September 2025 Market Report

November 19, 2025

In September 2025, U.S. used equipment markets exhibited a general contraction in inventory levels year-over-year across the majority of segments, though select areas saw notable increases month-over-month and year-over-year. Asking and auction values largely trended downward or sideways, reflecting ongoing pricing pressures amid mixed demand signals. EVI spreads held steady at elevated levels between 40% and 49%, indicating continued discrepancies between asking and realized auction prices. Overall, the data points to a softening market with tightening supply in core areas, suggesting prudent risk management for lenders while opportunities may emerge in stabilizing sub-sectors.

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U.S. Used Heavy-Duty Construction Equipment

  • Inventory levels in this market decreased by 1.72% M/M and 11.04% YOY and are trending downward. The used dozer category had the largest M/M inventory level decrease in September, down 2.33%, while used crawler excavators had the largest YOY decline, down 13.78%.
  • Asking values decreased by 1.22% M/M and 2.75% YOY in September and are trending downward. Used crawler excavators led in monthly declines, with asking prices down 2.87% M/M. Used wheel loaders posted thelargest YOY asking price decrease at 5.63%.
  • Auction values dipped 0.48% M/M and rose 1.21% YOY in September and are trending downward. Used wheel loaders led other categories in monthly auction value decreases, down 2.51%, while used dozers showed a noteworthy YOY increase at 3.02%.

U.S. Used Medium-Duty Construction Equipment

  • Inventory levels in this market increased 1.86% M/M in September but decreased 8.31% YOY and are trending down. The used mini excavator category exhibited the largest M/M inventory increase at 4.7%, while used loader backhoes led other categories in YOY inventory decreases with a 19.73% drop.
  • Asking values decreased by 1.06% M/M and 0.91% YOY and are trending sideways. Used loader backhoe asking prices decreased by 1.69% M/M, more than other categories, while used track skid steers led in YOY asking value decreases at 3.56%.
  • Auction values in this market are also trending sideways. Auction values were down 1.78% M/M but up 1.52% YOY in September. The used loader backhoe category had the largest M/M auction value decrease at 3.06% and the largest YOY auction value increase at 1.99%.

U.S. Aerial Lifts

  • Inventory levels of used aerial lifts are trending upward despite a 1.03% M/M decrease in September. Inventory levels showed a modest 0.92% YOY increase. Used slab scissor lifts had the largest M/M inventory level decrease at 1.51%, while used rough terrain scissor lifts increased the most YOY at 18.73%.
  • Asking values continued a 7-month-long downward trend with decreases of 1.66% M/M and 8.73% YOY in September. Used telescopic boom lift asking prices decreased the most, with a 3.78% drop. Used slab scissor lifts showed the largest YOY asking price decrease, falling 12.75%.
  • Auction values are also trending downward. Auction values dropped 5.18% M/M and 11.06% YOY in September. Used telescopic boom lifts had the largest auction value decreases, down 9.57% M/M and 17.24% YOY.

U.S. Forklifts

  • Used forklift inventory levels have been trending up for eight consecutive months. Inventory levels rose sharply in September, up 4.95% M/M and 28.92% YOY. Used pneumatic-tire forklifts constitute the leading growth category, with inventory gains of 7.42% M/M and 31.69% YOY.
  • Asking values were down slightly in September, by 0.38% M/M and 0.26% YOY, and are trending down. Used pneumatic-tire forklifts were the standout category for asking price changes as well, posting decreases of 0.68% M/M and 1.06% YOY.
  • Auction values decreased by 2.87% M/M and 4.79% YOY in September, continuing an 8-month-long downward trend. Once again, used pneumatic-tire forklifts led other categories in changes with decreases of 6.12% M/M and 8.89% YOY.

U.S. Telehandlers

  • Inventory levels of used telehandlers rose 1.38% M/M and 19.65% YOY, continuing a 31-month-long upward trend.
  • Asking prices were down 0.45% M/M and 3.63% YOY and are trending sideways.
  • Auction values decreased by 0.82% M/M and 4.19% YOY and are trending down.

