The used tractor market is more active than ever—and prices are surging
On the agricultural news site AGWeb, farm equipment auctions are big news—and it’s not just due to the outlet’s audience. Used John Deere tractors are breaking sales records. Recently, a 1998 John Deere tractor sold for $170,000—that’s $32,400 more than the previous record for that model and just $35,000 less than the cost of a similar new tractor. So, what accounts for this surge in prices? There’s a “perfect storm” brewing, Vice’s Motherboard reports: Supply chain issues, the “lack of repairability” of new farm equipment, and the ongoing strike by John Deere workers have “sent prices of old equipment at auction soaring.” More than 10,000 John Deere workers across 12 facilities in three states have been on strike since October 14, when they overwhelmingly rejected a contract offer from the company. Last week, the United Autoworkers Union reached a tentative agreement with John Deere that is now heading to local unions for a ratification vote that could end the work stoppage. Results of the latest vote are expected tomorrow. —Tina Vasquez
