News

Used equipment market holding strong

An Illinois-based auction agent says the low commodity prices aren’t slowing down the used equipment market.

Mark Larsen, with Kyle Kelso Auctioneers in Macomb, says escalating prices for new equipment and depressed farm incomes have many farmers looking for operational upgrades in the used market.

“They’re suffering sticker shock. Not everybody buys new.”  He says, “There’s a good market for good used equipment. Are farmers downsizing? Probably not, but they might be getting larger with one piece instead of two or three pieces.”

He tells Brownfield that recent auctions have brought good value to the sellers.

“Everybody talks price and if you can get 40 to 60% of what they paid for when it was when they bought it new, they’re tickled to death,” he says.

Larsen says equipment auctions are seeing good participation, especially online, and he expects that trend to continue.

Brownfield spoke with Larsen at the Greater Peoria Farm Show.

AUDIO: Mark Larsen – Kyle Kelso Auctioneers