I think the reason people saying it’s tanking is everything is bigger numbers Ex. 75% of $500,000 is $ $375000 equals $125000 drop. But 10 years ago $300,000 @75% is $225,000 or $75000 difference Big gap in differences
Very interesting Greg! Local Manitoba Dealerships are advertised a 2023 X9 1100 with 200-300 threshing hours and they are still advertising and getting just over the $1,000,000 the million dollar mark. And that’s without any header. Maybe it’s just this rich area, not sure?
100% correlation our auction sale price data to condition/cycles in Ag economy. Auction pricing if very responsive. Fast. Checkbook Reality I've been calling it for 30+ years. Brutally honest. Strips out the sentiment. Put it up for sale today.....what did it bring? Late '90's was very tough period. SO many late model tractors/combines sold for very soft prices at auction. '04 used values spiked - that was when China basically started becoming modern China, price of steel shoot to moon, drove up price of new grain carts, etc., so used values/auction prices quickly shot up. Nov. '07 into early '08 auction prices went into orbit as corn/beans shot way up. Late Spring '13 through end '15....VERY OUCH. Auction values on large late model farm equipment dropped 20-25% two years in row there. Ouch. By end of '15 auction pricing began to level off....then remained flat for 3 1/2 years. So yes, our auction price data does corelate very closely to wider Ag economy conditions. Keep up with latest pricing: www.MachineryPete.com/auction_results
@@hokie9910 Ag Economy factors drive auction sale prices on machinery. So back in late 2007 into 2008 the general economy was teetering on edge of the Great Recession....meanwhile used farm equipment values went through the roof - late '07 into '08 as the Ethanol push drove corn/bean prices Higher
A few ritchie bros auctions recently had some combines sell for less than half of what dealers were listing. Im tempted to buy and resell these units. I could still make 100k on one and be under dealer price.
Large supply of grain, low demand, recessed grain prices... only thing still half decent is cattle. Add it up over the cost of inputs and high interests, not many are looking to buy.
