Rent vs Buy Farm Equipment

2. Abstract In the age of globalization and manufacturing industries, one would easily be made to believe that farming and agriculture belongs to the past or something that is only relevant in the outskirts of metropolitan cities. However, agriculture is a major industry in the United States. It may come as a surprise, but many people engage in farming not just for commercial purposes but also as a leisure activity. For some it’s their meal ticket while for others it’s simply a way to utilize time. 1.0 Introduction Farming needs a little of one’s blood, sweat and tears and a good deal of equipment to assist in the activities. Efficient and productive agricultural machinery demonstrates that you have won half the battle. There are different equipments for different tasks that turn out to be an integral component of agricultural farming and crop production. However, these heavy tools and machinery prove to be a budget buster. Buying the equipment wouldn’t be the most intelligent choice in today’s time since technology is revolutionising like a flash and one wouldn’t want to be stuck up with conventional methods and techniques while others profit off of the new ones. In the present climate, if someone is a machinery/equipment hoarder, he is allowing money to slip away from the grip of his own hands which isn’t the most desirable situation to be in. It’s not just about working hard but also about making smart choices and the smarter choice is to rent or buy the used farm equipment that is needed for a particular task. The renting revolution is right here. Buying used farm equipment also makes sense when your requirement is for short time. It’s time to walk with time and make wiser decisions. Find in this read an analysis of advantages of renting and buying used farm equipment. 2.0 Advantages of Renting Farm Equipment Tight on cash flow? Don’t want to break the bank, but still want to pursue agricultural farming? If yes, then farm equipment rental services are for you! There’s far more, good than bad that comes out of it, and some of these advantages of renting farm equipment are: Empowering the cash-strapped: Renting agricultural equipment helps one to escape the clutches of exorbitant rates that accompany the purchase of new machines and equipment. Purchasing brand new machinery can hugely pinch your pocket. However, renting the same equipment for a certain number of days/months would support the ones who’re restricted by a certain budget. This would lower the initial costs and also promote better use of one’s financial resources since money saved is actually money earned. Catering to short term equipment needs: Rental farm equipment enables one to take up projects that require a certain tool for a short period of time. The farmer can choose different machines for different tasks without worrying too much about

3. the cost it would entail. The farmer is at the winning end of the game since he would only pay for the machine when he’s in need of it and also get access to up-to-date technology which is more efficient, rapid and competent. Keeping up with the latest technology would be valuable in keeping the farm modern. There will come a time when a machine would become “not too great” in front of another new machine that is just launched in the market. And it’s not always wise to keep buying new machinery as it launches but it’s definitely wise to rent it. Task-specific rentals have granted one an edge over others who are still using traditional machinery and made the execution of their tasks easier and faster. Dodging storage and maintenance cost: Avoiding long term commitment with agricultural machinery would help cutting the costs that one would’ve spent in storing the equipment. Storage and repairing costs are far greater than one can imagine which includes not just the monetary cost but also the psychological one. Huge machinery would require storage facilities that would merely be an added burden on the farmer. Constant stress about the equipment, its repair parts, servicing and record keeping can simply be evaded by renting the machine for a specific time frame. Letting the rental company worry about the long term storage, responsibility and maintenance of the machine is the perfect and ideal situation that a farmer would love to be in. Get a sneak peek at what you’re getting into:

4. Maybe someone wants to try out a new equipment that just launched in the market and see if it fits into their plans and ideas for their future prospects or maybe someone just wants to try out a machine before purchasing it. Getting a glimpse of the equipment is now possible vis-à-vis rental services and if an equipment turns out to be incompatible with your needs, congratulations on saving big bucks. Bid farewell to transportation cost: Maybe someone is shifting or maybe someone has taken a project that he is expected to do in another city, how will he transfer his heavy machinery from one place to the other? Well, he doesn’t need to. Hiring agricultural equipment from the rental company closer to the destination would help cut the transportation costs. All of these advantages would be fruitful only if the company approached for your rental services needs is the right one and we at Farmease understand that. We have made renting farm machinery easier for you, all you have to do is decide what equipment you need and leave the rest of the headache on us. We shall assist you in finding the equipment you need, making your whole experience smooth and free of complications with so many options to choose from. Some of them are tractors, seeding equipment, harvest, and post-harvest equipment. We understand the ambiguity that comes with using a second- hand machine and so we make sure to connect you with only those renters whose machines are faultless and are in great condition.

5. You’re just a click away from your desired farm machinery that is waiting to reach out to you, anytime and anywhere. 3.0 Advantages of Buying Used Farm Machinery It can be difficult for a commercial farm business owner to accomplish farming operation without the right farm equipment, but these equipment need a good amount of investment. A large scale farmer can consider buying even expensive far machinery but a small farm owner or a hobby farmer will look for the alternatives. The best alternative to buying a new lot of farm machinery at original retail price is to buy used farm machinery or rent it on pay per use basis. There is a healthy marketplace for used farm machinery like the used cars. If you are also one of those farmers considering buying new equipment, you should have a look at the advantages of buying used equipment. Here are the facts one should know, before making a buying decision. If you are starting a new farming venture, you might consider buying used equipment as it will save you from making a big investment at the initial level when a few things about a business are not certain.

