5 Ways to Cut Costs and Save Money on Farm Equipment
By Caleb Hennington
Let's face it: farming operations are expensive. From purchasing equipment to maintaining crop health with herbicides and fertilizers, agricultural operations require significant investments if you aren't ready to fork up a good amount of cash to start your operation, you might be in for sticker shock when it comes time to buy.
However, there is good news: by following a few strategic cost-saving practices, you can cut costs on farm equipment and increase profitability in the long run.
Let's take a look at five simple ways to save money while running a successful farm.
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1. Practice Preventative Maintenance
The best way to prevent a costly repair down the road is to take action now. That is one reason preventative maintenance is such a substantial cost-saving strategy. Performing routine maintenance and making small, timely repairs can prevent more significant, more expensive problems later. You should regularly check your farm equipment's fluid levels—such as oil and coolant levels—and clean your equipment to prevent engine buildup.
A momentary lapse in maintenance may not seem like a big deal, but continuous neglect can create costly repairs. And if your equipment is out of commission for an extended period, that can eat into your profits if you're down a tractor, combine, or other farm machinery.
2. Store Equipment Indoors
The outside elements can be rough on your equipment. From rain to snow and even the heat, storing your equipment outside can quickly wear it down and reduce its viability. If you want to make sure your equipment lasts much longer and provides you with more value, then it's best to store it inside. In fact, storing equipment indoors can increase its lifespan and resale value by up to 20%.
A covered shed or barn is the best way to protect your equipment and keep it away from wet, cold, and hot environments. Getting your equipment away from the outside world extends its lifespan and prevents you from having to purchase new equipment more often.
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3. Buy Used or Refurbished Equipment
New equipment can be an excellent investment. However, not everyone can afford the nicest, newest farm equipment. If you're looking to save money while also purchasing equipment that will last for many seasons, then buying used or refurbished equipment is the way to go. Used equipment is often traded in with many years left under its belt, and dealerships conduct thorough multi-point inspections before reselling it to customers.
Heritage Tractor has a wide range of pre-owned options, from used compact tractors to like-new combines. Whether you're searching for budget-friendly farming equipment or high-quality inventory, we've got you covered.
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4. Look into Leasing Options
If you don't need farm equipment for more than one job or one season, then it may be a better option to lease your equipment rather than buy it. Leasing is a very affordable option for farmers who want to get as much money out of their crop yield as possible. By leasing instead of buying, you can save a lot of initial upfront costs and just use the equipment when you need it. It's also a great way to use the latest technology and machinery and always stay up-to-date on advancements in precision agriculture equipment, and no-till farming practices.
Leasing payments may also be tax-deductible, keeping even more money in your pocket at the end of every season. You can utilize Section 179of the IRS tax code when filing taxes to write off 100% of your leased equipment each year.
5. Invest in Quality Equipment
Finally, while used and refurbished equipment will save you money in the short term, investing in high-quality, new equipment could potentially save you even more in the long run. A good, reliable brand like John Deere can be a great investment that will generate cost-saving results the longer you can operate the equipment without costly repairs or total equipment replacement.
Heritage Tractor sells many different models of John Deere compact tractors, combines, sprayers, Gators, implements and attachments. Explore our inventory online, and invest in more than just a trusted brand-build a relationship with a team of people who will be there for you through every season and challenge, supporting you and your equipment for a lifetime.
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Visit Heritage Tractor to Save Money on Farm Equipment
Our team here at Heritage Tractor is ready to help you save the most money and cut costs on farm equipment. We have a wide selection of new and used tractors, commercial and residential mowers, Gators and more for your farm.
Our team here at Heritage Tractor is ready to help you save the most money and cut costs on farm equipment. We have a wide selection of new and used tractors, commercial and residential mowers, Gators and more for your farm.
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