Tight supply + high demand = strong pricing
With tight equipment supply and government tax incentives for buyers set to expire, now is the time to take advantage of unprecedented market conditions and strong pricing. We have waiting buyers who need your equipment before 2021 is over, and demand has never been higher.
While there are several factors contributing to the current equipment market conditions, one of the biggest is ongoing supply chain disruptions caused by the pandemic, meaning new equipment deliveries from OEMs are delayed. Consequently, there is very high demand for late-model, low-hour used equipment.
Buyers motivated by incentives deadline
Tight equipment supply isn’t the only factor contributing to the hot market, however. With the end of the year fast approaching, buyers are motived by government incentives that expire on Dec 31. U.S. buyers looking to capture the tax savings Section 179 offers are motivated to complete their purchases by the end of 2021, meaning strong demand and strong pricing for used equipment. And with the Accelerated Investment Incentive offered in Canada, equipment buyers’ purchases can be applied against earnings on a company’s taxes – making this a good time to buy in Canada.
Increased buyer demand means strong pricing
So what kind of demand are we seeing and what sort of price increases are sellers seeing? Here are just a few numbers to give you an idea:
- 161M+ visits to Ritchie Bros online marketplaces, up 15%
- 1.3M+ bidder registrations, up 19%
- $50B+ online bidder purchasing power
- Large earthmoving equipment, up 12%
- Medium earthmoving equipment, up 38%
- Aerial equipment, up 34%
- Truck tractors, up 46%
- Vocational trucks, up 35%
*U.S. price increase (±1.5%) year-over-year for the 3 months ending September 30, 2021 - Market Trends Report Oct 2021 edition.
Take advantage of the market and end your year strong!
Whatever your priorities and needs are, we can help you sell when, where and how you want before the end of 2021. Whether in our live online auctions, weekly events, or our everyday online marketplace, get the results you need from Ritchie Bros. Contact us today to help you sell before the end of the year!
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