Used equipment prices up 45% over last year

Prices for used equipment and trucks in Canada and the U.S. reached record highs in 2021, with medium earthmoving machines up 45% over last year.

Supply chain issues, tight supply and unprecedented demand all played major factors in used equipment sales last year, according to Ritchie Bros. 2022 Market Trends Report for used earthmoving and aerial equipment.

“In the United States, volumes were down in large and medium earthmoving categories, as well as aerial equipment, while prices rose significantly,” the report noted.

“For example, the median dozer price in the U.S. in 2021 was up 22% from 2020, while units sold had decreased by 8% year over year. We also saw big median price increases in the U.S. for boom lifts (up 20% YOY), mini excavators (up 17%) and loader-backhoes (up 16%).”

Doug Olive, SVP of pricing for Ritchie Bros., said, “We attracted a record number of bidders in 2021, resulting in the strongest equipment pricing we have ever seen. Truck tractor pricing over the past three months is up 65% year over year, while medium earthmoving, vocational trucks and aerial equipment prices are up 45%, 44% and 41% respectively.”

He added, “It’s a seller’s market and consignors around the world are taking advantage by turning their surplus assets into cash.”

Doug Rusch, managing director of Rouse Sales, added, “In 2021, retail pricing for earthmoving and aerial equipment reached its highest level in years. Strong pricing coincided with healthy sales volumes, with retail volume down just slightly vs. prior year. Auction prices also reached record high levels, increasing more rapidly than the retail market, as is often typical in high-demand environments.”