Sandhills Global released its December 2025 Agriculture Equipment report. Findings include:
U.S. Used Tractors 100 Horsepower and Greater
- Inventory levels in this market have been trending down for the last eight months. In December, inventory levels fell 1.9% M/M and 15.46% Y/Y. The used 100-to-174-HP tractor category had the greatest impact on these changes, with inventory levels dropping 3.87% M/M and 24.37% Y/Y.
- December saw a modest dip in asking prices of 0.07% M/M and a larger decrease of 5.85% Y/Y. Asking prices have been trending down for 11 consecutive months. The categories with the largest asking value changes were used 100-to-174-HP tractors, up 0.78% M/M, and used 300-HP-and-greater tractors, down 5.54% Y/Y.
- Auction values, by contrast, are trending sideways, with a 2.39% M/M increase and a 2.54% Y/Y decrease in December. The used 175-to-299-HP tractor category showed the strongest M/M uplift with a 4.12% change. Conversely, the used 300-HP-and-greater tractor category had the deepest Y/Y decline, down 2.05% Y/Y.
- The EVI spread, which measures the percentage difference between asking and auction values, fell from 38% in November to 35% in December, lower than the peak values observed in 2015.
U.S. Used Combines
- U.S. used combine harvester inventory levels increased by 4.66% M/M and decreased by 9.5% Y/Y in December and are trending sideways.
- Asking and auction values are also trending sideways. Asking values rose 4.66% M/M and dipped 0.37% Y/Y in December.
- Auction values surged 6.11% M/M and 7.47% Y/Y.
- The EVI spread in the used combine market decreased two points to 37% in December, which is lower than the peak values observed in 2015.
U.S. Used Sprayers
- Inventory levels of U.S. used sprayers decreased by 1.89% M/M and 14.52% Y/Y in December and are trending downward.
- Asking values decreased by 1.59% M/M and 8.05% Y/Y and are trending downward.
- Auction values decreased by 1.28% M/M and 6.38% Y/Y and are also trending downward, reinforcing the overall downward trend in the used sprayer market.
- The EVI spread remained unchanged at 43% in December, slightly lower than peak values from 2015.
U.S. Used Planters
- U.S. used planter inventory levels fell 6.35% M/M and 22.23% Y/Y in December and continued a downward trend.
- Asking values slipped 2.66% M/M, edged up 0.48% Y/Y, and are trending down.
- Auction values inched downward by 1% M/M but rose 4.39% Y/Y and are trending sideways.
- The EVI spread fell two points to 50% in December, which is lower than the peak values seen in 2015.
U.S. Used Compact and Utility Tractors
- Inventory levels in this market showed a modest increase of 1.07% M/M and a significant Y/Y drop of 19.85%. The largest changes occurred in the used 40-to-99-HP tractor category, with inventory levels up 1.93% M/M, and the used less-than-40-HP tractor category, down 22.29% Y/Y.
- Asking values slipped 0.52% M/M in December but increased by 2.5% Y/Y and are trending sideways. The used 40-to-99-HP tractor category drove these changes, with asking values down 1.08% M/M and up 0.6% Y/Y.
- Auction values decreased by 1.12% M/M, increased by 2.55% Y/Y, and are trending down. The used 40-to-99-HP tractor category had the largest M/M auction value decrease at 1.55%, whereas the used less-than-40-HP tractor category had the largest Y/Y increase at 0.64%.
