October 2025 Market Report

November 19, 2025

The U.S. used heavy equipment and transportation markets are experiencing a broad softening, with inventories building up steadily in aerial lifts, forklifts, and telehandlers, putting downward pressure on prices as supply outpaces demand in these high-activity sectors. Agricultural machinery tells a different story, with shrinking inventories and steadily declining values across tractors, combines, and related equipment, reflecting cautious buying amid ongoing farm economy challenges. Construction equipment and trucks remain in a holding pattern overall—sideways trends with modest fluctuations—while auction and asking prices drift lower in most categories, signaling a buyer's market that's cooler than peak years but still balanced without drastic oversupply.

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U.S. Used Aerial Lifts

  • Inventory levels of used U.S. aerial lifts have been trending upward for five consecutive months. This trend continued in October with inventory level increases of 1.15% M/M and 3.47% YOY. The used telescopic boom lift category had the highest M/M inventory increase at 2.63%, while the used rough-terrain scissor lift category had the largest YOY inventory increase at 12.26%.
  • Asking values in this market decreased by 1.27% M/M and 5.78% YOY in October, continuing an 8-month-long downward trend. The used slab scissor lift category showed the largest M/M asking value decrease at 2.46%, while the used rough-terrain scissor lift category had the largest YOY decrease at 11.31%.
  • Auction values have also been trending downward. Auction values dipped 0.61% M/M and 6.65% YOY in October. The used slab scissor lift category had the largest M/M auction value decrease at 4.92%, while the used telescopic boom lift category had the largest YOY decrease at 9.82%.

U.S. Used Forklifts

  • Inventory levels in the U.S. used forklift market have been climbing for nine months in a row. Inventory levels were up in October as well, by 0.83% M/M and 29.07% YOY. The used pneumatic-tire forklift category constituted the leading growth category, with inventory levels rising 2.14% M/M and 32.99% YOY.
  • Asking values decreased slightly M/M, by 0.55%, and by 1.53% YOY, and are trending downward. The used pneumatic-tire forklift category showed the largest M/M asking value decrease at 0.61%, while the used cushion-tire forklift category had the largest YOY decrease at 1.85%.
  • Auction values were down 0.05% M/M and 7.82% YOY in October, continuing a 9-month-long downward trend. The used cushion-tire forklift category posted the largest auction value decreases at 5.54% M/M and 9.45% YOY.

U.S. Used Telehandlers

  • U.S. used telehandler inventory levels have been trending up for 32 consecutive months. In October, inventory levels decreased by 0.49% M/M but were 19.82% higher than year-ago levels.
  • Asking values in this market declined by 1.6% M/M and 4% YOY in October and are trending sideways.
  • Auction values decreased by 2.94% M/M and 6.38% YOY in October, continuing a 6-month-long downward trend.

U.S. Used Heavy-Duty Construction Equipment

  • Inventory levels in this market, which includes used crawler excavators, dozers, and wheel loaders, were up 2.12% M/M and down 7.44% YOY. Inventory levels are currently trending sideways. The used crawler excavator category had the largest influence on October inventory levels, with inventory up 2.8% M/M and down 9.32% YOY.
  • Asking values increased slightly M/M in October, by 0.91%, decreased by 1.21% YOY, and are trending sideways. The used crawler excavator category had the largest M/M asking value increase at 2.51%, while the used wheel loader category showed the largest YOY decrease at 4.37%.
  • Auction values are also trending sideways, posting increases of 0.53% M/M and 2.59% YOY in October. Used wheel loaders led other categories in M/M auction value increases at 0.86%, while used crawler excavators led in YOY increases at 3.72%.

U.S. Used Medium-Duty Construction Equipment

  • Inventory levels in this market, which includes used skid steers, loader backhoes, and mini excavators, are trending sideways, with a slight increase of 0.28% M/M in October and a 6.81% YOY drop. The used loader backhoe category showed the largest M/M inventory level increase at 5.35%, while the used mini excavator category exhibited the largest YOY decrease at 15.19%.
  • Asking values decreased by 0.67% M/M and 0.92% YOY in October and are trending down. The used loader backhoe category had the largest M/M asking value decrease at 1.7%, while the used mini excavator category had the largest YOY decrease at 2.82%.
  • Auction values dipped 0.96% M/M but increased by 0.82% YOY in October and are trending downward. The used loader backhoe category showed the largest M/M auction value decrease at 1.57%, while the used track skid steer category had the largest YOY decrease at 1.66%.

