Sandhills Global: Used 100-Plus-Horsepower, Compact and Utility Tractor Markets Post Inventory Decrease in May



According to Sandhills Global, the used markets for 100-plus-horsepower tractors and compact and utility tractors in the U.S. posted a slight inventory decrease in May compared to April. Used planter and combine inventory levels also took a month-over-month dip.

U.S. Used Tractors 100 Horsepower and Greater

  • The used market for 100-plus-horsepower tractors in the U.S. posted a slight inventory decrease of 0.36% M/M in May, but the overall trend is upward, with a substantial 49.58% YOY increase.
  • Asking values dipped 0.78% lower M/M and increased 4.17% YOY. Asking values are currently trending down.
  • Auction values fell 2.66% M/M after months of decreases and were down 2.37% YOY in May. Although asking and auction values both decreased by less than 3% M/M in the overall 100-plus-HP tractor market, Sandhills points out more significant value declines for individual models in the high-horsepower (greater than 300 HP) tractor group. An ongoing influx of newer, more technically advanced, and more expensive high-HP tractors has left a still-growing number of late-model inventory on dealers’ lots. These late-model high-HP tractors depreciated at roughly 10% to 20% YOY in May.

U.S. Used Planters

  • Used planter inventory levels dropped 4.98% M/M in May and are trending downward, but inventory is still 34.03% higher than last year’s levels.
  • Asking values fell 6.39% M/M and are following a downward trend, yet they increased 1.97% YOY.
  • Auction values took a sharper drop of 11.49% M/M and are trending downward. Although asking values increased YOY, auction values fell 19.55% YOY.

U.S. Used Combines

  • Used combine inventory levels took a 1.31% M/M dip in May but posted a 12.47% YOY and is trending upward.
  • Asking values experienced a slight decrease of 0.7% M/M but were up 8.58% YOY and are trending up.
  • Auction values have been following a downward trend and posted a 3.19% M/M decline in May, but were 1.22% higher than last year’s figures. Despite these modest M/M value decreases, Sandhills notes that a growing number of newer, high-dollar combines is leading to increases in unsold late-model units. As a result, values for individual late-model combines are dropping at a faster rate.

U.S. Used Compact and Utility Tractors

  • In the U.S. used compact and utility tractor market, Sandhills noted a 3.39% M/M decrease in May, signaling a downward trend. However, inventory levels remain 7.32% higher than last May.
  • Asking and auction values are both trending down. Asking values decreased 1.17% M/M and 2.87% YOY in May.
  • After several months of decreases, auction values were down 1.72% M/M and 4.45% YOY.

The full report is available online: https://sandhills.showpad.com/share/ycLEGc76aiURCFXh4cr2a.

Sandhills Global also released its May 2024 Construction Market Report for Canada. The full report is available online: https://sandhills.showpad.com/share/XkSCkeLFF3us1kGPcS3hv.


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