How IronValue Works
From equipment details to a data-backed market value in three steps.
Enter Equipment Details
Start by selecting the make, model, and sub-model variant of your equipment. Sub-model matters: a CAT 320 GC is a different machine than a CAT 320 standard - different engine, different features, different market value. Our cascading dropdowns ensure you're comparing like to like.
Then enter the year, current hour meter reading, condition (Excellent / Good / Fair / Poor), and any significant attachments. The hour meter reading is the most important input in our model.
We Find Matching Comps
Our engine searches across Ritchie Bros, IronPlanet, and Purple Wave completed auction results, looking for machines that match your make, model, and sub-model variant sold within the last 24 months.
Each matching auction result is then scored for similarity to your specific machine across five factors. Only the most similar comps contribute meaningfully to the final valuation.
| Scoring Factor | Weight | Why It Matters |
|---|---|---|
| Hour meter proximity | 40% | Hours drive depreciation more than age |
| Sale recency | 25% | Market conditions change; recent data is more reliable |
| Model year match | 15% | Same generation machines have similar specs |
| Condition match | 10% | Condition tier affects buyer willingness to pay |
| Geographic proximity | 10% | Regional markets vary; local comps are most relevant |
Get a Market Value
Your valuation report shows an estimated market value, a price range (15th-85th percentile of weighted comps), and a confidence score based on how many comparable sales were found and how similar they are.
You also get the full comps table - every auction result we used to generate the valuation, with sale date, source, hours, condition, location, and price. No black box. Every number is traceable to real auction data.
Why Hours Matter More Than Year
In heavy equipment, the hour meter is the primary indicator of remaining useful life - not the model year. A late-model machine with excessive hours can be worth significantly less than an older machine that was lightly used.
Consider two CAT 320 excavators. IronValue weights hour meter proximity at 40% - the most heavily weighted factor in our similarity scoring. This is how experienced dealers think about equipment, and it's how our algorithm works.
The 2018 with 1,950 hours has more market value than the 2021 with 8,200 hours. IronValue gets this right. Read our deep dive on hours vs. year →
The Details
Our Valuation Algorithm
We require comps from the last 24 months. Comps older than 24 months are excluded. Within that window, more recent sales receive higher similarity scores to reflect current market conditions.
We require a minimum of 5 comparable sales to generate a valuation. If fewer than 5 comps exist, we tell you exactly that - we don't fabricate confidence from thin data.
Initial comp filtering uses a ±40% hour range to find relevant machines. A machine at 4,200 hours searches comps from 2,520 to 5,880 hours. This prevents outliers from distorting the valuation.
If the average hours of comps differ from your machine's hours, we apply a model-specific depreciation curve to adjust the estimated value. This accounts for the cost of those additional hours.
The value range is the 15th to 85th percentile of weighted comparable sale prices. This filters out statistical outliers while giving you a realistic spread of what the market will pay.
Confidence is based on three factors: number of comps found (more = better), average similarity score of top comps (higher = better), and data freshness (more recent = better).