Backhoe Loader Market Trends

People who have been working in the construction industry for a while now have an idea of how important it is to be aware of market trends. If you are aware of a decline in the popularity for new or used equipment your business would be better prepared to deal with any such changes. The latest reports from Randall Reilly provide insights into the sales trends of new and used backhoe loaders in the United States. Over the period of June 1, 2022, to May 31, 2023, the market saw a decline in both new and used backhoe sales, with notable changes in popular models and pricing.

New Backhoe Sales Drop by 7.6%

In the mentioned period, a total of 2,354 new backhoe loaders were funded, representing a 7.6% decrease from the previous year, during which 2,539 new units were sold. This decline indicates a shrinking demand for brand new backhoes.

Used Backhoe Sales Decline by 20.5%

The market for used backhoe loaders also witnessed a notable decline of 20.5%. Between June 1, 2021, and May 31, 2022, a total of 4,419 units were sold, whereas only 3,598 units were purchased in the subsequent year. This double-digit drop may be an indicator of a decreasing interest in used equipment.

Top-Selling New Models

The Deere 310SL, Cat 420, and Cat 420XE emerged as the most popular new backhoe models, with 360, 267, and 213 units financed, respectively.

Top-Selling Used Models

In the used equipment category, the Deere 310SL retained its lead, with 209 units financed. Case CE’s 580 Super N and 580 N followed in the second and third positions, with 173 and 85 units financed, respectively.

State Wise Distribution of New Backhoe Customers

Texas accounted for the highest number of customers purchasing new backhoes, with 500 units financed, comprising 21% of all financed purchases. California with purchasers of 217 units and Arizona with 116 units were the next top states with a lot of customers for new backhoes.

State Wise Distribution of Used Backhoe Buyers

Texas also dominated the market for used backhoes, with 660 units financed, making up eighteen percent of all financed purchases. Following Texas were Missouri sold 167 units and Oklahoma had buyers for 242 units, constituting 5% and 7% of financed used equipment.

Auction Sales Highlights

According to the Top Bid auction price guide, Cat and Deere brands secured all 20 of the top price positions for backhoes sold in auctions between July 1, 2022, and June 30, 2023.

Record Auction Prices

Some of the otable auction sales included a 2019 Cat 440 that had worked 97 hours, which fetched the highest price of $127,500 at an Alex Lyon & Sons auction in Florida on the ninth of february, 2023. Plus, a Cat 420F2 with 179 hours sold for $125,000 at a Deanco Auction Company event in Philadelphia, Missouri, on September fourteenth, 2022.

Used Backhoe Pricing Trends

According to Randall Reilly’s Equipment Watch market trend statistics, the average cost of a used backhoe increased by 2% from June first, 2022, to May thirty first, 2023. Some considerable price increases were observed in February 2023 of 3% and April 2023 of 2.4%. During this period, the average age of used backhoes also grew from 9.34 to 9.94 years on average.

The reports from Randall Reilly indicate a downward trend in the popularity of both new and used backhoe loaders in the market. While certain models continue to show strong sales, the overall market experienced a decrease in sales volume and an increase in the average age of used equipment. These trends in the market tell us about the evolving preferences and dynamics in the backhoe loader industry.