Quick Data is a snapshot of new and used backhoe sales trends from Randall Reilly’s EDA Equipment Finance data, TopBid auction pricing service, and EquipmentWatch market trend reports.
Backhoes continue to decline in popularity, as seen in Randall Reilly’s latest new and used equipment sales reports.
A total of 2,354 new backhoes were funded from June 1, 2022, to May 31, 2023, according to Randall Reilly’s EDA Equipment Funding data. This represents a decrease of 7.6% compared to the 2,539 new units sold the previous year.
Used backhoe sales experienced a double-digit decline (20.5%), falling to 3,598 units compared to 4,419 units sold from June 1, 2021 to May 31, 2022.
The best-selling new models, based on the number of units financed, were the Deere 310SL (360), the Cat 420 (267) and the Cat 420XE (213).
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In terms of used models, the Deere 310 SL came out on top again with 209 units financed. Case CE took second and third place with their 580 Super N (173) and 580 N (85).
Texas had more new backhoe buyers than any other state with 500 units financed, or 21% of all financed sales. Buyers were also active in California (217) and Arizona (116).
For those financing used machines, Texas buyers again took the top spot, accounting for 18%, with 660 units financed in that period. Oklahoma added another 7% with 242 units, and Missouri was third with 167 units, or about 5%.
Backhoe Auction Sales in the USA
Cat and Deere claimed all of the top 20 price spots for backhoe loaders sold at auction during the 12-month period from July 1, 2022, to June 30, 2023, according to the Top Auction Price Guide Bid. (See chart below.)
The highest auction price paid for a backhoe during that time was $127,500 for a 2019 Cat 440 with 97 hours at an Alex Lyon & Sons sale in Bushnell, Florida on February 9, 2023.
The second highest price paid was $125,000 for a Cat 420F2 with 179 hours at a Deanco Auction Company sale in Philadelphia, Missouri on September 14, 2022.
A total of 257 backhoe loaders were sold at auctions tracked by Top Bid during that time, with an average price of $36,938. (This does not include units that sell for less than $5,000.)
[Related Content: Construction Equipment Auctions for the Second Half of 2023]
Used backhoes market
Prices for used backhoes increased 2% during the 12-month period from June 1, 2022, to May 31, 2023, according to Randall Reilly’s EquipmentWatch market trend data. The average price of a used backhoe was $67,211 in July 2021 compared to $68,668 in May 2023.
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The average price was calculated from 73,592 resale listings during the period in the EquipmentWatch database.
Over the past 12 months, used backhoe loader prices experienced the most significant gains in February 2023 (3%) and April 2023 (2.4%). The average age of used backhoes also increased during the period, from an average of 9.34 years to 9.94 years.
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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 a single buyer, neither of whom is subject to any obligation or time restriction to complete the transaction . The FMV of heavy equipment is more closely related to the private resale market, as opposed to the public auction market.
EDA data is compiled from state UCC-1 documents 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.
