The Cost of Owning Farm Equipment

Modern farm equipment has allowed farmers to achieve yields never before thought possible. That’s why having the right equipment is a key part of running a successful farm. Unfortunately, modern farm equipment can also be expensive, and inexperienced buyers may purchase a model not understanding the full costs. This guide from Manor Home Center can provide you with more information about the full costs of owning farm equipment so that you can make a more informed purchasing decision.

Your Operation Type

The biggest factor determining how much money a farm needs to spend on equipment is the size and scope of the farm’s operations. A small farm that only grows a specific crop type can often get by with only a compact tractor and a few attachments. Bigger farms with more ground to cover and multiple different crop types to worry about have more complex needs. The bigger the operation, the more equipment and the more complex equipment it will need. Of course, this rule has some exceptions. Farms that primarily raise livestock usually aren’t as dependent on equipment as farms that only grow crops, so even larger livestock operations usually don’t spend as much on equipment.

Financing Costs

Farm equipment is expensive these days, so most farm equipment purchases involve some form of financing. Our recommendation is to make the biggest down payment possible when applying for a loan. Not only will you pay less per month, but you’ll often get better loan terms out of it.

Maintenance Costs

Farm equipment maintenance can get expensive, but it also helps you get as much as you can out of your investment by maximizing performance and operations lifespan. There are a few different factors that determine how much you’ll spend on farm equipment maintenance. Smaller, simpler models usually cost less to maintain. You’ll also have to spend money on parts. If your equipment was manufactured by a smaller company or one that has gone defunct, you may have a harder time finding compatible parts. If you’re mechanically inclined, you may be able to perform certain maintenance tasks yourself. Of course, some jobs are best left to the professionals. Look for service departments in your area and compare how much they charge for their services.

Shop farm equipment at Manor Home Center in Oakland, Maryland. We’re proud to serve the Garret County, Maryland area, as well as communities like Morgantown, West Virginia. We also offer equipment financing, servicing, parts, and promotions. We hope to see you soon!