Home / Machinery / Used Equipment / Auction sale prices / Year ends with a bang

Year ends with a bang

GREG PETERSON 02/14/2013 @ 10:18am Greg Peterson writes "Machinery Pete" column for Successful Farming magazine and appears on the Machinery Show on RFD-TV, talking about trends in the used equipment market

I'm perched on the back end of a 2000 John Deere 8110 tractor with only 919 hours. Moments before, this tractor had sold for a new record-high auction sale price of $123,500 (the old record was $114,500).

I stretch and angle my little video camera to get a good shot, as auctioneer Gordon Stade sells the next tractor in line. It is a sweet 2000 Deere 8310 with 1,209 one-owner hours.

It's been so much fun traveling the country shooting auction video for the Successful Farming® Machinery Show on RFD-TV.

A memorable date

The scene I describe above took place on December 12, 2012, as I ventured down into north-central Illinois to cover an estate auction I'd received numerous emails, calls, and Facebook messages about.

That was a memorable date. It was also a memorable auction. I strongly suspected this auction would produce some record prices, given the very low hours, excellent condition of the machinery, and also the timing of the auction.

It turns out, year-end tax buyers were out in full force. They were bidding up prices on good equipment in advance of the looming changes to Section 179 of the IRS Tax Code in 2013, which would reduce the amount they could immediately write off for equipment purchase.

Record sale prices indeed

My hunch about new record sale prices was underestimated by quite a lot. First that 2000 Deere 8110 went for $123,500, which was $9,000 over the prior high sale price.

Then came the 2000 Deere 8310 with 1,209 hours, which was the tractor I drove to Illinois to see sell. The bids on that 8310 rapidly flowed up over $100,000, then to $110,000, then to $130,000, and continued on to $151,000.

That price eclipsed the old record-high auction price by $46,000.

Check out the data table on the previous page. It gives prices on 8310s over the past 12 years.

Case IH combine record

Another record breaker at the Illinois sale was a 2000 Case IH 2366 combine with 1,120 engine hours. It was rated in good condition. Such smaller-capacity combines with a bit of age on them have really been in high demand from buyers.

That particular combine went for $135,000, the second highest auction price I've ever seen on a Case IH 2366.

For 23-plus years, I've been compiling auction price data. What never ceases to amaze me is the constant shift, from one sale to the next.

We know that a 2000 John Deere 8310 with 1,209 one-owner hours was worth $151,000 at one particular sale. But what will the next Deere 8310 with 4,000 hours be worth in Oklahoma this winter? Or how about a 7,000-hour model 8310 selling out in Pennsylvania come late summer? I can't wait to find out. 


12-Row Kinze 3600 Brings $67,500

A 2000 Kinze 3600 12/23 planter sold for $67,500 on the December 12, 2012, Genoa, Illinois, auction. The farmer's nephew said his uncle was a small farmer who sold his land on the outskirts of Chicago, then bought new land and a full line of equipment in 2000. The tractor he used to pull his previous planter was an Allis-Chalmers WD that sold for $900.

CancelPost Comment
MORE FROM GREG PETERSON more +

Covering a New York auction Monday By: 06/21/2013 @ 2:02pm Adirondack Mountains here I come.I’m heading to the far northeast corner of New York state, near…

Something old, something new... By: 05/31/2013 @ 8:56am Nope, I’m not thinking of the old wedding axiom we’ve all heard. I’ll leave the " . . …

Case IH 8920 tractors skyrocket in value By: 05/23/2013 @ 3:21pm The numbers are shocking.The 155-hp. Case IH 8920 two-wheel-drive tractors, now 15-plus years old…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Cool Tools Christmas Edition: Part 2