Economic Uncertainty Continues as Inventory Levels Rise Across Truck and Construction Equipment Markets

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LINCOLN, Neb., June 4, 2025 /PRNewswire/ — New Sandhills Global market reports show inventory levels rising month over month for U.S. used truck, semi-trailer, and construction equipment markets on Sandhills platforms, which include TruckPaper.com and MachineryTrader.com. Inventory levels in the used heavy-duty truck and semi-trailer markets are trending sideways despite monthly increases. However, used medium-duty truck inventory levels are continuing a steady upward trend, while asking and auction values remain on a downward trend.
'Uncertainty has filled the truck market,' says Truck Paper Manager Scott Lubischer. 'Dealers are selling trucks not because they are upgrades, but because people still need to operate. Dealers are lowering prices to drive sales, but they are feeling the effects of slowed port activity, lower freight volumes, and tariffs.'
In the used heavy- and medium-duty construction equipment markets, Sandhills has observed inventory levels trending downward despite small monthly upticks in May. Asking prices and auction values dipped lower across all used construction equipment markets; trend lines are holding steady, but if value drops persist, they may also shift trend lines downward.
'Used equipment dealers are navigating a mixed market,' says Director of North America Construction Stephanie Olberding. 'Seasonal drops in demand have contributed to the slight heavy-duty construction inventory increases noted in the May reports.'
The key metric in all of Sandhills' market reports is the Sandhills Equipment Value Index (EVI). Buyers and sellers can use the information in the Sandhills EVI to monitor equipment markets and maximize returns on acquisition, liquidation, and related business decisions. The Sandhills EVI data include equipment available in auction and retail markets and model-year equipment actively in use. EVI spread measures the percentage difference between asking and auction values.
Additional Market Report TakeawaysSandhills market reports highlight the most significant changes in Sandhills' used heavy-duty truck, semi-trailer, farm machinery, and construction equipment markets. Key points from the current reports are listed below. Full reports are available upon request.
U.S. Heavy-Duty Trucks
Inventory levels in this market rose 3.9% month over month in May and fell 21.83% year over year, but maintained a steady trend. Used sleeper trucks led other categories in inventory level changes, both M/M, with a 6.38% increase, and YOY, with a 35.37% decrease.
Asking values in this market have also been trending sideways, with a marginal 0.19% increase M/M and a 2.51% decrease YOY in May. The used sleeper truck category had the largest M/M asking value increase at 1.29%, while used day cab trucks had the largest YOY decrease at 5.62%.
Auction values posted small increases of 0.67% M/M and 0.38% YOY in May and are trending upward. Used sleeper trucks led other categories in M/M auction value increases, up 2.63%, while used day cab trucks posted the largest YOY auction value drop at 7.10%.
U.S. Used Semi-Trailers
Inventory levels in the U.S. used semi-trailer market have maintained a steady trend. In May, inventory increased by 3.41% M/M, but was 11.2% lower than year-ago levels. The used reefer trailer category showed the largest M/M inventory increase at 10.49%, while used dry van trailers had the largest per-category YOY decrease at 18.29%.
Asking values are trending up, with a 0.91% M/M increase and a 2.92% YOY decrease in May. The used reefer trailer category drove M/M asking value increases with a 6.31% jump. The used flatbed trailer category led in YOY asking value decreases, down 4.05%.
Although auction values decreased by 0.81% M/M in May, they increased 2.05% YOY and are trending up. Notably, used dry van trailers showed the largest M/M auction value decrease at 5.31%, and used flatbed trailers had the largest YOY increase at 3.67%.
U.S. Used Medium-Duty Trucks
Inventory levels in the U.S. used medium-duty trucks market continue to trend upward. In May, inventory was up 1.83% M/M and 25.79% YOY. The used moving box truck category posted the largest M/M inventory increase at 19.51%, while used reefer box trucks had the largest per-category YOY inventory increase at 85.92%.
Asking and auction values in this market have been trending downward for nine months. In May, asking values declined 0.97% M/M and 2.83% YOY, led by decreases in the used stake truck category, down 5.62% M/M, and the used moving truck category, down 7.86% YOY.
Auction values decreased by 0.55% M/M and 1.73% YOY in May. Category leaders were used stake trucks, with auction values decreasing 5.89% M/M, and used reefer box trucks, with auction values down 6.84% YOY.
U.S. Used Heavy-Duty Construction Equipment
Inventory levels in this market have been trending downward for five months. In May, inventory levels increased by 1.23% M/M but were down 2.52% YOY. The used wheel loader category exhibited the largest M/M inventory increase at 1.7%, while used crawler excavators posted the largest YOY inventory decrease at 5.83%.
Asking values are on a steady trend despite decreases of 1.9% M/M and 3.91% YOY in May. Used dozers led other categories in M/M asking value decreases at 2.46%, while used crawler excavators led other categories in YOY asking value decreases at 5.11%.
Auction values are also trending sideways, with decreases of 0.69% M/M and 1.4% YOY in May. The used dozer category posted the largest M/M auction value decrease at 1.85%, while used wheel loaders had the largest per-category YOY auction value decrease at 5.42%.
