Machinery Pete - Equipment Auction News

$280,000? 18-Year-Old Semi Sells for Record Price, Signaling Pre-DEF Equipment Demand Is Surging

Thu, 18 Dec 2025 17:56:03 GMT

An 18-year-old semi just set a record at auction, offering one of the clearest signals yet of where demand is flowing in today’s machinery market — and where it isn’t.

A 2007 Peterbilt 379, built before diesel exhaust fluid (DEF) systems were required, sold for $280,000 during a late-year consignment auction in North Dakota. The truck was a rare example: one owner, always shedded, and showing just 20,817 miles. Still, the price stunned even seasoned auction watchers.

Greg Peterson — better known as Machinery Pete — says the sale eclipses every previous result he has tracked for the iconic model.

“I’ve seen about 2,800 Pete 379s over the last 25 years,” Peterson says. “The previous high was $262,000, and that was back in July 2022 when the whole market was absolutely on fire. To come along now and just smoke that number, with an 18-year-old truck, that tells you something.”

That “something,” Peterson says, is demand not just for trucks, but for pre-emissions equipment across agriculture and transportation. Auctions, he notes, are brutally honest. They don’t care about model-year labels or marketing cycles. They simply reflect what buyers want — and what they are willing to pay for.

“That Peterbilt is an 18-year-old truck,” Peterson says. “And it brings $280,000. Auctions don’t lie. They tell you exactly what people want — and right now, that’s used, pre-DEF equipment.”

‘07 Peterbilt 379 w/ only 20,817 miles, 1 owner, always shedded, sold $280,000 today on @UlmerAuction sale. I’ve compiled 2800+ auction sale prices on 379’s past 25 Yrs. $280,000 is new record high auction price. Was $262K on 7/28/22 Villa Grove, IL salehttps://t.co/S6yC5PLDvR pic.twitter.com/TxdTN67GIH
— Greg Peterson (@MachineryPete) December 17, 2025

Used Equipment Values Gain Momentum

The Peterbilt sale is not an isolated case. Peterson says used equipment values, broadly speaking, have been strengthening for much of the year — a trend that runs counter to what the machinery market has historically done during periods of soft farm income.

“Used values started to solidify in the third week of February,” Peterson says. “They held, held, held. Then we got into November and December and it was like, ‘Katie, bar the door.’ I’ve never seen this in my 36 years.”

What makes the current cycle unusual, he says, is not just that used values are strong — it’s that they’re strengthening at a time when new equipment sales are clearly contracting.

“In the past, when I’ve seen auction prices take off like this, it’s always been equivalent to optimal conditions for new equipment sales,” Peterson says. “That ain’t the case this time.”

Recent auction data reinforces the point. A 2011 Case IH 6088 combine, pre-DEF and with low hours, sold for $178,000, the highest auction price for that model in nearly 11 years. A 2009 John Deere 8295R tractor with just over 1,000 hours brought $230,000, the strongest result in more than 30 months.

“I’ve never seen used values going up while new sales are going down,” Peterson says. “Never.”

Price of New Forces a Rethink

Peterson says the underlying force behind this shift is impossible to ignore: the cost of new equipment.

“I don’t know how tall the ceiling is, but that’s the price of new,” he says. “We understand why prices went up — labor, materials, everything through the pandemic — but at some point you have to ask, ‘Just because you can raise the price, should you?’”

As the grain downturn stretches on, Peterson says farmers have had time to pause and reassess their operations — and their machinery lineups.

“What it’s done is it’s given farmers time to catch their breath,” he says. “They’re saying, ‘We’ve got a lot of iron on this farm. We’ve got more equipment than my dad had and more than my grandpa had. Do we really need all this going forward?’”

That mindset shift doesn’t necessarily mean farmers will stop buying equipment forever. But Peterson says it has changed buying behavior — especially in the short term — and it’s pushed many operators toward well-kept used machines rather than six- or seven-figure new purchases.

