Quick Data is a snapshot of new and used construction equipment sales trends from Randall-Reilly’s EDA equipment financing data, TopBid auction price service and EquipmentWatch market trend reports.
Reduced equipment availability has taken a bite out of total backhoe loader sales in the U.S., as seen in the latest new and used equipment sales reports from Randall Reilly.
A total of 2,465 new backhoes were financed from July 1, 2021 to June 30, 2022, according to Randall Reilly’s EDA equipment finance data. This was a 4.8% decrease from 2,589 new units sold the previous year.
Similarly, used backhoe sales saw double-digit declines (12.9%) to 4,337 units compared to 4,977 units sold from May 1, 2020 to April 30, 2021.
The top-selling new models, based on number of units financed, were the Cat 420 (412), the Deere 310SL (354) and the Cat 420XE (268).
Looking at used models, the Deere 310 SL made another appearance, this time nabbing the top spot with 259 units financed. Coming second was the Case 580 Super N (246), followed by the Cat 420F2 (145) in third.
Texas had more buyers of new backhoes than any other state with 520 units financed, or 21% of all financed sales. Buyers were also active in California (265) and Arizona (131).
For those financing used machines, Texas buyers again were in the top spot, accounting for just under 18%, with 762 units being financed in this period. Oklahoma added another 6% with 265 units, and California was close behind with 232 units or approximately 5%.
Backhoe Auction Sales in the U.S.
Looking at the top 20 backhoes sold for the 12-month period of August 1, 2021 to July 31, 2022 in terms of auction price, Cat came out on top. (See chart below.)
As reported by the Top Bid auction price guide, 14 of the top 20 price spots were Cat models.
The top auction price paid for a backhoe during this time was $126,500 for a 2019 Cat 440 with 323 hours at an Alex Lyon & Sons sale in Bushnell, Florida, on February 10, 2022.
The second-highest price paid was $122,500 for a Cat 440F2 with 165 hours at a J.M. Wood Auction Co. sale in Montgomery, Alabama, on March 15, 2022.
In total, 316 backhoes were sold at auctions tracked by Top Bid during this time, with an average price of $31,819. (This does not include any units that sold for less than $5,000.)
Used Backhoe Market
Used backhoe prices fell 7% for the 12-month period from July 1, 2021 to June 30, 2022, according to Randall Reilly’s EquipmentWatch market trend data. The average price for a used backhoe was $71,752 in July 2021 compared to $66,733 in June 2022.
The average price was calculated based on 72,335 resale listings during the period in the EquipmentWatch database.
Over the last 12 months, prices for used backhoes saw the largest declines in October 2021 (-2.92%) and March 2022 (3.80%) The average age of used backhoes also increased by 21% over the current period, jumping from an average of 7.64 years to 9.42 years.
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.
EDA data is compiled from state UCC-1 filings on financed construction equipment. EDA continually updates this data as information comes in from each state.
Top Bid EDA and EquipmentWatch are owned by Randall Reilly, parent of Equipment World.