Your Guide to Buying Used Farm Equipment
It’s no secret that farming equipment is incredibly expensive. No matter how accommodating a dealer is, there’s no getting around a steep price tag. There are ways to bring it down though, the most popular being buying used equipment. Even models that are only a few years old can save you thousands of dollars and are often still in good working condition.
But like buying a used vehicle of any kind, you’ll want to approach it at the right angle with the right information so you don’t invest in a machine that ends up being more work than it’s worth. To give you a helping hand, Birkey’s Farm Store has provided some tips for buying used farm equipment. Then, come test out your knowledge by checking out the pre-owned equipment we offer at one of our seventeen locations throughout Indiana and Illinois.
Choosing the Right Seller
Where you get your equipment from is almost as important as the machine itself. Private sellers can sometimes give you good deals, but it can be a gamble to work with someone who either does not have the knowledge and experience to give you reliable service or does not have the incentive. Auctions are also a popular place to find used equipment, especially in this market, but you take a chance with how good your price will be as you’ll be competing against buyers who may have more money to throw around.
The benefit of buying from a dealership like Birkey’s Farm Store is that you can research not only the product, but the seller. Public records and reviews can indicate just how helpful and trustworthy a dealer is which can indicate how well they inspect their used inventory. The better the reviews, the better your chances are of finding good equipment for your money.
All the Right Research
Speaking of looking into history, a little bit of research can save you emotional and financial stress in the long run. Once you know you can trust the dealer, look into the product you want to buy. For the most part, you’ll be looking for desirable features the same way you’d look for them on a new rig (engine size, controls, etc.).
However, you’ll also want to ask the seller about the history of the equipment. You can also locate the Personal Identification Number (PIN) and do your own research, which may reveal information the seller was less than forthcoming about. Most financing companies do their own background check, so you’ll have that to back you up if you intend to finance, but it’s still a good idea to do your own research.
You might also want to include researching reviews from other people who have owned the specific make and model year of that product. This kind of checking will reveal any mistakes that the manufacturer may have made or equipment malfunctions that have plagued other users.
Once You’ve Chosen a Particular Product
Found a make and model you like? Don’t buy it yet. Instead, get it inspected by a professional to locate any possible current or future problems. Structural problems or questionable mechanical issues should be an automatic red flag. No amount of savings on the initial price is worth the expense of trip after trip to the mechanic.
You might also want to do some quick research on the market. Not everyone is economically savvy, so we know it can be a little daunting to try and look into this, but it can save you a lot of money. For example, the second quarter can be the cheapest time to buy, although the market can fluctuate based on Section 179, a tax code that allows write-offs for certain business purchases (as the terms of Section 179 change, the uncertainty can throw prices out of whack).
Finally, keep track of all your records. This includes all financial transactions, history records, seller information, product condition upon arrival, and anything else that may be relevant to each individual transaction. Even if you have a good relationship with the seller, it’s better to be safe than sorry.
You should be all ready to buy pre-owned farm equipment now and we hope it’ll help save you time and money. If you need additional help buying used equipment or want to check out some of the products we carry, visit Birkey’s Farm Store, serving all of Indiana and Illinois.