Inventory levels for used high-horsepower tractors continued their upward trend in March, with a 1.72% month-over-month increase and a 5.62% rise year over year, according to Sandhills Global’s latest market report. Tractors with 300 horsepower or more led the pack, posting an 11.84% year-over-year inventory gain—the highest among tracked categories (Sandhills Global).

While asking values for used tractors declined slightly by 0.46% month over month and 5.45% year over year, auction prices showed signs of strengthening, rising 0.83% month over month. Notably, high-hp tractors also led in auction value increases, up 2.76% month over month. The Equipment Value Index (EVI) spread for tractors dropped to 37%, inching closer to historic norms from 2015.

Used combine harvesters experienced modest inventory growth, climbing 0.68% month over month, though remaining 5.74% below last year’s levels. Asking and auction values were relatively stable, trending sideways. The EVI spread declined for the third straight month, landing at 45% in March (Sandhills Global).

Sprayers moved in the opposite direction, with inventory falling 0.86% month over month despite a 2.3% year-over-year increase. Asking values dipped 1.05% month over month, while auction prices rose by the same percentage. The EVI spread in this category fell to 40%, continuing a downward trend.

Used planters saw sharper declines, with inventory falling 1.95% month over month and a notable 11.42% year-over-year drop. Auction values, however, showed strength, up 7.76% year over year even as asking prices fell 1.81%. The EVI spread for planters rose to 53%, though it remains under historical peaks (Sandhills Global).

Compact and utility tractors were hit hardest in March. Inventory levels fell 4.57% month over month and nearly 23% year over year, with sub-40-hp tractors driving the decline. Asking and auction values dropped across the board, continuing a clear downward trend. Despite a small 0.79% month-over-month increase in auction value for sub-40-hp models, the category also logged the steepest year-over-year decline at 2.39% (Sandhills Global).

Overall, Sandhills data shows a shifting market, where auction activity appears to be gaining traction even as asking prices level off or drop. The diverging trends across equipment types suggest varying demand and buyer focus in early 2025.