Increasing costs for new machinery, coupled with long lead times and a weak pound, have doubled the value of second hand machinery through Cheffins' monthly sales and on-site auctions in the first quarter of 2023.

In the first three months of 2023, the company sold more than £25million worth of machinery, which is more than twice the £12.4m the 14 sales in the same period last year brought in.

At the Cambridge monthly machinery sale, the three auctions in January, February and March grossed in excess of £11.2m which represents an uplift of 20.5% against sales in Q1 2022, which achieved £9.29m. Overseas purchases particularly from Ireland, Romania, Sudan, Lithuania and Poland made up circa 35% of buyers.

"End-users and trade buyers have had to be prepared to pay higher prices for good quality second-hand machinery," said Oliver Godfrey, head of machinery division at Cheffins.

"Whilst we are still living in uncertain times with the combination of the war in Ukraine, rising interest rates and the cost-of-living crisis, well-maintained agricultural and plant machinery is continuing to see growing prices which has pushed up the average lot price achieved at each of the Cheffins sales.

READ MORE: Drive to electric vehicles could boost landowner income

"As the pound remains weak against the Euro, the export market came back with a bang in the first quarter of this year, as overseas buyers become increasingly confident in the new rules and regulations for machinery export. Global supply chains are continuing to struggle to build new kit as quickly as is needed, and this has left farmers and contractors little choice but to turn to second hand opportunities. Similarly, on site sales in the past three months for farmers, contractors and machinery dealers have increased in regularity and we have seen multiple sales gross seven figure sums as we offer a hassle-free solution to dispose of surplus equipment.”

The top selling items in the first three months of the year include a 2021 John Deere 9800i forage harvester which sold for £230,000; a 2017 Claas 980 Jaguar forage harvester, that achieved £125,000; a 2020 JCB 435S loading shovel, which sold for £125,000; a 2015 Case Quadtrac 580 tractor which made £119,000; a 2018 John Deere 8600 forage harvester which made £115,000 and a 2019 Fendt 724 Vario tractor which made £111,000.