Sandhills Market Reports – February 2024

U.S. Used Heavy-Duty Construction Equipment

Inventory levels of used heavy-duty construction equipment were up 6.2% M/M and 14.56% YOY in February and are trending up.
Although individual machines are depreciating YOY, the overall value indexes have increased due to growing availability of late-model inventory. Excavators, particularly those with lower operating weights, have shown the most significant changes. In the overall heavy-duty construction equipment market, asking values increased 3.21% M/M but dropped 1.37% YOY and are trending down.
Auction values, following a similar trend, increased 5.29% M/M but dropped 6.73% YOY and are trending down.

U.S. Used Medium-Duty Construction Equipment

This market is currently experiencing a period of considerable growth and adjustment. Like the heavy-duty construction equipment market, Sandhills has noted that individual medium-duty machines are depreciating YOY while the overall value indexes increased as a result of newer late-model inventory availability. Inventory levels rose substantially YOY in February at 59.76% in addition to a 4.76% M/M increase following consecutive months of increases.
Asking values, meanwhile, increased 1.3% M/M but remain 5.98% lower YOY, continuing a trend of declining prices. Asking values are currently trending down.
Auction values also increased marginally at 1.96% M/M and were 10.29% lower YOY, suggesting a softening in market value. The inventory and value trends noted here have especially impacted the track skid steer and mini excavator categories, which have seen the largest changes in all three metrics.

U.S. Used Lifts

The used lift market is showing signs of stability with a slight 0.9% M/M decrease in inventory levels. Inventory was up 10.07% YOY, however. The telehandler category is largely responsible for driving inventory increases, which is placing pressure on market values. These trends indicate a market that is steady but may begin to experience pressures driven by increased inventory levels, particularly within specific categories such as telehandlers.
Asking values rose 0.97% M/M in February, fell 5.28% YOY, and are trending sideways.
Auction values ticked up 0.36% M/M but were 13.37% lower YOY. Auction values are trending sideways.