Used Farm Machinery Market Increasing Over Last 10 Years
Over the past decade, used farm machinery, specifically tractors, have seen steady growth in auction selling prices, according to Greg Peterson (aka Machinery Pete). As a whole, 2012 saw an all-time high value increase for used farm machinery, reported Peterson in a column for Agriculture.com.
Machinery Pete scours the U.S. for tractor auctions to report on the final selling price of the used farm machinery. In 2012, Peterson gathered data from hundreds of auctioneers across all varieties of used tractors for sale and documented the record high prices, their increase in value since the initial product release, and how many work hours the tractor has logged. According to Machinery Pete’s data, the high selling prices reported from this year’s used tractor auctions coincide with the steady value increase used farm machinery has seen over the past decade.
Machinery Pete claims the data speaks for itself: “Quite often, I drive the point home by highlighting another new record-high auction sale price from somewhere around the U.S. or Canada. But I don’t need record prices to prove that used tractor values have gone up.”
Machinery Pete notes the increased value of used tractors in 2012 as “a simple fact” and doesn’t expect it to stop anytime soon. For the used farm machinery industry, it’s encouraging to see the value of tractors steadily growing over a 10-year period of time.