For anyone in the market for a used skid steer or truck tractor, now might be a good time to head to an auction sale.
As the spring auction season ramps up, Ritchie Bros. Auctioneers (RB) just released its “Market Trends Report for Used Equipment and Trucks” for the first quarter of 2024 — and the key takeaway seems to be supply is up and prices are down.
The report shows it’s become a buyer’s market for those two machine types — and in general, those softening prices are also reflected across most of the construction and transportation equipment categories in the first quarter of 2024.
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“The majority of equipment sectors in Canada are showing deflation,” the report reads.
Skid steers lead the downward slide, with a 10 per cent overall decline in selling prices. The volume being offered for sale has roughly doubled during the first quarter of this year, compared to Jan. 1 to March 31 in 2023. The median age of the machines has declined, from an average of 10 years down to nine. So, buyers are seeing more and newer machines sell for less.
That said, those newer machines have a little more experience under their belts. The median number of hours on their clocks has actually risen by almost 500. Caterpillar, Bobcat and Case respectively made up the top three brands sold by RB.
Trucking
If the farm needs another used truck tractor to pull a hopper trailer, it’s good news for buyers there too. “In our estimation, for the three months ending March 31, 2024, prices for truck tractors decreased four per cent compared to the same time frame last year,” the report reads.
That four per cent is small potatoes compared to the 22 per cent decline in sale prices for truck tractors south of the border — likely due, at least in part, to a softened market for freight hauling in the U.S.
Just as with skid steers, the number of truck tractors RB sold in Canada during the first quarter of this year is nearly double the number for the same time in 2023. But the median number of hours on their clocks has declined, from over 5,000 to well under that mark. The median hammer price has fallen below $50,000.
As for which brands most often found the willing buyer, Freightliner, International and Kenworth, in that order, took the top three spots.
