Q3 2023 Equipment Market Update - Construction Equipment Resale Values continue to slow.
Fall is a time when kids are back in school, leaves turn orange, the weather gets colder, the stock market dips; and the equipment market continues to slows too.
Construction equipment resale value continues to take a dip due to owners keeping their aging equipment and the inflationary costs of materials. With material costs continue to rise, such as cement and concrete, were up 13.3% and 11.3% respectively. With these factors, there is no doubt that construction manager is tightening their belt when it comes to job costs.
Values on the resale channel for Lift/Access equipment held steady with only a .02% gain. Auction channel values dipped slightly, -1.22%, with slight increases with both age and usage. All of this points to equipment managers holding onto their used equipment.
The agricultural industry continues to have a steady pattern on both resale and auction channels, with FMV inching up .01% and FLV up only .31%. New farm equipment sales are hitting a slight pause which may lead to a rise in used agriculture equipment sales.
Source: EquipmenWatch by Randall Reilly (full report here)
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