“When the money’s not flowing, people think differently,” he says. “That’s just the reality.”

Dealers, Manufacturers Pull Back on New

At the same time farmers are stepping back, Peterson says the supply side of the market has also changed in ways that amplify used-equipment demand.

Manufacturers have dramatically reduced production, closing plants and laying off workers at levels Peterson says he has never seen before. While painful, those moves have eliminated excess new inventory sitting on dealer lots — and the interest expense that comes with it.

“What manufacturers have achieved is basically no backlog of new equipment,” Peterson says.

He says dealer consolidation over the past decade has played a major role. Larger dealer groups now carry more leverage with manufacturers, and when the slowdown hit, dealers acted quickly.

“They were paying 8% interest on all this stuff sitting on their lots,” Peterson says. “Their No. 1 mission wasn’t selling new equipment. Their No. 1 mission was, ‘We are going to move this one-, two-, three-year-old stuff.’”

Manufacturers responded with incentives to help dealers clear late-model used inventory — a level of cooperation Peterson says he has not seen in more than three decades of tracking the market.

“I’ve never seen that level of coordination before,” he says. “And the focus clearly shifted away from new.”

Pre-DEF Machines Command a Premium

Layered on top of price and supply issues is deep frustration with emissions systems. Peterson says pre-DEF equipment — whether trucks, tractors or combines — now stands out immediately to buyers.

“The good pre-emission stuff jumps forward like a neon sign,” he says.

That demand is no longer subtle. Practices that once happened quietly, such as emissions deletions, are now openly acknowledged — and reflected in sale prices.

“It used to be hush-hush,” Peterson says. “It’s not anymore. People say it right on the auction bill because it sells for more money. It just flat does.”

He says recent political discussion around environmental regulations has only amplified that sentiment, particularly among farmers who feel reliability and repair costs have been compromised.

“When he talked about it, I honestly thought it was an AI clip at first,” Peterson says. “He sounded like every farmer I’ve talked to for the last 15 years.”

New Equipment Demand Remains Weak

While used values climb, new equipment sales continue to struggle. November data show four-wheel-drive tractor sales down 19%, with self-propelled combine sales down 35% for the month and nearly 40% year-to-date. Livestock producers remain a bright spot, but on the grain side, Peterson says demand is clearly subdued.

Looking ahead, he says today’s production cuts could have major consequences when farm income eventually improves.

“When corn and beans finally move higher and stay there, we’re going to see exactly what we saw in 2021,” Peterson says. “Farmers are going to want to update, and dealers are going to say, ‘I can only sell you eight — that’s all we get.’”

Until then, he says the auction market continues to speak clearly.

Will Trump Roll Back DEF?

During a roundtable at the White House last week when the Trump administration rolled out $12 billion in farmer aid , President Trump also revealed other actions the Trump administration is working on to reduce regulations. Trump told farmers Monday his administration plans to scale back environmental requirements on tractors and other farm equipment, framing the move as a way to bring down machinery costs that have climbed in recent years.

“The other thing I’d like to add … we’re going to also give the tractor companies, John Deere and all of the companies that make the equipment, we’re going to take off a lot of the environmental restrictions that they have on machinery,” Trump said. “It’s ridiculous.”

While Trump didn’t provide specifics on how the details of that plan will come together, Trump said EPA Administrator Lee Zeldin would be involved in carrying out the effort. There’s speculation on if that will be removing diesel exhaust fluid (DEF) requirements on tractors or also addressing the long-standing right-to-repair issue.

Farm Journal reached out to EPA, and the agency confirmed it was DEF to which the president was referring.

“EPA has heard loud and clear from truckers and farmers across the United States that the Diesel Exhaust Fluid (DEF) system was unacceptable and cost millions of dollars in lost productivity,” Brigit Hirsch, EPA press secretary, told Farm Journal. “This summer, Administrator Zeldin issued clear guidance urging engine and equipment manufacturers to revise DEF system software in existing vehicles and equipment to prevent sudden shutdowns. It is essential manufacturers give operators more time to repair faults without impacting their livelihoods or safety. EPA will continue to evaluate ways to expand the work the agency has already done on DEF and looks forward to working across the administration to do so.”

