 2023. Following months of consecutive increases, inventory levels ticked up 0.34% month over month and rose 44.06% year over year in October.
• Asking and auction values, however, have not risen, and the latest figures indicate weak demand in this market. Asking values were down 0.12% month over month in October after months of decreases and were 15.21% lower than last year.
• Auction values were up 0.29% month over month and down 19.7% year over year and are trending down.

U.S. Used Farm Equipment

• Sandhills observed an anticipated seasonal dip in used farm equipment inventory levels in October, but supply was still 33.92% higher than year-ago levels. Inventory levels fell slightly month over month with a 0.87% decline and are trending up.
• Asking values were down 0.6% month over month and up 7.07% year over year and are trending up.
• Auction values increased 0.23% month over month but declined 2.61% year over year and are trending down. The used high-horsepower tractor market is responsible for mixed trends in asking and auction values in the overall farm equipment market.

U.S. Used High-Horsepower Tractors (300 HP and Greater) 

• Inventory levels of used high-horsepower tractors rose 3.29% month over month and 84.19% year over year in October.
• This market has recently shown some stability for both asking and auction values, indicating market corrections are in play. Asking values were up 0.27% month over month and 10.47% year over year and are trending up.
• Auction values were up 0.66% month over month following months of increases but were down 0.86% year over year.

U.S. Used Compact and Utility Tractors

• Used compact and utility tractor inventory levels have grown throughout 2023. Following months of increases, inventory levels were up 6.76% month over month and 30.2% year over year in October.
• As inventory continues to pile up, asking and auction values have experienced months of declines. Asking values were down 0.1% month over month and 2.98% year over year in October.
• Auction values were down 0.8% month over month and 6.21% year over year in October.

U.S. Used Heavy-Duty Construction Equipment

• The U.S. supply of used heavy-duty construction equipment has been growing for several months, but this has not been matched by strong demand. Inventory levels increased 1.46% month over month and 13.54% year over year in October.
• Asking values have been trending down but increased slightly by 0.15% month over month in October. Asking values were 2.62% lower year over year, reflecting a growing market for used heavy-duty construction equipment.
• Auction values were down 1.59% month over month and 7.8% year over year, adding to months of decreases, which indicates a weaker auction market for used heavy-duty construction equipment.

U.S. Used Medium-Duty Construction Equipment

• Supply in this market has been rising for months, reaching a 63.45% year-over-year increase in October, but demand has not kept up and both asking and auction values have dropped. Inventory rose 5.94% month over month.
• Both asking and auction values have declined for consecutive months. Asking values fell 1.18% month over month and 4.05% year over year in October.
• Auction values fell 2.68% month over month and 11.26% year over year.

Used Lifts

• The supply of lifts in the U.S. has been rising for months. This did not change in October, with inventory levels posting increases of 1.73% month over month and 16.11% year over year.
• Asking and auction values, meanwhile, have been falling for consecutive months. Asking values dropped 1.84% month over month and 2.32% year over year in October.
• Auction values decreased 3.28% month over month and 12.02% year over year.