Back in October I had the chance to speak with BigIron Auctions Co-Founder Mark Stock. We talked about how hot the used machinery market was. We discussed how prices for used machinery were going higher, as people were willing to pay more for taken-care-of equipment. Now a few months later, Mr. Stock joins us again to talk about how that market has become even hotter for used implements. We are even seeing used machinery prices rivaling the cost of new.
Audio: Full Interview with BigIron Co-Founder Mark Stock
Stock says that the prices keep going up in their used machinery auctions. This has not slowed down into the new year. Last week they were able to sell a nine-year-old planter for almost the same amount as the farmer paid for it when it was brand new. This is not just with planters; it is bleeding into other implements as well.
Just a few examples of what BigIron has seen in their recent sales are:
- 2019 Case IH 7250 combine sold for $320,250
- 2012 Case IH Steiger 500HD sold for $230,250
- 2004 Challenger MT865 Track Tractor with 6,116 hours showing sold for $167,500
- 2016 Case CX235CSR Excavator with 1,486 hours on it sold for $144,500
Now, you may think that it sounds rather ridiculous to be spending new prices on used equipment. However, Stock points out that these farmers have a need for equipment and the market has gotten very competitive.
People are also having no trouble making the long trip to see these pieces or buying through online auctions. The average sale has the equipment is travelling an average of 300+ miles.
Stock says that he sees this trend continuing for some time, because many equipment manufacturers are simply battling the supply chain issues and cannot crank out equipment fast enough to keep up with this demand.
You can listen to our full interview above for tips on both buying and selling in this marketplace. You can also see their listings on the BigIron website.
