When it comes to investing in farm equipment tools, we are often sidetracked on whether to rent, buy a new one, or settle down for something second-hand. Although it may seem cost efficient purchasing a used farm equipment, one has to consider a lot of different factors depending on your specific needs. If you are planning to use this farm equipment in just a short span of time, then purchasing second-hand or renting may be a good option to consider. However, if you’re looking at using this for a long time, you might as well take the time to consider buying new farm equipment and tools.
Here are some of the advantages of getting brand new farming tools:
• Spend less on maintenance – farm equipment repair can be costly so one has to think twice before buying used equipment. Getting a brand new farming gear may cost a little high, chances are, you don’t have to spend too much on maintenance as compared to a second-hand tool. Another factor to consider is that when you purchase previously-owned equipment, it doesn’t usually come with a warranty.
• You get exactly what you pay for –since you are buying a new farming tool, you get to choose the right one that suits your needs. You have the option to select which equipment has the best features and you can even decide on which specific brand or model to buy. Definitely customized to fit the needs of your business. However, if you go for the used farming equipment, more or less, you don’t have a choice and you have to settle for what feature is currently available. You also don’t have the luxury of picking the right accessories when you buy a used item.
• Flexible Payment Terms – buying a new farming tool has a greater flexibility when it comes to payment terms. Why? You can actually pay less out of the pocket because new items can sometimes be paid through installment over a period of time. However, used farming equipment is most of the time paid in full up front. It’s a known fact that financing new tools are far easier to do compare to finding a loan for previously owned farm equipment.
On the other hand, farming business does not only mean buying the tractors and other equipment. It also means choosing the most reliable farm shop supplies. Whether you are planning on filling your inventory with grade 5 nuts or grade 8 bolts, think of quality before you decide on anything.
When you are in the farming business, it is obvious that getting the right equipment is very critical. Whether you are planning to invest on new equipment or looking at purchasing a used item, you need to weigh in all the pros and cons. While it may sound so feasible to simply go get a brand new tractor or some other farming tool, revisit your business goals and analyze if it’s really necessary. Look at the profitability and return of investment. The bottom line is whether you are purchasing previously owned farm shop supplies or buying new ones, it all boils down to getting the right equipment that meets your business needs.