Large and small excavator prices continue rising in Canada at Ritchie Bros.
With its August Market Trends Report, Ritchie Bros. focuses on large and small excavator sales in the United States and Canada. In the U.S., median prices for large excavators are down nine percent year over year, while mini excavator prices declined five percent in the last 90 days. In Canada, it is quite a different story, with large excavator prices up 12 percent year over, while mini excavator prices over the last 90 days have increased 31 percent.
After the main feature on excavators, the report turns to Ritchie Bros.' individual mix-adjusted industry indexes, which are still up over 2021, but declining on a month-to-month basis since the peak pricing achieved earlier this year. In the U.S., truck tractor pricing still leads the way, up 27 percent year over year, while vocational trucks, medium, and large earthmoving prices are up 18 percent, 15 percent, and 12 percent respectively. Meanwhile, in Canada, truck tractor pricing is up 25 percent, while vocational trucks, medium, and large earthmoving come in at +10 percent, +13 percent, and +12 percent.
"We continue to experience year-over-year price inflation for equipment and trucks in the U.S. and Canada," says Doug Olive, senior vice president of pricing at Ritchie Bros. "However, as the transportation and logistics markets normalize, we have seen truck prices decline. We are seeing similar pricing trends across our other industry indexes as well, with year-over-year increases, but declining on a month-to-month basis."
"Tight supply continues to be the story in the retail market, with lower-than-typical sales volumes driving strong pricing and retail values increasing two percent in July," adds Doug Rusch, managing firector of Rouse Sales. "Excavators in particular have shown strong pricing, with retail values rising four to five percent in the past 90 days across all sizes classes. Auction values for excavators have moderated a bit since June 2022. Since then, we have seen smaller class mini excavator prices decline six to seven percent at auction, while larger excavators have declined two percent."
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