Buying and Selling Used Farm Equipment
It’s impossible to farm without the right equipment, and that equipment doesn’t come cheap. But there are alternatives to buying new, off the lot, at full retail price. There are bargains to be had. Like used cars, there is a healthy market for used farm machinery in USA. If you are looking to buy or sell, here are some basics you should know.
It’s impossible to farm without the right equipment, and that equipment doesn’t come cheap. But there are alternatives to buying new, off the lot, at full retail price. There are bargains to be had.
Like used cars, there is a healthy market for used farm machinery in USA. If you are looking to buy or sell, here are some basics you should know.
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According to equipment-pricing analyst Paul Hendrix, buying used equipment at a good price all comes
down to experience.
Hendrix shared with Farm Industry News what to look for in determining whether equipment is set at a
fair price.
What features does the equipment have that you need?
Hendrix advises buyers to know whether the machinery has all the features a farmer needs. Even one
missing needed feature can turn a sale into a bad deal.
Does the equipment have popular features?
Maybe you don’t need the latest and greatest popular feature in your equipment. However, Hendrix
says, if the price is right, then investing in a piece of equipment with those features could pay off if you
may look to resell in the future.
What is similar machinery selling for?
Here is a great tip for both buyers and sellers: You have to know the market value from the last few
months of similar equipment, both of the same brand and that of different brands. Hendrix
recommends heading to the internet to look up comparable sales.
What condition is the equipment in?
Obviously, machinery that is in excellent condition can be sold for a higher price than similar equipment
that maybe has most of its better days behind it. It is always a good idea to have a professional perform
an inspection to know for sure the condition.
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