Pricing for excavators remained relatively stable throughout 2020, according to a new report from Ritchie Bros.
The auction company has seen record demand in 2020 and its latest Market Trends Summary Report, which digs into industry pricing trends, discusses one of Ritchie Bros. most popular equipment categories: excavators.
Throughout the year, excavators sold for an average price of $50,000 in the first quarter, and $47,000 in the third quarter of 2020.
“In a year of volatility, excavator pricing has remained relatively stable,” said Doug Olive, senior vice president of pricing for Ritchie Bros. “The excavator’s cross-industry applications help mitigate massive price fluctuations. We also believe that the uptick in housing starts throughout the United States has had a positive impact on excavator pricing in 2020.”
In the last three years, Ritchie Bros. has sold more than 15,000 excavators in the United States alone, for more than $850 million. The top selling brands by volume are Caterpillar, Komatsu and John Deere. The top three models sold are Caterpillar’s 336EL, 320EL and 320CL.
On average, about 27 per cent of all excavators sold in the United States during the three-year time frame were sold to local state buyers, while 57 per cent was sold to out-of-state American buyers and 16 per cent sold to international buyers.
In Canada, the price of used heavy equipment over all increased by about 1 per cent year-over-year.
Lifting and material handling equipment prices increased by about 2 per cent, while the price on truck tractors and vocational trucks remained steady throughout the year.
In the United States, the price of construction, lifting and material handling equipment remained steady. Truck tractors recorded an about 7 per cent increase while the price of vocational tucks increased by about 3 per cent.
The Market Trends application is an independent part of the suite of services within Ritchie Bros. Asset Solutions, which is a complete end-to-end asset management and disposition system.
The cloud-based SaaS solution brings together a suite of tools and services to help customers better manage, analyze and sell their assets. From any internet-enabled device, customers are able to access a complete inventory management system, data analytics and dashboards, branded e-commerce sites and multiple external sales channels.