Purchasing a brand new tractor and its attachments may be out of reach if your prior growing season wasn't profitable. Used farm equipment can be purchased through a dealer, an auction, or a private seller. Consider your financial status and how used equipment will be utilized on your land to determine how much money to invest and what types of purchases to make.
Current Assets Versus Future Earnings
If you are totally opposed to taking out a loan, your current assets will be the primary funding source for farming equipment. Purchasing used equipment on credit or signing up for a payment plan may be offered through some dealers, but acquiring used equipment from an auction or a private seller will likely not include this type of payment method.
Your future earnings will be dependent upon an adequate growing season. If the temporary financial setback associated with buying farm equipment has you concerned about how you will manage additional expenses, look over your farming plans to determine how many income streams you have. Selling crops at a market and shipping or delivering goods to your current customers will help you recoup money that is initially spent on the farming machinery that you need.
The Intended Use Of Equipment
Used farming equipment could cost a lot less than machinery that is purchased from a showroom floor. Research various tractor and attachment models and acquire a true market value for the items that you need. The condition of used equipment should always be taken into account. If you consult with a farm equipment dealer, they may be able to provide some history about each tractor or attachment that is of interest.
Any visible wear and tear, damaged surface, or damaged internal materials could warrant purchasing equipment for less than the current market value of a specific piece of machinery or an accessory.
Consider how often you will need to use the equipment. If you own some alternate machines or tools that can perform some of the duties that you will be responsible for, you may want to hold off on buying a large model tractor or a series of attachments. Instead, maybe you can shop for a smaller, less expensive tractor and choose one main attachment for the machine.
Make a storage plan that will preserve the condition of any equipment that you purchase. If you own a barn, you can store your purchases inside of it. Otherwise, you will need some type of overhang or storage building to keep the machinery dry and protected.
For more information, contact a used farm equipment business near you to learn more.