Quick Data is a snapshot of new and used construction equipment sales trends from Fusable’s EDA equipment financing data and EquipmentWatch market trend reports.
Both new and used financed excavator sales have continued to slip year over year as contractors hold off on purchases due to high interest rates, minimize the risk with more rental purchase options, or buy with cash.
A total of 13,355 new excavators were financed from January 1, 2023 to December 31, 2023, according to Fusable’s latest EDA equipment finance data. This was a 1.7% decrease from the 13,580 new units financed the previous year.
Financed used excavator sales tumbled 16% to 11,889 units, from 13,782 units sold between January 1, 2023 to December 31, 2023.
The top-selling new models, based on the number of units financed, were the Cat 340 (593), Cat 315 (409) and the Bobcat E88 (370).
Deere’s 210G LC took the top spot for financed used excavator sales (314), followed by the Deere 350G LC (278) and Cat 320 (232).
Texas had more buyers of new excavators than any other state, with 1,734 units financed. Buyers were also active in Florida (868) and North Carolina (800).
For those financing used machines, Texas buyers again were in the top spot, accounting for 11.1% of all purchases, with 1,317 units being financed in this period. Georgia added another 4.9% with 577 units, and North Carolina followed with 558 units or approximately 4.7%.
Used Excavator Market
Used excavator prices rose 7.7% for the 12-month period from January 1, 2023 to December 31, 2023, according to Fusable’s EquipmentWatch market trend data.
The average price for a used excavator was $147,135 in January 2023 compared to $158,463 by December 2023. This coincides with the average age of used excavators dropping during the period from 8.1 years to 6.5 years.
The average price and age were calculated based on 294,591 resale listings during the period in the EquipmentWatch database.
Over the last 12 months, prices for used excavators have, in general, increased, with the largest jumps in February 2023 (4.3%) and April 2023 (5%).
EquipmentWatch defines fair market value (FMV) as the monetary value of an asset that can be expected in a transaction with a single seller and single buyer, neither of whom is under any compulsion or time restriction to complete the transaction. FMV for heavy equipment is most closely associated with the private resale market, as opposed to the public auction market.
Excavator Auction Prices
Looking at the top 20 crawler excavators sold for the 12-month period of March 1, 2023 to February 29, 2024 in terms of auction price, Cat took 14 of the top 20 price spots, with Deere, Hitachi and Komatsu claiming the other positions on the list.
As reported by the EquipmentWatch auction price guide, the top auction price paid for an excavator during this time was $535,000 for a 2019 Cat 374F with 4,611 hours at a Ritchie Bros. sale in Chehalis, Washington, on September 29, 2023.
Two 2022 Deere 670 P-Tier excavators with 2,465 to 2,859 hours took the second and third price spots. The excavators sold for $525,000 at a Ritchie Bros. sale in Davenport, Florida, on February 23, 2024.
Equipment Watch and EDA are owned by Fusable, the parent company of Equipment World.
