By Ryan Whisner
Heavy equipment values on the resale and auction markets are showing a downward trend, according to recent reports.
Both the quarterly Rouse Market Trends report for Ritchie Bros. and the monthly EquipmentWatch February report indicated declining values for used construction equipment.
“Throughout the year we saw consistent volume increases in many categories leading to pressure on median pricing,” said Doug Olive, senior vice president of pricing and appraisals at Ritchie Bros. “The transportation sector felt the pressure of high volumes, with median prices down significantly compared to the year prior. We will be monitoring to see if this trend continues going into 2024.”
According to the Rouse report, retail sales volume increased 16% in 2023 versus the prior year, with total volume returning to the levels last seen in 2019-2020.