Sandhills Global released the September 2025 Ag Equipment Report, as well as the Canadian counterpart, revealing the following datapoints for the U.S.:
U.S. Used Tractors 100 Horsepower and Greater
- Inventory levels in this market decreased by 1.01% M/M and 9.22% Y/Y in September, adding to several consecutive months of a downward trend. Used 100- to 174-HP tractors constituted the category with the most impact, with inventory levels down 1.88% M/M and 17.98% Y/Y.
- Asking values continued an 8-month-long downward trend in September with decreases of 0.25% M/M and 4.89% Y/Y. The used 175 HP to 299 HP tractor category showed the greatest M/M asking value decrease at 0.75%, while the used 300 HP and greater tractor category saw the largest Y/Y decrease at 4.77%.
- Auction values are also trending downward, with decreases of 0.48% M/M and 1.62% Y/Y in September. The used 100 HP to 174 HP tractor category had the largest M/M auction value decrease at 1.02%. The used 175 HP to 299 HP tractor category decreased the most Y/Y at 1.91%.
- The EVI spread, which measures the percentage difference between asking and auction values, inched up to 40%, close to peak values observed in 2015.
U.S. Used Combines
- Used combine harvester inventory levels fell 2.21% M/M and 12.74% Y/Y in September.
- Asking prices were up 2.26% M/M but down 2.02% Y/Y and are trending down.
- Auction values ticked up 1.53% M/M and 5.86% Y/Y and are trending sideways.
- At 43%, the EVI spread for used combines remained unchanged from August to September.
U.S. Used Sprayers
- Used sprayer inventory levels are trending sideways, with a 2.49% M/M increase and a 12.57% Y/Y decrease in September.
- Asking values were up slightly M/M, by 0.08%, and down 6.37% Y/Y in September. Asking values are trending down for the sixth month in a row.
- Auction values are also trending down, with decreases of 1.37% M/M and 0.37% Y/Y in September.
- The EVI spread in September was 43%, up two points from August.
U.S. Used Planters
- Used planter inventory levels were up 2.5% M/M in September but dropped 20.39% Y/Y. Inventory levels are trending sideways.
- Asking values inched up 0.68% M/M and 1.19% Y/Y and are trending upward.
- Auction values increased by 2.87% M/M and 10.95% Y/Y and are trending upward.
- The EVI spread for used planters fell three points to 49% in September, which is still lower than the peak values seen in 2015.
U.S. Used Compact and Utility Tractors
- Inventory levels in this market have been trending downward for 11 consecutive months. Inventory levels were up 3.71% M/M and down 22.19% Y/Y in September. The used less-than-40-HP tractor category showed the largest M/M inventory increase at 4.27% and the largest Y/Y inventory decrease at 24.51%.
- Asking values decreased by 0.52% M/M, increased by 0.93% Y/Y, and are trending sideways. The used 40 HP to 99 HP tractor category exhibited the largest asking price decreases, down 0.89% M/M and 1.12% Y/Y.
- Auction values decreased by 1.37% M/M and increased by 1.35% Y/Y in September, maintaining an upward trend. However, the used 40 HP to 99 HP tractor had the largest auction value changes, down 1.75% M/M and 1.07% Y/Y, indicating that not all categories followed the overall upward trend in auction values.
