November

November 2020

Strong Equipment Market is Meeting Our Expectations -- And Then Some

Our fall 2020 catalog made a bold statement: “Demand is still strong on used farm equipment and we expect that to continue at least through the end of the year and into the spring of 2021.”

So far, that’s what we’re seeing, especially in the market for late model equipment with a pedigree. Look no further than the record $400,000 sale price of a 2019 John Deere S780, which sold in a live auction in Bismarck, ND on October 29. 

A couple of days earlier, in Outlook, Montana, another auction featuring late-model machinery with good pedigrees resulted in intense bidding and high prices, including $345,000 for a 2018 Case-IH Steiger 620 and $330,000 on another 2018 620 with slightly higher hours. 

“As we noted in the late summer catalog, we are seeing a lot of bidders for late model used machines who previously bought new equipment. That’s not surprising when you consider the selection available in farm retirement auctions and the cost of new equipment,” said Max Steffes.

The auction in Outlook, Montana, also resulted in remarkably consistent results on three 2017 Case-IH 9240 combines, with one selling for $227,500 and two others for $245,000 each. 

“As the harvest nears its end, we’re moving into one of our busiest periods. Still, it’s worth noting for both buyers and sellers that the marketplace is far from glutted with quality machinery. Buyers who are looking for late-model machinery are still having to compete with other bidders. And there is still time for sellers who wish to sell this year and in the spring of 2021,” said Max.

If you want to learn more about selling your assets in a Steffes Group auction, call us at 800.726.8609 or contact any of our locations directly by using our directory.