Trump argued added systems meant to meet environmental rules have driven up price tags and made equipment harder to operate and repair.

“You buy it, it’s got so much equipment on it for the environmental, it doesn’t do anything except it makes the equipment much more expensive and much more complicated to work,” he said, adding, “it’s not as good as the old days.”

Trump said the administration’s goal is to remove what he called “nonsense” and require manufacturers to pass savings along to farmers.

Read more about what President Trump may do with DEF in the coming months.

Why Now is the Time To Move Used Construction Iron in the Farm Equipment Auction World

Thu, 10 Jul 2025 13:51:25 GMT

Casey Seymour and Greg “Machinery Pete” Peterson agree now is the time when many farmers spend time shopping for what they call auxiliary machinery — things like wheel loaders, skid steers, track loaders and other compact and heavy utility equipment types.

“Skid steers are one of the first things that pop up when in my mind when I start thinking about that right now,” says Seymour, adding there is almost always a healthy supply of the versatile material movers in the used market.

Machinery Pete recalls skid steer values falling a bit last year due to that high supply, but this year is a different story. Values are trending up on used because, once again, the cost of a brand-new skid steer is high.

(Machinery Pete Facebook)

“Pifer’s Auction had a sale (recently), and I think it was a 2024 Deere 335 P-Tier with 275 hours on it, give or take, and I thought that sold really well at $94,000 hard cash,” Pete says.

Another notable transaction came out of Illinois, Pete recalls. At a Joel Everett Tractors & Auction sale, a 2009 John Deere 325 with under 300 hours sold for $36,000, which was well over the previous auction high of $28,500.

“It was interesting. When they got to the skid steer they paused and said, ‘Hey, folks, this 2009 model is loaded with every single option,’ which is unusual for a 16-year-old model,” Pete adds. “But again, it was palpable how many people wanted that thing, and you know, $36,000 is a big check — but for hardly any hours on it and what you’re going to pay for a new one?”

Pete and Seymour also discuss the firming up they are seeing with used values on some of the large construction equipment seen around the farm, including excavators, wheel loaders and bulldozers.

How Kerr Auctions is Unlocking Export Markets

Alex Kerr of Kerr Auctions joined the guys next to discuss how his auction house is carving out space in the export market.

Kerr says the company has capitalized on growing equipment demand overseas by creating specialized sales that cater to export buyers. These sales often feature equipment that may not have strong domestic buyer interest due to age or condition.

Kerr has established partnerships to help overseas buyers handle logistics and shipping, and the company made the decision to eliminate buyer penalties for high bidders. Both decisions demonstrate a level of transparency and trust that helps put buyer minds at ease, he thinks.

“Specialized sales do well,” Kerr says. “We got to thinking that the export buyers, they hate some of the auction things they deal with. They don’t speak the language; you’ve got to talk to them on WhatsApp, or they have an online only presence.”

Kerr Auction’s next big export-focused Inaugural Farmer/Dealer Consignment Sale is set for Aug. 14. Check out all the details here.

The Rest of the Episode

Shawn Hackett, president and CEO of Hackett Financial, joined the show for an update on where commodity markets sit today and row crop futures prices. Glen Birnbaum, principal with Sikich, came on to talk machine depreciation rates and upcoming changes to tax law.

And Aaron Fintel, used equipment specialist with 21st Century Equipment, gave his view on moving used compact construction equipment out on the western plains.

Head over to YouTube to watch the full episode , and give it a “Thumbs Up” and hit the “Subscribe” button to get every Moving Iron episode as soon as it drops.

Machinery Pete: Versatile Skid Steers, Used Tractors Are Hotter Than Fish Grease

Mon, 23 Jun 2025 21:18:37 GMT

What goes well alongside sweltering summer Midwest heat and humidity?

