To choose the farm equipment that is right for you, there are a few factors you need to consider. They include the size or number of pieces required and what each has to offer. |
Should you purchase new or used? When you buy new, there are income tax considerations to think about. New technology means that productivity goes up and you have farm equipment with increased efficiency. Often financing is easier to be approved when in the market for new machinery. If you have a large farm, new machinery might be in your best interests.
Purchasing used items might be more fitting if you run a smaller place and have a tighter budget to work with. If you only want to use a piece of machinery for a few hours a day on a seasonal basis, purchasing used would make more sense from a financial perspective.
Secondhand machinery can be used for jobs around the farm that are less critical in nature and do not have to be done on a specific timeline. For the "once in awhile" jobs, it would be more cost effective to purchase previously owned farm equipment.
If you are new to farming or are starting a new project on your property, you might also want to think about buying used items. It is a good way to get accustomed to what you are doing without spending too much money. If you do decide to buy used second hand farm equipment, you will be purchasing the service life that remains in the product you buy. All machinery used in a farming setting is created with longevity of its own. For example, tractors have a wear-out life that equals 12,000 hours. Crawlers, on the other hand, have a wear-out life of 16,000 hours. Combines have a shorter life and will wear out after 2,000 hours.
How long the products continue to work depends on the condition they are in at the time of purchase, how it was used by the previous owner, and how well it was maintained. Wear out life is defined as the point at which it is no longer financially feasible to continue to fix the piece of machinery.
A number of things can occur before a tractor reaches its wear-out life. The engine may have to be overhauled more than once. If the overhaul is minor, new rings will be required, as will new grinding valves. A major overhaul is more complicated and costly. It will consist of new injectors, pistons, sleeves, and bearings. New tires are required approximately every 2,000 to 3,000 hours. The exact replacement time will depend upon how often the tractor is used and the conditions of the soil at the time of use. The batteries for the tractor will need to be replaced roughly every three to four years
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