Meticulous Maintenance Pays Off in Strong Prices Even After Years of Use
In March 2018, Casselton farmer John McConnell drove to Larchwood, Iowa, for a Steffes auction, where he bought a 2011 New Holland T8.330 tractor for $87,000. This June, he sold it -- also at a Steffes auction -- for $93,000.
The result illustrates a principle of which we constantly remind sellers: Equipment that has been well-maintained will bring a premium when it’s time to sell.
“The secret sauce really isn’t what happened in 2018, or last week in Mr. McConnell’s retirement auction. It’s what happened in between,” said Scott Steffes, president of the company.
McConnell said he keeps all his machinery shedded and dealer-maintained. And that paid off -- not only in the sale of the T8.330, but also on the sale of his 1985 Versatile 936, which sold for $31,500. McConnell bought the Versatile 17 years ago for $30,000.
The two machines were part of the same retirement auction, which ended June 18.
“Mr. McConnell has bought and sold at Steffes auctions for years, and as with many others, we’ve come to think of him as a friend as well as a customer. He’s a great example of the reality that an auction is the fairest way to buy or sell assets, because the competitive process ensures a fair market price,” said Scott.
McConnell also credited Steffes and Representative Tadd Skaurud for their effective handling of his auction.
“They presented it right and did a good job of selling it for me. They were always there when I had a question, and everything went smoothly,” said McConnell.
The strong result on the Versatile illustrates another reality of today’s equipment market: Even older equipment will command a strong price if it’s in prime condition.
We are scheduling live and timed online auctions well into the fall, as we continue to find a vibrant market for machinery, land and other assets. If you’ve been planning to sell in the near future, this is a great time to give us a call and get the process started!
View the Full Auctions Results: John McConnell Farm Retirement Auction