What’s It Worth? The Uncertain Economics of Aging Heavy Equipment

[MikePhua]

The Sentimental and Practical Value of Old Iron
Determining the value of an old piece of heavy equipment is often more art than science. Take, for example, a 1950s-era Allis-Chalmers HD6G dozer—rugged, slow by today’s standards, and completely manual. Is it worth $1,000 or $10,000? The answer lies somewhere between what a buyer is willing to pay and what an owner believes it’s worth—often tied to years of service, emotional attachment, and a hard-to-price sense of history.
Many rural properties still house a collection of aging iron: a dozer that once cleared fields, a backhoe that dug the family’s septic system, or a loader that was passed down from a grandfather who bought it new. While these machines might be “retired,” they’re rarely forgotten. For some owners, their value goes beyond resale numbers—they’re family heirlooms, tools of independence, and living symbols of self-reliance.
The Realities of Market Demand
From a pure economic perspective, old machines typically follow a depreciation curve that drops steeply in the first few decades. After a certain point, however, values may stabilize, especially if the machine is operable, has unique features, or is in demand for niche applications.
Factors that influence value include:

• Make and model popularity: Caterpillar, Case, and John Deere tend to hold value better.
  
• Parts availability: If components are still manufactured or readily available from salvage yards, the machine is worth more.
  
• Working condition: A machine that starts, moves, and operates hydraulics may be worth triple that of a non-runner.
  
• Cosmetic condition: Surprisingly, good paint and a clean seat can sometimes tip the balance for a casual buyer.
  

One long-time equipment dealer remarked in a trade interview, “The scrap price might be $3,000, but I’ve sold runners for $8,000 just because they moved under their own power. That’s all it takes sometimes.”
Scrap Value as a Floor Price
When a machine no longer runs or requires more in repairs than it’s worth operationally, it may be priced by weight. With scrap steel hovering around $150–$200 per ton in recent years, a mid-sized dozer weighing 15,000 lbs (about 7.5 tons) might fetch $1,000–$1,500 in scrap. This forms a de facto floor value—though transport costs and disassembly can eat into that.
Some savvy buyers look for machines priced near scrap value just for the parts. A working transmission, rebuilt injector pump, or good undercarriage can often bring in more piecemeal than the machine whole.
Restoration vs. Practical Use
While the collector market for antique tractors is active—such as with Farmall Cubs or early John Deere B models—the same is less true for heavy equipment. Restoring an old crawler loader or grader may take hundreds of hours and thousands of dollars in parts. Unless the machine has sentimental value, the return on such a restoration is almost always negative.
Still, there are exceptions. Shows like the Antique Caterpillar Machinery Owners Club (ACMOC) events attract restorers who see these machines as part of industrial heritage. A 1940s-era Cat D2 in mint condition, for instance, might command $20,000 among collectors—even if it has little utility in a modern jobsite.
The Craigslist and Auction Circuit
Online marketplaces like Craigslist, Facebook Marketplace, and auction sites such as Richie Bros. and Purple Wave have changed how people value and move old equipment. A non-running backhoe might sit idle for years until someone 200 miles away spots it online and drives down with a trailer and cash.
Auction prices can be unpredictable. A rough machine with flat tires may fetch less than scrap, while another, freshly painted with a "starts and runs" note, may go for twice the expected value. Timing and location play huge roles: in logging areas, tracked loaders hold more value; in snowbelt regions, graders often sell better in late fall.
Final Thoughts
The question “what’s it worth?” has no single answer when it comes to heavy equipment, especially aging machines. It's a matter of condition, market timing, and emotional value. To some, it's a rusted relic worth the price of steel. To others, it’s a tool with one more job left—or a memory on tracks.
A small-town operator once said of his old Case 310 dozer, “I could sell it for three grand. Or I could keep it and push one more pile of dirt. Either way, it’s paid for itself ten times over.” And perhaps that’s the best valuation metric of all.