Like any other industry, agriculture is supplied by a number of manufacturers. Whether you are searching for a tractor, irrigation implements, power harrow parts, mouldboard plows, or other implements, you should take the following five strategies into consideration when buying your equipment:
Make a list of what you need.
Before you dive in headfirst and go on a wild shopping spree, decide exactly what you need. This will help you make wise decisions and not wind up spending your hard-earned money on products you may not even need.
Identify your budget.
Knowing how much you have to spend is as important as knowing what you need to buy. Have a clear picture of your budget – both overall and for a particular purchase – before you respond to a supplier’s quote or place an order.
Decide on your method of purchase.
Most agricultural equipment and machinery can be leased or purchased outright. Although most smaller implements are not typically available through a lease agreement, larger pieces of farm equipment can often be acquired through a lease. For those who prefer not to invest in their own heavy equipment, leasing can be an ideal solution. This also has a tax advantage, as the lessee does not have to pay any taxes on the leased equipment.
Consider secondhand machinery.
When new equipment is too far beyond the budget, many farmers opt to invest in used farm implements, not just through private sales but also from dealers and plow suppliers. As most secondhand equipment is still in good working condition, you may be able to get the equipment you need at a lower cost than retail prices.
Familiarize yourself with any local, state, or federal regulations.
Make sure to educate yourself with respect to any regulations that will impact your farming and related activities, and then abide by them. In this way, you can avoid any costly fines in the future, as well as build a good relationship with your local farming community.