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Strong Value for Farm Equipment in Good Shape

Strong Value for Farm Equipment in Good Shape
Technology plays into decisions to trade or buy new today.

Suppose you have a tractor that's less than 10 years old. It's equipped with auto-steer and came equipped with precision technologies current when it was purchased. You have done minor upgrades, but it's no longer state-of-the-art.

You have the money to trade the tractor, or possible buy a new one. What you're looking for is an upgrade in technology and slightly more power. Your options are to trade it outright to a dealer for a newer, used tractor, sell it yourself and buy a used tractor from a dealer, or do one of these and end up with a new tractor instead.

Trade up? Should you trade for a later-model used tractor, a new tractor, or keep what you have?

Here are some thoughts to keep in mind. First, if your current tractor is still on depreciation schedule, there may be tax advantages to selling it yourself, or working through the dealer but actually making the transition with the person that buys your tractor. Contact your tax accountant before you make a deal to make sure you understand any implications of what you do with the tractor.

The central part of the decision may hinge on far you want to upgrade. Deere introduced a brand new line of tractors a year ago. CaseIH has introduced new models recently too. So have other major companies. How much would you give to go all the way to new rather than buy a very good, late model, low hours tractor? Is it worth money to have the latest upgrade? Will it be worth more on trade-in value down the road than if you buy a late-model tractor from the previous series?

These are questions only you can answer. Talk with an equipment rep, one who knows the products, to see what the real advantages of the new series are over a late-model tractor of the previous series. This will help you know if you could benefit from the latest advances, or it you can get what you need from the late-model used tractor.

Look for more on this discussion soon.

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