Planning your farm’s next used farm equipment purchase
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EmailNew resource from MSU Extension’s DEMaND Series.
Purchasing farm equipment is a major capital investment that can have long-term impacts on your operation’s production and financial goals. To minimize the cost involved, many farm managers look to the used equipment market as a starting point for equipment needs. But before you venture into looking at the available used equipment options, you need to consider your farm needs and plan your purchase.
Farm equipment can mean a number of different things. Equipment can refer to farm machines that are engine-powered, such as tractors, combines, skid steers or even vehicles. Equipment can also refer to farm implements, which are pulled, attached or operated by other machines like tractors. Evaluating both types of farm equipment involves similar methods with a few additional considerations for those with engines.
To aid farmers in matching land with their intended vegetable production, MSU Extension has released a new bulletin: E-3515 Used Farm Equipment Markets: Planning the Purchase. This publication explores the process of planning your farm’s next equipment purchase, starting with determining what farm equipment is the right fit for your farm needs.
Visit the DEMaND Series website to download this new resource today. Check out additional articles, bulletins, webinar recordings and more.
The DEMaND Series (Developing and Educating Managers and New Decision-makers) helps the next generation of farm operators learn about financial and business management strategies. These strategies help individuals grow in their capacity to meet the complex needs and challenges of managing a successful farm business. Whether individuals represent a succession of generations, transition from employee to owner, or are new to farming, the DEMaND series offers a fresh look at farm management.