U.S. Used Tractors 100 Horsepower and Greater

• Inventory levels rose 2.54 percent month over month, marking a continuation of recent upward trends noted for several months, and are now 58.3 percent higher than the same period last year. The category comprising tractors 300 HP and greater is the leader in inventory gains, up 106.93 percent YOY.
• An influx of newer models on dealers’ lots has elevated asking and auction values; currently, 54.99 percent of tractors 100 HP and greater are within zero to five years old. In the category as a whole, however, values are declining. Asking values were down 0.22 percent M/M and up 5.18 percent YOY in April and are trending sideways.
• Auction values experienced a larger M/M decrease in April at 2.23 percent and are on a downward trend. Auction values were 2.02 percent lower YOY.
• EVI spread, which measures the percentage of asking values over auction values, is approaching historic highs at 37 percent.

U.S. Used Planters

• Inventory levels decreased 0.29 percent M/M in April but remained higher YOY at 41.59 percent. Used planter inventory levels are now trending sideways.
• Asking values rose 1.01 percent M/M in April despite a downward trend and were 7.73 percent higher YOY.
• Auction values stabilized slightly since March, posting a 1.87 percent M/M increase in April, but are trending down. Auction values were 11.42 percent lower YOY.

U.S. Used Combines

• Used combine inventory levels have shown steady growth, posting a 1.49 percent M/M increase in April and a noteworthy 17.63 percent YOY rise.
• Asking values are trending up, with a 1.65 percent M/M increase in April and a significant 8.27 percent hike over last year’s figures.
• Despite inventory increases, auction values decreased slightly in April by 0.15 percent M/M and are trending sideways with a marginal 0.56 percent YOY drop. EVI spread, which measures the percentage of asking values over auction values, has matched historical highs, reaching 48 percent in April.

U.S. Used Compact and Utility Tractors

• Unlike inventory levels of tractors 100 HP and greater, used compact and utility tractor inventory levels continue to trend sideways. Inventory was down 3.63 percent M/M in April but up 15.6 percent YOY.
• Sandhills noted a slight increase in asking values, up 0.44 percent M/M in April, but the overall trend is pointing downward. Auction values were 1.79 percent lower YOY.
• Auction values decreased marginally, by 0.05 percent M/M in April, continuing a steady downward trend, and were down 3.79 percent YOY. EVI spread in this category matched historic highs, reaching 41 percent in April.

U.S. Used Heavy-Duty Trucks

• The used heavy-duty truck market experienced a 3.87 percent M/M inventory increase in April. Inventory levels were up 16.15 percent YOY and are trending sideways.
• Asking values decreased 2.55 percent M/M and 16.9 percent YOY and are trending down.
• Auction values fell 4.43 percent M/M and 19.88 percent YOY and are trending down.

U.S. Used Semitrailers

• Inventory levels of used semitrailers rose 2.8 percent M/M in April, continuing a growth trend with levels now 42.91 percent higher than year-ago figures.
• Despite the rise in inventory, both asking and auction values are trending down. Asking values dropped 2.69 percent M/M in April and 22.24 percent YOY.
• Auction values decreased 1.92 percent M/M following consecutive months of decreases and posted a significant 20.87 percent drop YOY. Within the larger semitrailer market, Sandhills observed a notable 6.54 percent M/M decrease in the reefer trailers category.

U.S. Used Medium-Duty Trucks

• Inventory levels of medium-duty trucks continued to climb in April with increases of 3.45 percent M/M and a substantial 41.29 percent YOY.
• Asking values decreased 3.47 percent M/M and 14.36 percent YOY and are trending down.
• Auction values, meanwhile, took a significant hit in April, dropping 6.12 percent M/M and 15.23 percent YOY. Auction values are now trending down.

U.S. Used Medium-Duty Construction Equipment

• Sandhills noted a continued surge in medium-duty construction inventory levels, which have been trending up since February 2023. In April, inventory was up 3.23 percent M/M and 59.05 percent YOY.
• The highest volume increases are occurring in the track skid steer category, with inventory up 82.27 percent compared to last year.
• Asking and auction EVI, however, continue trending downward. Asking values remained steady M/M, increasing just 0.05 percent in April, but decreased 5.47 percent YOY.
• Auction values decreased 1.68 percent M/M and 10.39 percent YOY. Despite the downward price trends, EVI remains elevated due to the availability of newer equipment. In the track skid steer and mini excavator categories, for example, nearly half of all inventory on dealers’ lots is between zero and five years old.

U.S. Used Heavy-Duty Construction Equipment

• Like the medium-duty construction equipment market, the heavy-duty construction equipment market showed increased inventory levels and decreased values in April. Inventory accumulation is gaining momentum, with levels up 4.39 percent M/M and 21.62 percent YOY.
• Asking values were down 1.05 percent M/M and 3.35 percent YOY in April and are trending down.
• Auction values decreased 1.54 percent M/M and 8.8 percent YOY and are also trending down.

U.S. Used Lifts

• Inventory levels of forklifts and other lift equipment have been rising, showing increases of 2.21 percent M/M and 8.56 percent YOY in April. This marks a consistent upward trajectory in lift availability. Within the lift market as a whole, the telehandler category posted a noteworthy 5.8 percent M/M increase in April.
• By contrast, values have seen downturns. Asking values dropped 1.89 percent M/M in April following several months of decreases and were down 7.55 percent YOY.
• Auction values fell 1.93 percent M/M in April, also following several months of decreases, and were 13.74 percent lower YOY, indicating a sustained decline in the value of lifts sold at auction.

Reach out to Jim Ryan, Equipment Lease & Finance Manager - Sandhills Global, jim-ryan@sandhills.com, with questions in regard to the monthly market reports, VIP evaluation tool or options to maximize value on your returned assets.