U.S. Used Tractors 100 Horsepower and Greater

  • Inventory levels in this market decreased by 1.01% M/M and 9.22% YOY in September, adding to several consecutive months of a downward trend. Used 100- to 174-HP tractors constituted the category with the most impact, with inventory levels down 1.88% M/M and 17.98% YOY.
  • Asking values continued an 8-month-long downward trend in September with decreases of 0.25% M/M and 4.89% YOY. The used 175 HP to 299 HP tractor category showed the greatest M/M asking value decrease at 0.75%, while the used 300 HP and greater tractor category saw the largest YOY decrease at 4.77%.
  • Auction values are also trending downward, with decreases of 0.48% M/M and 1.62% YOY in September. The used 100 HP to 174 HP tractor category had the largest M/M auction value decrease at 1.02%. The used 175 HP to 299 HP tractor category decreased the most YOY at 1.91%.
  • The EVI spread, which measures the percentage difference between asking and auction values, inched up to 40%, close to peak values observed in 2015.

U.S. Used Combines

  • Used combine harvester inventory levels fell 2.21% M/M and 12.74% YOY in September.
  • Asking prices were up 2.26% M/M but down 2.02% YOY and are trending down.
  • Auction values ticked up 1.53% M/M and 5.86% YOY and are trending sideways.
  • At 43%, the EVI spread for used combines remained unchanged from August to September.

U.S. Used Sprayers

  • Used sprayer inventory levels are trending sideways, with a 2.49% M/M increase and a 12.57% YOY decrease in September.
  • Asking values were up slightly M/M, by 0.08%, and down 6.37% YOY in September. Asking values are trending down for the sixth month in a row.
  • Auction values are also trending down, with decreases of 1.37% M/M and 0.37% YOY in September.
  • The EVI spread in September was 43%, up two points from August.

U.S. Used Planters

  • Used planter inventory levels were up 2.5% M/M in September but dropped 20.39% YOY. Inventory levels are trending sideways.
  • Asking values inched up 0.68% M/M and 1.19% YOY and are trending upward.
  • Auction values increased by 2.87% M/M and 10.95% YOY and are trending upward.
  • The EVI spread for used planters fell three points to 49% in September, which is still lower than the peak values seen in 2015.

U.S. Used Compact and Utility Tractors

  • Inventory levels in this market have been trending downward for 11 consecutive months. Inventory levels were up 3.71% M/M and down 22.19% YOY in September. The used less-than-40-HP tractor category showed the largest M/M inventory increase at 4.27% and the largest YOY inventory decrease at 24.51%.
  • Asking values decreased by 0.52% M/M, increased by 0.93% YOY, and are trending sideways. The used 40 HP to 99 HP tractor category exhibited the largest asking price decreases, down 0.89% M/M and 1.12% YOY.
  • Auction values decreased by 1.37% M/M and increased by 1.35% YOY in September, maintaining an upward trend. However, the used 40 HP to 99 HP tractor had the largest auction value changes, down 1.75% M/M and 1.07% YOY, indicating that not all categories followed the overall upward trend in auction values. 

U.S. Heavy-Duty Trucks

  • Inventory levels in this market dropped 6.1% M/M and 16.95% YOY in September, shifting to a downward trend from a 5-month-long steady trend that continued through August. The used day cab category had the largest M/M inventory level decrease at 10.02%, while used sleepers led in YOY inventory level decreases at 18.26%.
  • The used heavy-duty truck market posted marginal asking price decreases in September, down 0.17% M/M and 0.54% YOY, and is trending sideways. The largest decreases occurred in the day cab category at 0.36% M/M and 7.48% YOY.
  • Auction values exhibited a similar pattern, with decreases of 1.05% M/M and 0.9% YOY in September and a sideways trend. Used sleeper trucks had the largest M/M auction value decrease at 1.28%, while the used day cab category led in YOY decreases at 8.43%.

U.S. Used Semi-Trailers

  • Inventory levels in this market fell 4.05% M/M and 16.34% YOY in September and are trending down for the seventh month in a row. Used reefer trailers led other categories in M/M inventory level decreases with a 7.32% drop. Used dry van trailers led other categories in YOY declines at 26.26%.
  • Asking values decreased by 1.01% M/M and 1.59% YOY in September and are trending downward. The categories leading these changes were used reefer trailers, with asking prices down 2.58% M/M, and used drop deck trailers, down 3.89% YOY.
  • Auction values were down 1.11% M/M and 1.43% YOY in September and are trending downward. Used dry van trailers led other categories in M/M auction value decreases at 5.73% and YOY decreases at 8.6%.

U.S. Used Medium-Duty Trucks

  • Inventory levels of used medium-duty trucks are trending downward, with a 7.95% M/M decrease and a modest 0.53% YOY increase in September.
  • Asking prices decreased by 0.21% M/M and 4.39% YOY. Asking values have been trending down for 13 consecutive months.
  • Auction values decreased by 0.66% M/M and 6.6% YOY in September and are trending downward.