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Q1 2024 Market Trends Report – Used Equipment and Trucks

Original Source: Ritchie Bros. Auction Trends

The April edition of Ritchie Bros. Auction Trends takes a broad view of heavy equipment and trucking sales using the industry’s best Q1 2024 and Q1 2023 data. The report looks at pricing & volume trends for most major construction, aerial, and transportation equipment categories.

In the United States, volumes increased for many construction equipment categories, including articulated dump trucks, dozers, wheel loaders, skid steers, motor graders, multi-terrain loaders, and scissor lifts. In many cases this has impacted median pricing for these assets.

Large hydraulic excavator volumes was an outlier, with a decrease in volume and median pricing in Q1 2024. There was also a decrease in median pricing in the United States for articulated dump trucks, wheel loaders, telehandlers, and multi-terrain loaders. Skid Steers and boom lifts saw a significant decrease in prices last quarter, while backhoe loaders had steady volume compared to the Q1 2023, with a slight decrease in median pricing.

Caterpillar remained the dominant manufacturer in the United States for dozers, hydraulic excavator, motor graders, wheel loaders, and even surpassed Bobcat as the top OEM for multi-terrain loaders and skid steers. Volvo overtook Caterpillar for articulated dump trucks.

In Canada, volume increases were prevalent across the board, including articulated dump trucks, dozers, hydraulic excavators, wheel loaders, boom lifts, scissor lifts, and forklifts. The volume spike was more significant for motor graders, backhoe loaders, and multi-terrain loaders.

Despite mixed adjusted pricing indices showing overall depreciation year-over-year for most major categories in Canada, median pricing increases were reported for articulated dump trucks, dozers, hydraulic excavators, and wheel loaders in Q1 2024 compared to Q1 2023 in Ritchie Bros auctions. And a significant median pricing jump occurred for motor graders and backhoe loaders.

More in-line with the wider trend, median pricing decreased significantly for multi-terrain loaders compared to a year ago, while backhoe loaders and skid steers experienced only a slight dip in median pricing.

In the United States, Ritchie Bros.’ mix-adjusted price indexes for the three months ending March 31, 2024, show that prices for used large and medium earthmoving categories are down by approximately 6% and 17%, respectively. Meanwhile, truck tractor prices were down 22% and aerial equipment dropped to 13% (compared to 7% for the three months ending March 31, 2023).

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