Quick Data is a snapshot of new and used backhoe sales trends from Randall Reilly’s EDA equipment financing data, TopBid auction price service and EquipmentWatch market trend reports.
Backhoe loaders continue to decline in popularity, as seen in the latest new and used equipment sales reports from Randall Reilly.
A total of 2,354 new backhoes were financed from June 1, 2022 to May 31, 2023, according to Randall Reilly’s EDA equipment finance data. This was a 7.6% decrease from 2,539 new units sold the previous year.
Used backhoe sales saw double-digit declines (20.5%), dropping to 3,598 units compared to 4,419 units sold from June 1, 2021 to May 31, 2022.
The top-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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Looking at used models, the Deere 310 SL again came out on top with 209 units financed. Case CE claimed the second and third spots with its 580 Super N (173) and 580 N (85).
Texas had more buyers of new backhoes 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 were in the top spot, accounting for 18%, with 660 units being financed in this period. Oklahoma added another 7% with 242 units, and Missouri was third with 167 units, or approximately 5%.
Backhoe Auction Sales in the U.S.
Cat and Deere claimed all of the top 20 price spots for backhoes sold at auction during the 12-month period from July 1, 2022 to June 30, 2023, as reported by the Top Bid auction price guide. (See chart below.)
The top auction price paid for a backhoe during this 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.
In total, 257 backhoes were sold at auctions tracked by Top Bid during this time, with an average price of $36,938. (This does not include any units that sold for less than $5,000.)
[Related Content: Construction Equipment Auctions for the Second Half of 2023]
Used Backhoe Market
Used backhoe prices rose 2% for the 12-month period from June 1, 2022 to May 31, 2023, according to Randall Reilly’s EquipmentWatch market trend data. The average price for a used backhoe was $67,211 in July 2021 compared to $68,668 in May 2023.
The average price was calculated based on 73,592 resale listings during the period in the EquipmentWatch database.
Over the last 12 months, prices for used backhoes saw the most significant gains in February 2023 (3%) and April 2023 (2.4%). The average age of used backhoes also increased during the period, jumping from an average of 9.34 years to 9.94 years.
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 single buyer, neither of whom is under any compulsion or time restriction to complete the transaction. FMV for heavy equipment is most closely associated with the private, resale market, as opposed to the public auction market.
EDA data is compiled from state UCC-1 filings 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.