Brexit brings 'golden touch' to Cheffins as second-hand machinery sales soar to almost £14 million
PUBLISHED: 10:50 10 April 2019 | UPDATED: 10:50 10 April 2019
Almost £14 million of second-hand machinery has been sold at Cheffins in the past three months as sellers are “cashing in quickly” ahead of Brexit.
Bosses at the Ely-based firm say that Brexit has brought a “golden touch” for second-hand machinery values as overseas buyers look to pick up bargains.
The “enormous uplift” in stock levels has seen reported sales of more than £12,642,000 in the first quarter of 2019 at the site and at on-farm auctions across the UK.
It means that sales have been up 31 per cent, compared to this time last year.
In March alone, Cheffins sold more than five million pounds worth of machinery, with just over four million pounds worth sold at Cambridge Machinery Saleground at the regular monthly sale.
Bill Pepper, director at Cheffins, said: “The numbers of entries for this quarter at both the Cheffins monthly sales and on site are indicative of sentiment in the second-hand machinery market as sellers look to cash-in on the high prices being achieved ahead of Brexit.
“Brexit has brought with it a golden touch for second-hand machinery values over the past three years or so as overseas buyers looked to pick up bargains and make the most of our weakening currency.
“Uncertainty over import and export tariffs once we finally do leave the EU has encouraged sellers to cash-in quickly and disperse of machinery in early 2019 as the final Brexit deadline looms large.”
The highest-grossing lot for the period is £85,000 for a 2013 John Deere 8310R, followed by £80,000 for a 2015 Fendt 939 Profi tractor.
The top buyers in 2019 so far are led by the Irish, followed by Spanish, Polish, Bulgarian and Romanian.
“There has been an enormous uplift in stock levels which is purely illustrative of the sentiment we have experienced since the start of this year,” Mr Pepper added.
“Prices have not grown throughout the first quarter in line with stock, indicating that lower value items have dominated the past three auctions, however sale rates have held firm as the buyer base at the machinery sale continues to broaden.”