Dealers are expressing a degree of optimism in the used construction equipment, farm machinery, and commercial truck and trailer markets, despite a mix of trends, many of which pointed downward in January, according to a new report from Sandhills Global. Relatively strong January sales in some markets, along with a sense that several markets have bottomed out and are beginning to tick up, have sparked a cautiously positive outlook for a gradual recovery throughout 2026.

The newest Sandhills Global market reports provide details on inventory, asking price, and auction value trends affecting used equipment, trucks, and trailers across Sandhills' platforms. Downward inventory trends persisted in most markets, but several value trends improved in January. For example, in the used heavy-duty construction equipment, semi-trailer, and sprayer markets, asking and auction values shifted from downward to sideways trends. Value trend lines also improved for used high-horsepower tractors, compact and utility tractors and planters.

U.S. Used Heavy-Duty Construction Equipment

• January marked the seventh consecutive month of a downward inventory trend for the U.S. used heavy-duty construction equipment market. Inventory levels fell 2.6% month over month and 13.05% year over year. The used wheel loader category had the steepest inventory declines, down 3.74% M/M and 14.06% YOY.

• Asking values were up 1.93% M/M but slipped 2.87% YOY and are trending sideways. The strongest M/M asking value gain came from the used crawler excavator category at 2.6%, while used wheel loaders had the largest YOY drop at 3.89%.

• Auction values rose 2.91% M/M in January but decreased slightly YOY at 0.35%, also maintaining a sideways trend. These changes were led by used crawler excavators, up 4.93% M/M, and used crawler dozers, down 1.13% YOY.

U.S. Used Medium-Duty Construction Equipment

• Inventory levels in this market fell 2.17% M/M and 12.82% YOY in January and are trending down. Used loader backhoes led other categories in inventory level decreases, down 6.3% M/M and 24.56% YOY.

• Asking values increased by 2.55% M/M but slipped 0.76% YOY and continued an 11-month-long downward trend. The largest changes occurred in the used loader backhoe category, up 4.36% M/M, and the used track skid steer category, down 1.85% YOY.

• Auction values edged up 3.36% M/M and 0.1% YOY in January, but the increases weren't substantial enough to change the trend line. Auction values have now been trending down for six consecutive months. The used loader backhoe category led the pack, delivering the biggest M/M auction value gain at 5.18% and the largest YOY rise at 1.56%.

U.S. Used Aerial Lifts

• Inventory levels in the U.S. aerial lift market increased by 0.99% M/M and 3.62% YOY in January and are trending up. The used slab scissor lift category led in M/M inventory increases, up 3.04%, while the used rough-terrain scissor lift category led in YOY gains, up 13.75%.

• Asking values climbed 5.06% M/M but slipped 1.89% YOY and are trending sideways. Used rough-terrain scissor lifts led other categories in M/M asking value increases, up 6.81%. The steepest YOY decline occurred in the used telescopic boom lift category, down 3.5%.

• Auction values jumped 7.46% M/M but fell 3.69% YOY in January, continuing an 11-month-long downward trend. The sharpest category auction value changes occurred among used rough-terrain scissor lifts, up 8.48% M/M, and used telescopic boom lifts, down 5.78% YOY.

U.S. Used Forklifts

• U.S. used forklift inventory levels remained nearly flat M/M in January, with a 0.21% decrease, but surged 30.89% YOY. Inventory levels in this market are currently trending sideways. The used cushion-tire forklift category drove inventory changes in this market, posting a 1.79% M/M decrease and a 31.77% YOY increase.

• Asking values slipped 1.68% M/M and 3.25% YOY and are trending down. Again, the used cushion-tire forklift category led the changes, with asking values dropping 2.47% M/M and 3.51% YOY.

• Auction values fell 2.25% M/M and 2.14% YOY but maintained a sideways trend. The most pronounced auction value changes occurred in the used cushion-tire forklift category, down 2.44% M/M, and the used pneumatic-tire forklift category, down 2.68% YOY.

U.S. Used Tractors 100 Horsepower and Greater

• Inventory levels for U.S. high-horsepower tractors have been trending down for eight consecutive months. Inventory levels decreased by 1.12% M/M and 16.99% YOY in January. Used tractors 300 horsepower and greater saw the steepest inventory decline at 1.25% M/M, while the biggest annual drop occurred in used 100-to-174-HP tractors, down 24.82% YOY.

• Asking values increased by 2.06% M/M, decreased by 1.12% YOY, and are trending sideways. Used tractors 300 HP and greater posted both the largest M/M asking value increase, up 2.65%, and the largest annual decline, down 1.26% YOY.

• Auction values were up 2.67% M/M and 1.89% YOY in January and are trending up. Used tractors 300 HP and greater drove monthly auction value increases with a 3.76% M/M rise, while the largest annual gain occurred in the used 175-to-299-HP tractor category, up 2.8%.
• The EVI spread, which measures the percentage difference between asking and auction values, fell three percentage points to 32% in January, lower than the peak values observed in 2015.

U.S. Used Combines

• Inventory levels of used combines in U.S. markets ticked up 0.92% M/M in January but remained significantly low YOY, down 11.43%, and are trending sideways.

• Asking values increased by 1.54% M/M, decreased by 3.82% YOY, and are trending sideways.

• Auction values increased by 1.92% M/M and 2.35% YOY and are trending up.

• The EVI spread for used combines decreased by one percentage point to 36% in January, still lower than the peak values observed in 2015.

U.S. Heavy-Duty Trucks

• Inventory levels in the U.S. used heavy-duty truck market continued a downward trend in January, falling 3.9% M/M and 11.37% YOY. Used sleeper trucks recorded the steepest M/M inventory decline at 5.17%, while used day cab trucks drove the largest YOY drop at 13.14%.

• Asking values also slipped further, down 1.87% M/M and 2.73% YOY, maintaining an overall downward trend. The biggest M/M asking value decrease occurred in the used sleeper truck category, down 2.45%, and the most pronounced YOY decline was observed in used day cab trucks, down 5.55%.

• Auction values decreased by 0.98% M/M and 4.58% YOY in January and are trending down. Used sleeper trucks posted the largest M/M auction value decline at 1.82%, while used day cabs experienced the largest YOY decrease at 6.59%.

U.S. Used Semi-Trailers

• Inventory levels in this market fell 5.84% M/M and 18.46% YOY, maintaining a downward trend. The largest inventory changes were observed in the used reefer trailer category, down 10.4% M/M, and the used dry van trailer category, down 26.23% YOY.

• Asking values rose 3.51% M/M but slipped 1.65% YOY and are trending sideways. Used reefer trailers had the greatest impact on monthly asking prices in January, increasing by 4.62% M/M, while used dry van trailers led other categories in YOY decreases with a 3.58% drop.

• Auction values are also trending sideways, posting a 5.15% M/M increase and a 4.54% YOY decrease in January. The largest auction value changes were seen among used reefer trailers, up 7.15% M/M, and used dry van trailers, down 16.51% YOY.

U.S. Used Medium-Duty Trucks

• Inventory levels in this market inched up 0.94% M/M in January but fell 5.7% YOY and continued a 5-month-long downward trend.

• Asking values were essentially flat in January, increasing by 0.01% M/M, but fell 6.61% YOY and are trending down.

• Auction values were up 1.85% M/M and down 6.81% YOY. Like asking values, auction values have been trending down for five consecutive months.