It seems used equipment prices have been at some unsustainable levels, so some correction is due.
However, how much did equipment values change in 2009, the last time corn tanked? General economy was in a freefall, nobody had a job, the 5 day outlook was for 3 days.
Used equipment, however, if in good to top shape, held right in there for value. Better than a 401K. Junk was still junk, however.
Used equipment prices seem to be dictated more and more by what a new replacement costs, and by how many repairs are needed. If new costs stay at today' rediculous levels, not many buyers will be out there. If it is good and used, it will still be worth something to somebody.