Cheffins posts record year as demand for second-hand machinery continues

• Cheffins recorded a £23m increase in 2023 sales from the previous year
• Over £71m of machinery sold during 2023
• A total of 51 auctions including on-site, Cambridge Monthly Auctions and Vintage sales
• Second-hand market remains strong despite new machinery supply chains easing

Leading agricultural machinery auctioneers Cheffins has released its 2023 figures showing total sales of £71m, a £23m increase in machinery and plant sales compared to the previous year.

Demand for top quality, low-hour machinery remained strong and good examples were sold at a premium as buyers looked to the second-hand market for sound financial investments and a significant saving on buying new. The Cheffins team conducted 51 sales during the year, which consisted of 34 on-site farm or dealer dispersals, 12 monthly Cambridge Monthly Machinery Auctions and five Vintage sales. This total remained unchanged from 2022.

Oliver Godfrey, Director, and Head of the Machinery Division at Cheffins explains why 2023 experienced a large increase. “Despite supply chains returning to normality from the past couple of years, new machinery prices continue to be high, which is adding caution to the market, especially when many arable growers have struggled to get winter crops established. The export market has also returned in full force over the past 12 months, with machines sold and shipped worldwide from both our monthly machinery sales hosted at Sutton and at the on-site sales throughout the country.”

Sale highlights included the dealer dispersal for Ripon Farm Services in Yorkshire, which saw over £5m of machinery sell in one day. The well-known dealer enlisted Cheffins to sell various stock items from its 11 depots with machines from foragers and feeder wagons going under the hammer. The Staines Hire UK auction also saw a fleet of late registered, low-houred John Deere tractors offered to the market with high prices being achieved. Auctions took place from Northumberland to Somerset with strong UK interest as well as buyers from throughout the EU.

Standout lots during 2023 included a low-houred 2022 John Deere 6R125, which sold very well at £131,000 to a buyer from Poland, and a Massey Ferguson 20 Multi-Power that smashed pre-sale predictions at the Harrogate Vintage and sold for three times its estimate, eventually reaching a record price of £31,500. Another Massey Ferguson, this time a 6150 that had one owner and been on the same farm since new, clocking a modest 3,210 hours, sold for £35,000 via one of our timed online auctions.

Oliver continued: “There is still a huge demand for low-hour, high-spec, well-maintained second-hand equipment that has come directly from farm. Buyers are prepared to pay a premium for these items as they represent a sound investment and a considerable saving over a new machine. We offer all our auctions to a global audience which provides sellers with greater confidence that we can achieve the best prices for their machines and handle exporting kit to its final destination. 2024 has started at the same pace we saw in 2023, with strong prices being paid for good-quality, second-hand machinery and we have several big sales already in the pipeline that we are excited to bring to market. Check out our website for full listings.”