Well, if you answered used farm equipment auctions, you’re on the same wavelength as our used equipment-obsessed friend, Machinery Pete. He hit the road last week, capturing all of that sweet, sweet iron moving at auction.

All jokes aside, the extreme heat and humidity that hit the Upper Midwest this weekend can indeed be a bad omen for farm auction results, Pete says. Good thing there’s plenty of online auctions this summer so you can avoid the sweaty, sunburned crowds while still getting down on all the bidding action.

Here’s a quick sample of what Pete says stood out from the past seven days of red-hot farm equipment auction sales:

(Machinery Pete Facebook)

In an online Pifer Group auction that pulled used farm equipment from Minnesota and the Dakotas, a 2024 John Deere 335 P-Tier skid steer (pictured above) with 275 hours sold for $94,000. Pete says that’s a pretty good deal considering the only comparable model listed for sale at MachineryPete.com right now is a 2025 335 P-Tier. That bad boy starts at $159,000, though.

(Machinery Pete Facebook)

And a 2009 John Deere 325I skid steer with only 124 hours on it sold for $36,000 at the Harry and Lola Blackburn farm estate sale in Iowa.

On the tractor front, on Tuesday of last week, the folks at DPA Auctions moved a pair of late-model John Deere tractors that originated from farms in South Dakota.

(DPA Auctions)

In that sale, two 2024 John Deere 8R 280 MFWD tractors, one with just under 1,200 hours (pictured above) and another with 1,451 hours on it, sold for $315,000 and $296,000, respectively.

“Those were both above the average auction price this year, which is just over $282,600,” Pete says. “And interestingly, that’s up from last year’s average which was just over $258,000.”

And finally, Pete’s “Pick of the Week” is a pair of used tractors:

(Machinery Pete Facebook)

At the Blackburn estate auction in Iowa, a Gold Key Certified 2009 John Deere 7230 Premium 2WD tractor (above) with only 1,076 hours sold for $94,500.

And at the Al Bruhn farm auction sale Saturday in Mapleton, Iowa, a vintage 1968 International Harvester 756 German diesel tractor set a new all-time record at $29,000. The previous high for that year/model was $21,000.

Auction to Watch This Week

Sullivan Auctioneers and Big Iron Auctions is having a “No Reserve Dealer Inventory Reduction” online auction for Sinclair Tractor featuring a huge collection of machines from the dealer’s Iowa stores. Check out the video preview from auctioneer Dan Sullivan above.

Your Next Read: Farmers Are in the Buying Mindset for Used Equipment

Discover Equipment Trends: From Tractors to Hay Tool Innovation

Thu, 01 May 2025 17:00:58 GMT

As May arrives, bringing warmer weather throughout much of the country, two segments in the used equipment auction world are also heating up: lower horsepower utility tractors and unique antique tractors.

Machinery Pete says the utility tractor class (125 hp to 175 hp with a loader) has been fairly strong for the past two years now, and noted a recent sale that shows higher price upside coming into play for those machines.

(Machinery Pete Facebook)

A John Deere 6115M MFWD tractor (962 hours) with a H310 loader with grapple sold for a record $107,500 at an auction last week in Plano, Texas.

Another transaction that caught the eye of Pete and host Casey Seymour took place Tuesday evening at an Almond Vintage Power auction near Nicomas, Ill.

(Machinery Pete Facebook)

A 1911 Imperial 4070 tractor in beautiful condition sold for $955,500. Only three tractors in that year/model are known to exist.

“It’s a very extreme example, but it shows there’s no shortage of money in the market right now, whether it’s the right piece of land or a crazy collector’s item like that,” Pete says.

Seymour, who has over 20 years of experience in the used equipment space, then spent some time with Pete unpacking some of the best practices they’ve picked up over the years for visual marketing up-for-auction equipment.

