The Cost of Owning Farm Equipment

Farm equipment plays a central role in all modern farming operations. Having the right farm equipment on hand can really make the difference. At the same time, modern farm equipment can also be very expensive. This guide from King Machinery aims to give you a better understanding of the real costs of farm equipment ownership. 

Operation Size and Scale

The biggest factor that will determine how much you spend on farm equipment is the size and scope of your operation. Bigger farms require bigger and more expensive machines that can cover more ground, while smaller farms sometimes only need a utility tractor and a few attachments. The type of crops you grow also determines how much you’ll spend on equipment. Some crops may require specialized equipment, and farms that grow a wider variety of crops often spend more on equipment. Of course, all rules have their exceptions. Livestock farming isn’t very equipment dependent, so even large ranches don’t usually spend that much on equipment. Growing many similar crops may allow you to reuse your equipment across multiple crop types, thus saving you money.

Financing Costs

Most farm equipment purchases these days involve financing in some form. Our recommendation if you choose to utilize financing is to make the largest possible down payment upfront. A larger down payment will mean that you pay off less overall per month. It may even net you better loan terms!

Maintenance Costs

Maintenance might seem expensive, but it’s more than worth it in terms of benefits. A well maintained machine will last longer, perform better, and be less likely to fall apart when you need it most. The amount you spend on maintenance will depend on your farm equipment’s model, parts availability, and how much of the servicing you can do at home. If a given repair seems too complex for you or you don’t have the right tools, it’s best to schedule a service appointment rather than risk damaging your equipment. 

Shop farm equipment at King Machinery in Statesville, Hamptonville and Newton, North Carolina. We’re proud to serve communities like Charlotte, North Carolina. We also offer service, parts, rentals, and financing. We hope to see you soon!