Tips for Buying a Used Tractor
Agribusiness had a tumultuous 2020. If you’re a farmer in need of a tractor, you may be hesitant to invest in a brand new one. Before you buy a brand new one, maybe you should consider finding a used one.
Not all farmers are equipment experts. Perhaps you need some advice about buying a used machine. Southern AgCredit helps farmers in Louisiana and Mississippi finance new and used tractors, and this article should help give you some pointers in order to get started.
Why Buy a “Used” Tractor Instead of New?
While farm equipment technology has certainly made incredible advancements, most tractors perform the same tasks as they always have. While a used tractor may not have as many new accessories, it will likely get the job done for much less than if you were to purchase a new one. As long as the tractor you purchase has been properly maintained, you can save yourself a lot of money.
Where to Find Used Tractors
Consider a variety of places while looking for the equipment you need. Your local dealer may have used tractors, but if you want a deal, you can broaden your search.
Auction Houses
Reputable auction houses are easy to hold accountable if there is an issue with the tractor. However, know that you’ll likely be competing with professional equipment bidders who buy and sell tractors for a living. Many of these auctions are also held online, so you can see if there are any pieces you’re interested in before you check them out in person.
Dealerships
Dealerships sell a lot of used tractors in addition to new, but they tend to have smaller used inventories. Approach a farm equipment dealership the same way as you would dealing with a car dealership. Dealers will often list their used equipment on the same websites as auctions and private sellers.
Retirement Auctions and Estate Sales
Retirement auctions can have very good equipment because it’s much less likely to be equipment that has been sold due to an issue.
Sale by Owner
You can find private sale tractors in Louisiana and Mississippi via online classifieds.
Links for Used Tractors
Precautions When Buying Tractors
When buying a used tractor, keep your options open, but take some precautions to protect yourself.
- Ask for paperwork! Get as much documentation on the tractor as you can, and keep the receipts. This will come in handy if you want to sell the tractor later.
- For name brands, call one of their dealerships, and give them the serial number. They’ll be able to look up the tractor’s paperwork. The paperwork will show who is listed as the owner and if there are any liens on it.
- It may seem simple, but try and have a thorough conversation with private sellers. Get to know them. Learn about the history of the tractor. Learn what they used it for and why they don’t want it anymore. Getting familiar with them may also help you when it comes to negotiating your price.
- Perform a thorough inspection of the tractor or bring someone you trust with you to view the machine and get their input.
Inspecting Used Tractors for Purchase
You can get a good price on a used tractor, but only if you buy a tractor that doesn’t have hidden issues that lead to costly repairs. The best way to prevent this is by inspecting the tractor in person.
Stoney Ridge Farmer goes through a lot of important detail on the inspection process.
Negotiate Your Price
If your inspection resulted in the discovery of some (fixable) problems with the tractor, you should be able to negotiate a lower price commensurate with the parts and labor required to fix them. Remember: A well-maintained tractor with more hours is worth more than a poorly maintained tractor with less.
How to Finance Your Tractor
Southern AgCredit offers competitive financing on used tractors and other types of used farming equipment. Learn more about our rates on used equipment by contacting us. Call the local Southern AgCredit branch in your area of Mississippi or Louisiana, or you can fill out the Loan Inquiry form below.
