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2024 ag equipment purchases and leases down

The President and CEO of the Wisconsin Bankers Association says there are fewer ag-related purchases and leases this year.

Rose Oswald-Poels tells Brownfield only a few farmers are replacing equipment. “The costs of equipment right now are so high and then again coupled with the higher interest rates we’re currently seeing, there’s not a lot of new equipment purchases that we are seeing.”

Oswald-Poels says some but not all parts of the ag economy are feeling the financial pinch. “We’re not seeing a lot of pressure right now at the dealer level like we’ve certainly seen with some of the John Deere announcements of the plant layoffs and moving jobs overseas, but we’re not seeing that terribly impacting dealers right now.”

She says most dealers are financially stable because of their parts and service offerings.

Oswald-Poels says leasing equipment instead of purchasing only pencils out for some producers. “Sometimes, leasing can be a much better and more cost-effective way but it isn’t always that, and it really seems to be more of a case by case situation.”

Oswald-Poels says banks remain in good financial shape and can help many borrowers better manage their debt.

Audio: Rose Oswald Poels discusses equipment purchasing and interest rates with Brownfield’s Larry Lee