So, should you buy a new or used farming equipment? At the end of the day, it comes down to your budget. How much are you willing to spend on the latest and greatest equipment? Have you considered other avenues like leasing, which could put you in a newer machine at more affordable rates?
Remember, the older the machine, the more repair work. If you have to go for a used machine, choose a brand or model that will be easy for you to find parts or that a local dealer can help with. New machines mostly come with a warranty, but make sure you are purchasing it from a trusted dealer.
Ask your fellow farmers for advice, especially if you are new to farming. Ask them what has worked and what didn’t work on their own farms. Don’t be afraid to shop around and compare if you feel the prices are too high but be very careful when one offers you a much lower price, remember cheap is also expensive. At the end of the day you want a machine that fits the needs of your farm operation and fits your budget.
Why buy new Equipment
There are many reasons that when you are in the market for equipment, you should look to buying new equipment.
- If you plan to keep the equipment for a long time, buying new equipment is usually the better route.
- If you plan to trade in yearly for the latest technology- for some, the latest technology is key.
- Less likelihood of break down- in most cases, new equipment is more reliable than used equipment.
- Warranty covers maintenance – one of the good things about buying new equipment is that warranties will cover almost if not all the maintenance costs that go along with the equipment.
- Downtime reduction- with lower likelihood of breakdown and plus having warranties, downtime can be cut significantly.
Why buy used
If buying new isn’t an option, buying used also carries it’s own benefits.
- Typically lower cost – you can obtain low hours models for less than new pricing. Many farmers will run equipment for a year and trade that equipment in. That creates the opportunity to get almost new equipment for a better price.
- Better deals – used equipment owners are more likely to negotiate on the price of used equipment than new.
- Good back up machines – used equipment may have high hours but a low price makes good option for keeping on the farm as back up equipment to eliminate downtime or to speed up planting or harvesting.
The money you would be spending on used equipment will definitely be less than the amount required to purchase a new one, but also remember new equipment is free from the repair and maintenance costs that comes naturally to the used machinery. Hence you should consider the durability, customer support and efficiency of the new tools.