“The more information you can put out there, the better opportunity you have to spark somebody’s interest,” Seymour says. “And it’s a way to set yourself apart, whether you’re an auction company or a dealership or even selling it privately, to show you’ve got nothing to hide.”

Hay Tool Technology Evolves
Kaylene Ballesteros, go-to market manager – hay and forage products, John Deere, talked about the company’s approach to technology and automation in hay equipment.

She says adding automation to hay tools is no different than the evolution from horses pulling steel plows to diesel tractors working the ground. The idea is the technology has to make hay producers lives easier and also bounce some ROI back into their operations.

Years ago, John Deere launched its baler automation technology, and it recently built onto that ecosystem with Weave Automation. The feature automates “the art of weaving back and forth over the row really carefully” to make sure you get a perfectly square shoulder bale every time.

“Now, the hitch of the baler does the weaving for you, based off bale size and threshold settings it will make sure that bale is a square shoulder bale,” Ballesteros adds. “So, they can sit in that cab with a little less to worry about or go to their kid’s basketball game and put somebody else in the seat. It takes the stress out of that situation, too.”

Is Demand for Used Combines and Utility Vehicles On the Rise?
Aaron Fintel, used equipment specialist, 21^st Century Equipment, says 2025 is still the year of the last-minute equipment purchase. He had a farmer call him just a few days ago, on the cusp of full bore planting season, looking for a used planter. Fintel is also predicting higher demand coming into play on used combines and utility tractors in the 100 hp to 175 hp segment.

“It’s almost like everybody heard how cheap they were and said ‘Well, I suppose we should probably look into one,’” he says of buying behavior in the used utility tractor segment.

Another insight Fintel shares is the current tariff situation and uncertainty in the economy is stifling buying activity among livestock producers. Cattle ranchers, unlike their corn and soy raising counterparts, are riding a wave of strong prices for beef and other proteins.

Watch full episodes of the Moving Iron Podcast and Machinery Pete TV for FREE on our new streaming platform, Farm Journal NOW.

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Why Farmers are Flocking to Auctions for Low-Hour Equipment Deals

Thu, 24 Apr 2025 21:00:00 GMT

The used equipment buying season remains active as spring planting takes off. Farm equipment that is only a few years old with low operating hours continues to draw strong prices at auction.

Machinery Pete noticed that trend last week via a few record-setting transactions. At a Kiko Auctions sale in Diamond, Ohio, a pair of blue tractors and a blue planter raised the bar higher:

(Machinery Pete Facebook)

A 2013 New Holland T7 260 tractor with only 1,226 hours on it brought $152,000, which blasted past the previous record high for that year/model by over $19,000.

(Machinery Pete Facebook )

A 2015 New Holland T5 115 utility tractor with a loader (765 hours) brought in $75,000, beating the previous record high by $7,000.

(Machinery Pete Facebook)

A 2024 Kinze 3505 8/16 row planter with just over 170 acres planted on it sold for $100,000. That set a new record by $17,500.

“There’s a similar pattern here. Whether its blue, green or orange, if it’s got a few years on it with low hours and in nice condition, those prices are very strong right now,” Pete says.

Moving Iron host Casey Seymour, who has over 20 years of experience in the farm equipment dealership space, says there are more farmers hitting auctions than heading to the dealer lot, and that’s typical of a down cycle in the farm economy.

“Things at auction have a higher demand signal than what you see on the lot. When I was working at the dealership, I would see these sales and think, ‘Man, I’ve got five just like that sitting on my lot that I would sell to you for $10,000 less than what you bought that one for.’ But nobody’s coming to the table, and that’s just where we’re at right now,” he says.

Order-Writing Season For New
Aaron Fintel, used equipment specialist with 21st Century Wholesale – a John Deere dealer with 26 storefronts across Colorado, Nebraska and Kansas – joined the podcast to talk about the soon-to-open new machine order-writing period.

Fintel says it’s not something many think about when it comes to buying new, but farmers getting re-approved for financing has “been a process” this year.