U.S. Used Tractors 100 Horsepower and Greater

  • Inventory levels in this market fell 1.19% M/M and 11.47% YOY in October and are trending downward for the sixth month in a row. The used 175 HP to 299 HP tractor category decreased the most M/M, by 2.26%, while the used 100 HP to 174 HP tractor category decreased the most YOY, by 19.56%.
  • Asking prices in this market have been trending down for nine months, decreasing 1.48% M/M and 5.72% YOY in October. The largest changes occurred in the used 300 HP and greater tractor category, with asking prices down 2.28% M/M and 6.28% YOY.
  • Auction values have been trending down for six months, decreasing 1.62% M/M and 3.58% YOY in October. The used 300 HP and greater tractor category posted the largest auction value changes as well, down 2.42% M/M and 3.86% YOY.
  • The EVI spread, which measures the percentage difference between asking and auction values, remained unchanged since September at 40%, close to the peak values observed in 2015.

 U.S. Used Combines

  • Used combine harvester inventory levels decreased by 4.82% M/M and 10.52% YOY in October and are trending down.
  • Asking values decreased by 4.14% M/M and 5.1% YOY and are trending down.
  • Auction values fell 3.94% M/M in October but were up 1.89% YOY, shifting from a sideways trend in September to a downward trend in October.
  • The EVI spread for this market dropped by one point to 42%, which is lower than the peak values of 2015.

U.S. Used Sprayers

  • Used sprayer inventory levels increased by 1.42% M/M in October, decreased by 13.34% YOY, and maintained a sideways trend.
  • Asking prices ticked up 0.86% M/M, decreased by 5.64% YOY, and are trending sideways.
  • Auction values inched up 0.74% M/M in October and posted a marginal YOY decrease of 0.17%. Auction values in this market moved from a downward trend in September to a sideways trend in October.
  • The EVI spread for used sprayers remained at 43%, which is slightly lower than the peak values seen in 2015.

U.S. Used Planters

  • Inventory levels in this market remained nearly flat in October, with a 0.03% M/M decrease, and were 19.32% lower than year-ago levels. Used planter inventory levels are trending sideways.
  • Asking prices were down 2.31% M/M, up 0.15% YOY, and are trending sideways.
  • Auction values were down 6.54% M/M, up 4.8% YOY, and are trending up.
  • The EVI spread for used planters rose six points in October to 56%. However, this figure is still lower than the peak values of 2015.

U.S. Used Compact and Utility Tractors

  • Inventory levels of used compact and utility tractors increased by 1.63% M/M in October, decreased by 21.84% YOY, and are trending sideways. The used less-than-40-HP tractor category posted the largest changes, with inventory levels up 2.52% M/M and down 24.06% YOY.
  • Asking values in this market are trending sideways, with a 0.11% M/M decrease and a 0.92% YOY increase in October. The used sub-40-HP tractor category led in asking value changes as well, down 0.64% M/M and 1.43% YOY.
  • Auction values posted modest changes as well in October, down 0.41% M/M and up 1.1% YOY, and are trending sideways. The sub-40-HP tractor category had the largest M/M auction value decrease at 1.3% and the largest YOY decrease at 1.03%.

U.S. Used Heavy-Duty Trucks

  • Inventory levels of U.S. used sleeper and day cab trucks rose 5.05% M/M in October but were still 11.6% lower YOY and are trending sideways. Used sleeper trucks had the largest M/M inventory increase at 8.48%, while the used day cab truck category had the largest YOY decrease with a 14.21% change.
  • Asking values were down 0.38% M/M, up 0.36% YOY, and are trending sideways. The used day cab truck category posted both the largest M/M asking value decrease at 1% and the largest YOY decrease at 6.7%.
  • Auction values in this market were down 0.11% M/M, up 0.27% YOY, and are trending sideways. The used day cab truck category had the most significant changes here as well, with auction value decreases of 0.99% M/M and 7.55% YOY.

U.S. Used Semi-Trailers

  • Inventory levels in this market decreased by 0.73% M/M and 12.48% YOY in October and are trending downward. Used drop-deck trailers led other categories in M/M inventory increases at 13.18%. The used dry van trailer category led in YOY inventory declines, down 21.42%.
  • Asking values in this market were down 0.63% M/M and 1.03% YOY and are trending down. The used reefer trailer category posted the largest M/M asking value decrease at 2.63%, while the used drop-deck trailer category showed the largest YOY decrease at 3.1%.
  • Auction values are also trending downward, with decreases of 3.06% M/M and 2.39% YOY in October. Used reefer trailer auction values declined the most M/M at 6.31%, while the used dry van trailer category led in YOY decreases with a 7.89% drop.

U.S. Used Medium-Duty Trucks

  • Inventory levels of used medium-duty trucks such as box trucks, flatbed trucks, and cab and chassis trucks, are trending downward. Inventory levels decreased by 1.36% M/M and 1.02% YOY in October.
  • Asking values decreased by 2.42% M/M and 6.81% YOY in October, continuing a 14-month-long downward trend.
  • Auction values have also been trending downward. Auction values fell 2.32% M/M and 8.54% YOY in October.