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Case IH 7120 tractor sold for $54,000

GREG PETERSON 05/23/2012 @ 2:33pm 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

Back in the mid 1990s central Minnesota dairy farmer Roger Schiroo bought a 2-year old CaseIH 7120 front-wheel assist tractor with 700 hours on it for $46,500. He sold the tractor yesterday (May 22, 2012) on his retirement farm auction near Buffalo Lake, MN.

Roger’s CaseIH 7120 now had 3,365 hours on it.

It sold for $54,000.

That is the 2nd highest auction sale price I’ve ever seen on a CaseIH 7120 tractor, topped only by the 1988 CaseIH 7120 front-wheel assist tractor with 3,200 “1 owner” hours sold for $57,000 on a March 8, 2008 farm auction in east-central Wisconsin. Click on the link below to view all (288) auction sale prices I’ve compiled on CaseIH 7120 tractors over the past 16+ years:

I’ve been writing, blogging and speaking here in 2012 about how the used tractor has been “on fire” for the good condition used models of any age or size. More solid proof here on yesterday’s Buffalo Lake, MN farm auction by my friends at Mid-American Auction Co. Roger Schiroo’s 7120 sold for $54,000 is the 3rd one I’ve seen sold for $50,000 or more since last August, when used values began to spike noticeably higher. Still having trouble digesting these rapidly RISING values on good used tractors? Ok, look at this way:

CaseIH 7120 Tractor Values

  • No. Sold at Auction for $50K or more from 1996 -- 2006: 3
  • No. Sold at Auction for $50K or more from 2007 -- 2012: 6

That’s twice as many sold for $50,000 or more in the past 4 ½ years, despite there being
basically half as many auctions vs. the previous 10 years. Here’s another “big picture” way to chew on the current reality of RISING used tractor values:

CaseIH 7120 Tractor Values

  • Avg. Auction Price 2011: $33,563
  • Avb. Auction Price 2001: $30,319

Bottom line: if a used tractor is in real nice condition, has reason to low number of hours on it, has been very well cared for…it’s just plain and simple worth more $$ right now. I’ll leave you with one more very recent example from a farm estate auction last Saturday (May 19, 2012) in central North Carolina. On this sale was a JD 7820 MFWD tractor with 1,513 hours. What did it sell for?

$107,000...another new record high auction sale price. You can check out a pic of this JD 7820 and the CaseIH 7120 on our Machinery Pete Facebook page.

www.Machinerypete.com (1-yr. subscription $69.95; 1-week $10):

  • "Auction results" 306,737 sale price on ALL types of equipment. Updated daily
  • "Upcoming auctions" free searchable list of equipment on upcoming sales
  • "Dealer equip." free searchable list of equipment for sale by dealers
  • "Who Makes it?" searchable database of farm equipment Mfg's
  • "Classifieds" free place to list your used equipment for sale
  • Machinery Pete blog...see what Pete's yakking about
  • Machinery Pete's 2010 Auction Price Guide: $19.95, call 800-381-0423
  • Pete's new Facebook page
  • See the latest Agriculture.com columns from Pete

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