According to data from the Ritchie Brothers in May, in the three months to April, the price of used heavy equipment fell by about 4% compared to the same period in 2019.
This category includes excavators, bulldozers, loaders, articulated dump trucks, road rollers, graders and backhoes.
Compared with the same period last year, the price of trucks and tractors fell by about 10% in the three months to April. During the same period, used trucks (dump trucks, flatbed trucks, boom trucks, water trucks and tank trucks, trucks and refrigerated trucks, mechanical trucks and concrete mixers) fell by about 5%.
Lifting and material handling equipment has also declined, and it is estimated that it has fallen by 9% over the same period. This category includes cranes, booms, scissors, telescopic loaders and forklifts.
Ritchie said it uses machine learning-based methods to calculate the price index it uses. The company said: "In order to isolate and measure the dynamic changes in the supply and demand of prices over time, we use various machine learning techniques to correct the device combination, such as brand, model, age and more than 100 characteristics.".
Ritchie said it also validates the price index it uses by correlating it with "following good industry indicators such as sales or orders."
