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Does the cost of ownership validate the purchase? MSUE breaks down used farm equipment investments
A farm business management educator is encouraging farmers to consider more than the sticker price when evaluating future equipment purchases.
Jon LaPorte with Michigan State University Extension tells Brownfield, “With higher input costs, lower commodity prices, people are trying to make really sound buying decisions as they think about what do we actually need on the farm and then what’s actually available.”
He says parts availability, the longevity of technology, and maintenance costs on used equipment are just as important.
“It might be the ‘X’ factor that makes you decide that maybe this isn’t the year for me to go out and buy something because that operating cost is going to be too high,” he says.
LaPorte says social media can be a helpful resource to get operator feedback.
“You can ask questions and farmers like to talk,” he says. “Farmers like to share information, especially on used farm equipment. If somebody says I’m interested in XYZ, you’ll get a whole lot of responses.”
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