Used tractor inventory climbs across all categories in February, reports Sandhills Global

Used tractor inventory levels rose again in February, according to Nebraska-based Sandhills Global, continuing a long-term inventory rebound that began in Q2 2022 as various pandemic-related farm equipment production and supply-chain constraints began to ease. Inventory levels increased across all used tractor categories, from under-100-horsepower compact and utility tractors to 300-and-greater-HP tractors, when comparing February 2022 to February 2023.

“We typically see tractor inventory levels increase in January and February, but the year-over-year gains in recent months indicate that current inventory trends are outpacing seasonal effects,” says Sales Manager Mitch Helman. “Inventory of compact and utility tractors have increased faster than higher-horsepower farm tractors, so farm equipment sellers should monitor changing trends as buyers come in this spring.”

Highlights from the February Sandhills Global report:

U.S. Used Compact and Utility Tractors

• Inventory levels for used compact and utility tractors increased 1.58% from January to February, and were 80.58% higher YOY in February.
• As used inventory for compact and utility tractors has continued to grow, asking value increases have slowed and auction values remained on par with last year.
• Asking values decreased 0.23% M/M but increased 6.33% YOY and are currently trending up.
• Auction values increased 1.5% M/M and were nearly even (0.07%) YOY and are currently trending sideways.

U.S. Used Medium-Duty Construction Equipment

• Inventory for used medium-duty construction equipment began to trend up in February, led by mini excavators and track skid steers. Inventory levels were up 9.88% M/M and 18.35% YOY.
• Although asking and auction values trended lower for many medium-duty construction machines, track skid steer values remained strong in February.
• Asking values in medium-duty construction equipment increased 1.5% M/M and 2.48% YOY; auction values were up 2.56% M/M but down 2.92% YOY.

U.S. Used Farm Equipment

• Used farm equipment inventory, which includes 100 HP or greater tractors and combines, has climbed steadily since the middle of 2022. In February, farm equipment inventory levels were up 2.78% month over month and 15.99% YOY.
• Asking values have remained strong for used farm equipment during the extended inventory rebound. Asking values increased 0.82% M/M and were up 11.11% YOY.
• Auction values for used farm equipment dropped 0.42% M/M but increased 8.96% YOY in February.
• Increases in YOY asking and auction values were driven by late-model combines and high-HP (300-and-greater-HP) tractors.