“It’s kind of a two-edged sword. If you went and got that new machine at 0% interest at the end of last year because the accountant said to do it, I don’t care that it’s 0% because its also $450,000 sitting on the balance sheet,” he says. “That’s been a huge factor.”

Commodity Markets Update
Chip Nellinger, owner of Blue Reef Agri-Marketing, joined Seymour to wrap up this week’s episode with an update on the commodity markets.

When it comes to corn and soybean futures, Nellinger says there is still “a lot of uncertainty and volatility in the market” but he is seeing some potential upside with President Trump softening on the tariffs against China.

“The stock market seems to be signaling something has changed, and the bean market has been pretty resilient here over the last couple of days,” he says. “There has been a fair amount of activity in planting, and I think that’s why corn has relaxed. We’re ahead of average planting pace at 12% and that’s probably delayed a little bit. So, we should see a lot more progress in next week’s report.”

Nellinger says to keep an eye on the South, where higher-than-average moisture levels have delayed corn planting, and farmers might flip acres to beans or cotton – or even take prevent plant insurance.

Want more Moving Iron? Click this link to watch the episode in full here.

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Used Hay Tool Demand Is Booming As Online Auctions Connect Buyers and Sellers Worldwide

Thu, 20 Mar 2025 21:17:40 GMT

The used hay tool market – that includes windrowers, square and round balers, mowers, rakes and tedders – has shown strength with some nice upside. That’s because the cost of brand-new hay and forage implements remain on the high side, so more farmers are looking to buy used.

“It’s amazing what a new round baler costs these days, when you sit down with the dealer and start looking at pricing,” says Casey Seymour, who was practically bonked over the head with a case of sticker shock looking at new hay machines for a client this week. Seymour has over 20 years of experience in the used equipment market

“I was completely shocked,” he adds.

For Machinery Pete that recalled a two day stretch recently when two New Holland RB560 round balers sold back-to-back and set the all-time record for used baler prices.

“One went for about $56,500, the other was right around that $55,000 neighborhood,” Pete says. “Once you start getting up into $50,000 people will say ‘Yeah, well, what’s a new one cost?’ so that high price on new keeps demand strong on the really nice, good condition used machines.”

It doesn’t seem to matter whether we’re talking balers, pickup trucks, or a dozen eggs down at the local supermarket – the cost of everything is higher today than one year ago.

Another factor keeping auction pricing strong is how interconnected buyers and sellers are today with online auctions being so commonplace. Farmers aren’t just shopping locally for used equipment anymore. If it’s a deal, farmers can track it down and bid on it from practically anywhere in the world and then get it back to the farm.

“Now I’m going to click the button and buy it, and you guys are going to ship it whether that’s to Florida or Romania or wherever. We’re going so fast now, and the world is becoming a small place,” says Machinery Pete.

Diving Into The Mid-Atlantic Market
Used equipment manager Kevin Vandervort with Maryland-based dealer Hoober Inc., talke d about how the market is moving in his neck of the woods. Vandervort covers a sales territory that stretches from the New York-Canada border all the way south to North Carolina.

It’s an interesting market because of how diverse the cropping operations are throughout the Mid-Atlantic. You have everything from dairy, beef and poultry producers to large specialty vegetable and fruit growers all up and down the East Coast, and then there’s a ton of peanuts, corn, and soybeans mixing in on the row crop side. That crop mix makes for a busy used equipment market demand-wise with a lot of different machines moving around from dealer to farmer, and vice-versa.

“Last year we didn’t have that last two weeks of the year rush that we usually have,” says Vandervort. “And then the dealers were not as busy because everyone had time to look at everything. It kind of reminds me of pre-COVID, we didn’t carry a bunch of last year’s business into this year. And now a lot of dealers are playing catch-up to the (sales) budget.”

Vandervort says his area is in good shape when it comes to used sprayer inventory and availability of retrofit technology kits, and the same goes for planters and hay tools, too.

