Used equipment pricing up 45% in North America

The used equipment market across the U.S. and Canada shows steep declines in sales for access and telehandler equipment, but pricing has hit record levels, according to the Ritchie Bros. 2022 Market Trends Report for used earthmoving and aerial equipment.

The volume of boom lifts sold in the U.S. decreased by -33% in 2021 to 4,215 units from 6,300, while pricing increased by 20%. The age of boom lifts sold remained flat last year. In Canada, boom sales were down -20.1%.

Scissors also experienced a -33% decline in sales in the U.S. from 6,095 units in 2020 to 4,045 units last year. Pricing increased, however, by 12%. Canada experienced a -25% decline in scissor sales, with 815 units being sold in 2021 compared to 2020’s 1,090.

Telehandler sales in the U.S. for 2021 were down -32% from 3,255 units in 2020 to 2,205 units last year. Despite this, pricing was up 10%, Ritchie said. In Canada, telehandler sales were down -17.2% at 360 units from 435 units. The average age of telehandlers sold within Canada also rose from nine to 12 years old.

“Supply chain issues, tight supply and unprecedented demand all played major factors in used equipment sales last year,” the report noted. “In the United States, volumes were down in large and medium earthmoving categories, as well as aerial equipment, while prices rose significantly. For example, the median dozer price in the U.S. in 2021 was up 22% from 2020, while units sold had decreased by -8% year over year. We also saw big median price increases in the U.S. for boom lifts (up 20% YOY), mini excavators (up 17%) and loader backhoes (up 16%).”

Doug Olive, SVP of pricing for Ritchie Bros., noted, “We attracted a record number of bidders in 2021, resulting in the strongest equipment pricing we have ever seen. Truck tractor pricing over the past three months is up 65% year over year, while medium earthmoving, vocational trucks and aerial equipment prices are up 45%, 44% and 41% respectively. It’s a seller’s market and consignors around the world are taking advantage by turning their surplus assets into cash.”

Ritchie Bros. noted that aerial equipment sales – which includes telehandlers, booms, scissors and forklifts – peaked in 2020, but that increased pricing shows strengthening for used aerial equipment.

“In 2021 retail pricing for earthmoving and aerial equipment reached its highest level in years,” said Doug Rusch, managing director of Rouse Sales. “Strong pricing coincided with healthy sales volumes, with retail volume down just slightly vs. the prior year. Auction prices also reached record high levels, increasing more rapidly than the retail market as is often typical in high-demand environments.”

Top five buying regions:

• Texas
• Alberta, Canada
• California
• Florida
• British Columbia