6. Financing may be easier to obtain new equipment but buying used equipment can save you from the extra burden of any loan. Small scale farmers may find advantages in buying used equipment as sometimes the new equipment owner does not find any specific new equipment economically efficient for a certain farming operation. Used farm equipment is suitable to buy for a back-up unit in crucial farming activities like harvesting. A tractor is the most expensive farm machinery and if maintained properly it gives improved performance with time, and in case of low usage can remain the same in looks and performance. However, it may not be possible for every farmer to purchase it. Used tractors can be useful to tow nut carts at the time of walnut or almond harvesting when a tractor needs to be run for a few hours seasonally. Used farm equipment can also be used for less-crucial or small annual usage jobs. A multi-crop harvester has made the entire harvesting job a kind of interesting activity for the farmers. Many farmers in the USA like to buy a harvester machine. Few of them later plan to grow something else, for which they need another harvester with the latest technology for the specific crop type. Such farmers like to sell harvester to switch to a new one. This can be an opportunity for another farmer to buy that efficiently used harvester for sale at a lesser price as compared to the new one. Finally consider all the factors that affect your buying decision like how frequently you will be using the machinery in a year and the crop type you grow, the land size etc. and then make a right decision as per your requirements.

7. 4.0 Best Tips to Sell Your Used Farm Equipment Many farmers in the USA like to sell out their old or used farm machinery to switch to new upgraded machinery. Selling used farm equipment allows them to manage their finances when it comes to buying new upgraded farm machinery. However, when farmers want to sell a tractor or combine, that is quite high in cost even if they are used or old, they expect to get the best amount for such expensive machinery. Thus it is crucial to prepare yourself well with all the required information before you sell your farm machinery. Also, make sure that your machinery is in well presentable condition to make an impact on the buyer. Find here the best tips that will help you in selling your used farm equipment- Check the appearance – The very first thing a buyer will notice about your used farm equipment is its physical condition. To get the interest of a potential buyer it is necessary to update the appearance from every angle of the equipment you are selling. Taking a bit of rubbing to the equipment along with some paint and primer will add to its looks like new. You may not worry about the cost of updating the appearance as once you get the profit by sale, it will be recovered. Sale it online with a free online listing – Hundreds of potential buyer looks for used farm machinery on the internet. Like other e-commerce products, equipment and machinery online sale are also popular

8. worldwide. You can create a listing on free classified websites or online farm equipment buy-sell platform to advertise your used farm equipment and reach potential buyers conveniently. Some of the classifieds websites and even mobile apps specifically offer to sell used farm equipment. Newspaper Advertisement or Flyers– The idea may not sound so pocket-friendly buy you may also consider publishing an ad on your local newspaper’s classified section or hang flyers around the town. Make the ad as eye-catching as possible by using sticking text on brightly coloured paper. Get the idea from other advertisements of used machinery to compare the selling prices. Selling at Auction – Having a third party to help you sell your machinery while you can do it on own may not seem beneficial, but you cannot ignore the benefits of auctioning your used farm equipment. Selling your Tractor or farm machines at auction is less expensive than advertising. In an auction, there is no restricted price or decided amount to sell equipment, and it is sold out to the highest bidder only. An auction is a place where you can find the buyer who intends to purchase machinery and the best part is that you do not need to negotiate for a price. Finally, if you want the best price for your machinery to make sure you have done all the maintenance and repair work. With the above-mentioned tips, you will find the right buyer with the right price for you used farm equipment. Conclusion Farmers who already have certain farm equipment whether purchased or rented, it is important to track machinery utilization in order to decide whether their original decision was good enough. Having a strong understanding about your farm machinery usage and costs, a farmer can easily decide whether to continue with renting or buy used farm equipment, as well as decide whether to keep purchased equipment or sell used farm equipment and then move to renting. References April, 2020| Advantages of Buying Used Farm Machinery | mylifeincalifornia.weebly.com | Retrieved on 29.04.2020 from https://mylifeincalifornia.weebly.com/home/advantages-of-buying-used-farm-machinery Feb 2020 | Advantages of Renting Farm Equipment | blog.farmease.app | Retrieved on 29.04.2020 from https://blog.farmease.app/advantages-of-renting-farm-equipment/ April 2020 | Best Tips to Sell Your Used Farm Equipment | agriandfarmtalks.wordpress.com | Retrieved on 29.04.2020 from https://agriandfarmtalks.wordpress.com/2020/04/11/best-tips-to-sell-your-used-farm-equipment/ Ines Hajdu | Making Big Decisions: to Rent or to Buy Farm Machinery?| blog.agrivi.com| Retrieved on 29.04.2020 from https://blog.agrivi.com/post/making-big-decisions-to-rent-or-to-buy-farm-machinery