The equipment segment that is not faring so well in his region right now – and it can be chalked up to last summer’s extensive drought conditions and many large farms not getting a big crop out of the ground – is row crop tractors.

“Our new sales were soft last year,” Vandervort says. “And it was a direct result of that drought. You’re not going to get people to spend money when they don’t have it.”

Commodities Update
Ag Financial’s Rich Posson shared an update on the commodities markets. Posson is bullish on the European markets while thinking the U.S. and many other markets around the world are in a “minor long-term bear market.”

“I’m looking out to 2026, 2027 to be optimistic, but right now I just think the U.S. economy is dragging,” he says. “It’s lagging and the rest of the world is moving forward. And the U.S. is moving backwards.”

Posson says when it comes to corn and soybean futures specifically, he’s in wait-and-see mode for the time being. It would take a large catastrophe like another summer drought or some other major climate event to lower supply and drive demand and prices higher.

“I have a feeling corn is going to flounder around and trade both ways into April,” he adds. “And then we deal with planting in May and we watch the weather. I’m telling myself, the nice up move, if it comes, we may have to wait until June or July. But I would like to think it’s going to start to move up slowly.”

Bonus Segment
As farmers explore retrofit options for planters , sprayers, and other equipment, John Deere’s Kyle Barry and Clint Chaffer joined Seymour to talk about the latest Precision Upgrades kits Deere is offering for both tractors and combines.

For tractors, farmers are adding on Deere’s Ethernet implement connectivity kit to enable faster data transfer and connectivity from the planter to a SeedStar monitor in the cab. And Deere’s Next Generation Perception Autonomy kits can unlock driverless operation on 8RX and 9RX tractors. Deere also has a Precision Upgrades kit to automate its tillage tools.

RELATED: John Deere Introducing Next Generation Perception Autonomy Kits

In combines, the program is offering a new concave system for the X9 combine and a kit that allows the farmer to control the unloading auger right from the cab for S700 combines.

So kick your feet up, grab your favorite beverage and lock in for a wide-ranging, jam-packed episode of The Moving Iron Podcast.

CLICK HERE TO WATCH THE FULL EPISODE OVER ON YOUTUBE.

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Casey Seymour and Machinery Pete Join Forces on the Moving Iron Podcast

Fri, 07 Feb 2025 14:09:04 GMT

With farmers tightening their budgetary belts during a challenging economic time, the equipment market is going through significant changes. Those changes trigger plenty of questions. Is now a good time to buy? Is it better to wait and see how the market evolves in the coming year? Are prices even on used equipment going to continue to climb?

Who better to answer these questions than Casey Seymour and Greg “Machinery Pete” Peterson, two of the industry’s most trusted experts? And you can now hear them together. Seymour’s popular weekly Moving Iron podcast has moved to the Farm Journal podcast network and Peterson has joined as co-host.

“I’m excited about joining the Farm Journal podcast network and even more excited that I get to share this time with the one and only Greg ‘Machinery Pete’ Peterson,” Seymour says on the debut episode. Peterson shares that feeling, congratulating his new partner on building a large and loyal audience for both the podcast and the annual Moving Iron Summit event. “You’ve done great work and I’m excited to be part of it,” Peterson says.

Growers, dealers and anyone interested in the ag equipment marketplace will be just as excited. Each week the dynamic duo will explore and analyze news and trends in the business of ag equipment and the auction market. Episodes also will feature a dealer spotlight and a segment on technology. On their debut episode, Seymour and Peterson are joined by Shawn Hackett, climate and commodities expert, and Aaron Fintel, a used equipment specialist.

The discussion in the first episode ranges far and wide, as they dive into the boom-and-bust cycles in agriculture as well as in sales of ag equipment. Last year saw dealers taking an unprecedented volume of late-model equipment to the auction market, and the hosts don’t see that trend continuing into the new year. While they foresee the market’s recovery taking time, farmers and dealers could notice changes by the fourth quarter of 2025, even late in the third quarter.

