Farmers tend to have long memories, which is why they have paid down debt dramatically from the early 1980s and continue to do so. In 2002, the percent of debt to assets dropped below net cash income and has stayed there. Thus, farmers are in strong financial positions even though farm income has dropped from 2008 to 2009.

DeVries states there is high confidence that farm income will recover in 2010, which bodes well for equipment manufacturers.

More farm equipment, especially tractors and combines, is purchased in the spring than any other time of the year.

Sales figures for 2009 indicate farmers bought more large tractors and combines than they did in 2008. Recent figures from the Association of Equipment Manufacturers show that combine sales were up 15% for 2009 compared to 2008 and sales of large, 4-wd tractors were up 2% for the same time period. Meanwhile, the entire tractor market was down 20% with tractors under 100 hp dropping 29%.