Machinery Pete – Greg Peterson – selected a pair of used John Deere tractors this week as his Pete’s Pick of the Week during his Monday morning appearance with host Chip Flory on AgriTalk Radio.
Peterson highlighted a 1988 two-wheel drive John Deere 4450 tractor with a loader (4,028 original hours) that was auctioned off in Calumet, Oklahoma, at a consignment sale helmed by Elite Auction Company. It went for an even $70,000, which Machinery Pete says is the highest price he’s witnessed this year on a used 4450 tractor. That same model’s average auction price over the last 24 years comes in at just over $36,000 – so this sale achieved nearly double the average sale price.
His second Pick of the Week also came from The Badger State: a 1989 John Deere 4455 two-wheel drive loader tractor with 1,238 original hours that went for $71,000. That sale occured last Friday in Oxford, Wisconsin, at a farm auction led by Gavin Brothers Auctioneers.
Machinery Pete says these types of tractors are being targeted by livestock producers.
“The livestock sector has been really strong, obviously,” Peterson says. “So good used equipment in that realm has held up stronger than the big grain side.”
Late Model Used Softening
While the older four- and two-wheel drive tractor market continues charting up and to the right, Peterson is noticing late model, large horsepower tractor prices “recalibrating pretty aggressively softer.”
He points to an equipment dealer with shops in Illinois and Missouri that recently held a sale with a staggering 523 used late model, high horsepower John Deere tractors on the lot.
A 2023 Model 8RX 410 with only 431 operating hours, still under factory warranty, brought $426,000 at auction, which Pete notes is the second lowest price on a used 8RX 410. Nine months ago at an auction in Michigan a 2022 8RX 410 went for $520,642.
Another example was a 2023 8R 310 tractor with 468 operating hours that sold for $289,000 – the lowest price Pete has recorded on that model this year. A similar model in January sold for $350K at auction.
“It’s focused on the late models – the one, two, three-year-old ones – that’s where we’re seeing the biggest (price) drops,” Peterson says. “Farmers are under pressure, and there’s more of them sitting on the used lot today than 18 months ago.”
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