As far as when to buy, Peterson says, “Don’t sit back too long because things are starting to firm up.” He adds that dealers he’s spoken to have been pleasantly surprised by an uptick in sales in December and January. Seymour attributes his optimism to a number of factors, such as decreasing interest rates, a slowing auction market, rising commodity prices and pent-up buying demand. He says, “There’s going to be a little more money out there by the end of the year.”

Watch the full episode of Moving Iron.

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Machinery Pete: Hot-Ticket Iron

Wed, 09 Oct 2024 13:44:17 GMT

While the market for late-model, used equipment for row-crop operations has softened this year, that’s not necessarily the case for hay and forage equipment and midsize loader tractors.

Take round balers for example. At an Aug. 1, 2024, farm auction in Solen, N.D., a 2022 New Holland Roll-Belt 560 Specialty Crop Plus round baler (1,810-bale count) sold for $53,975. That was a new record auction price by a whopping $10,465.

That record price lasted one day.

On Aug. 2, at a farm auction in Hospers, Iowa, a one-owner 2021 New Holland Roll-Belt 560 Specialty Crop Plus (102-bale count) sold for $56,000.

A March 9 consignment auction in Stamford, N.Y., produced the highest auction price ever on a Massey Ferguson round baler. A 4160V model with 698 bales sold for $59,000.

Modern hay rakes aren’t your grandfather’s hay rakes. A 2014 Claas Liner 4000 49' rake sold for $50,000 at a

Feb. 1 farm auction in Mount Vernon, Wash. Eight weeks later during a March 28 online auction in Copeland, Kan., a 2020 Rowse Ultimate V-rake, 27-wheel size went for $49,500.

Loader Tractor Records

Even more pronounced the past 18 months have been the solid auction prices on mid-horsepower loader tractors. The July 27 auction we filmed for our “Machinery Pete” TV show in Paris, Mo., by Wheeler Auctions & Real Estate was the largest auction I’ve seen in my 35 years. They sold equipment for more than 12 hours.

Somewhere in one of the many long rows of equipment that day was a 2008 John Deere 7430 Premium tractor with 1,354 hours and a John Deere 741 loader that sold for $160,000. That’s a new record auction price by $3,550, which was set three years prior.

When it comes to pre-DEF, pre Tier IV tractors, I have many examples of high prices in the 100 hp to 174 hp range. On the red side, a 1990 Case IH 7110 2WD with 2,562 hours sold for $72,000 at an Aug. 22 farm retirement auction in Rock Valley, Iowa, by Zomer Company Realty & Auction. That was $11,000 more than the prior record for that model.

Four days later, at a farm retirement auction in Wayne, Neb., by Creamer Auction Company, a 1995 Case IH 7220 front-wheel assist with 2,844 hours and one owner sold for $79,500. That’s the second-highest price for the past eight and a half years.

A trio of green time machines sold for big bucks when the gavel fell at an April 29 retirement auction for R&M Motors in Berlin, Wis., by Wilkinson Auction & Realty.

The tractor in the middle of the photo at right is a 1992 John Deere 4055 with 22 actual hours. Prior to that day, a 1989 2WD model with 215 hours that sold at a Dec. 19, 2016, farm auction in St. Edward, Neb., held the record at $93,000. What did the John Deere 4055 with 22 hours sell for earlier this year? $275,000. Yes, you read that right.

Next to it in line that day was a 2002 John Deere 7510 with 13 actual hours. I saw this exact same tractor sell at auction in Kentucky almost 10 years ago to the day for $100,000. At the Berlin auction, the tractor went for $192,000.

The third green tractor that sold was a 1992 John Deere 4455 with 2,260 hours. It brought $160,000, which is $62,150 more than the prior record.

I expect strong prices on good used loader tractors for the rest of 2024.

Machinery Pete: Livestock Demand Pushes Loader Tractors Up, Late Model Glut Marches On

Tue, 14 May 2024 19:12:37 GMT

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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