The price of good used farm equipment continues to skyrocket. Greg Peterson, known as Machinery Pete, says the used machinery market is hot. “The good condition, used equipment market is the hottest I’ve ever seen it. Historically, mid-to-late summer is a down period. In 2021, if it’s good condition and used, the prices are up significantly.” Peterson says equipment size does not matter. Demand is very strong. “A lot of it has to do with what’s happening with new equipment. With the COVID-19 pandemic’s supply issues, computer chip issues and price of steel, it became problematic for manufacturers to get enough product. They didn’t foresee strong buying demand one year ago. Then, inventory on farm equipment dealer lots is tight.”
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