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Second-hand machinery sales in UK buoyed by oversees buyers

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Staff Writer | Friday October 5, 2018 4:38AM ET
Second-hand machinery
Britain   A combination of a strong harvest and higher commodity prices

Cheffins, which conducts the largest monthly sale of second-hand tractors and agricultural machinery in the world, has reported sales of over £11.3m in Q3, throughout both Cambridge Machinery Sales at the firm’s dedicated site near Ely, and at on-farm auctions across the UK.


Whilst stock had decreased across the quarter by 11 percent, the September 2018 auction was the highest grossing September sale at the Cheffins site since 2014, making a total of £3.5m.

A combination of a strong harvest and higher commodity prices has led to farmers looking to change up machinery as revenues increased throughout the summer. Similarly, prices are continually buoyed by the strength of overseas buyers making the most of favourable exchange rates and a lack of stock.

Around 80 percent of stock sold at the Cheffins Cambridge Machinery Sales is destined for overseas, with buyers from around 30 different countries competing for the best kit.

The third quarter of the year saw the most active buyer nationalities being Southern Ireland, Spain and Poland, with a total of circa £3m being sold to these countries in the past three months. Similarly, domestic buyers have returned to the market as a result of increased revenues, with circa £2m-worth of stock being sold at the Cambridge Machinery Sales to UK-based purchasers.

 

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