U.S. Used Medium-Duty Construction Equipment
Inventory levels in the U.S. used medium-duty construction market are trending down, with a 0.48% increase M/M, and a 2.06% decrease YOY in May. Used wheeled skid steers showed the largest M/M inventory increase at 4.85%, while used mini excavators exhibited the largest YOY inventory decrease at 11.98%.
Asking values in this market are trending sideways, with a 0.92% decrease M/M and a 3.05% decrease YOY. The used loader backhoes category showed the largest M/M asking value decrease at 1.8%, while used track skid steers exhibited the largest YOY asking value decrease at 4.69%.
Auction values are trending up despite May decreases of 0.81% M/M and 0.82% YOY. The used loader backhoes category showed the largest M/M auction value decrease at 2.6% and the largest YOY auction value decrease at 3.29%.
U.S. Used Lifts
Inventory levels in the U.S. used lifts market have been trending upward, despite a slight decrease of 0.52% M/M in May, and are 14.3% higher YOY. The used pneumatic-tire forklift category exhibited the largest M/M inventory increase at 8.1%, while the used rough terrain scissor lift category showed the most significant YOY inventory growth at 31.89%.
Asking values in this market decreased by 0.95% M/M and 8.16% YOY, maintaining a downward trend. The used rough terrain scissor lift category posted the largest M/M asking value decrease at 2.81%, and also showed the steepest YOY decline at 16.67%.
Auction values decreased by 3.53% M/M and 7.04% YOY in May but kept a sideways trend. The used rough terrain scissor lift category experienced the largest M/M auction value decrease at 11.78%, and also had the largest YOY decrease at 13.82%.
U.S. Used Tractors 100 Horsepower and Greater
Inventory levels of U.S. used tractors 100 horsepower and greater declined 2.5% M/M and 0.66% YOY in May, following a downward trend. The used 100- to 174-HP tractor category had the largest impact on this market, with inventory falling 4.8% M/M and 9.59% YOY.
Asking values decreased 1.88% M/M and 6.41% YOY and are trending downward. The used high-horsepower tractor category (tractors 300 HP and greater) showed both the largest M/M asking value decrease, down 2.94%, and the largest YOY decrease, down 6.63%.
Despite auction values falling 2.09% M/M and 4.1% YOY in May, they are on a sideways trend. Sandhills observed the largest M/M decrease in the used high-HP tractor category, down 3.21%, and the most significant YOY decrease in the used 175- to 299-HP tractor category, down 3.84%.
The EVI spread, which measures the percentage difference between asking and auction values, maintained at 38%, still slightly lower than peak values observed in 2015.
U.S. Used Combines
Inventory levels of used combine harvesters decreased by 0.11% M/M in May and were down 5.54% compared to year-ago levels. Despite the decline, this market is trending up.
Asking values maintained an upward trend, rising 0.95% M/M and 0.15% YOY in May.
Auction values continued a five-month upward trend in May, increasing 2.43% M/M and 7.71% YOY.
The EVI spread continued to fall, reaching 42%, which is lower than peak values observed in 2015.
U.S. Used Sprayers
Inventory levels of U.S. used sprayers on Sandhill platforms have maintained a downward trend. In May, inventory decreased by 3.34% M/M and 5.22% YOY.
Asking values for used sprayers are trending downward, with decreases of 2.09% M/M and 5.79% YOY in May.
Auction values for used sprayers are following a steady trend but dipped 2.26% M/M and 3.7% YOY in May.
The EVI spread 43%, only slightly lower than peak values from 2015.
U.S. Used Planters
Inventory levels of U.S. used planters on Sandhills platforms are trending downward. In May, inventory decreased by 3.7% M/M and 13.49% YOY.
Asking values in this market have maintained a steady trend. However, asking values decreased by 3.54% M/M and 2.04% YOY in May.
Auction values are also trending sideways, decreasing by 6.13% M/M but increasing by 6.70% YOY in May.
The EVI spread increased to 55%, still lower than peak values observed in 2015.
U.S. Used Compact and Utility Tractors
Inventory levels of U.S. used compact and utility tractors on Sandhills platforms have been trending downward for seven months in a row. Inventory levels dropped 3.8% M/M and 24.06% YOY in May. The used less-than-40-HP tractor category exerted the greatest influence on inventory levels, with decreases of 5.62% M/M and 27.74% YOY.
Asking values continued an upward trend, posting a slight 0.11% M/M increase and 1.18% YOY decrease. The used 40- to 99-HP tractor category showed the largest YOY decrease at 3.26%.
Auction values showed a marginal 0.4% M/M decrease and a 0.3% YOY increase and are trending sideways. The used less-than-40-horsepower tractor category had the largest YOY decrease at 1.69%.
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About the Sandhills Equipment Value IndexThe Sandhills Equipment Value Index (EVI) is a principal gauge of the estimated market values of used assets—both currently and over time—across the construction, agricultural, and commercial trucking industries represented by Sandhills Global marketplaces, including AuctionTime.com, TractorHouse.com, MachineryTrader.com, TruckPaper.com, and other industry-specific equipment platforms. Powered by Value Insight Portal (VIP), Sandhills' proprietary asset valuation tool, Sandhills EVI provides useful insights into the ever-changing supply-and-demand conditions for each industry.
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