The Cost of Owning Farm Equipment

The right equipment can make the difference between a successful farming operation and a failure. Unfortunately, modern equipment can get expensive. Beyond just the sticker price, there are all kinds of smaller factors to consider when budgeting for your farm equipment purchase. This guide from Miller Implement Co. can tell you more about the full cost of owning farm equipment and allow you to make a more informed purchasing decision. 

Your Operation Type

The biggest factor determining what kind of farm equipment you require is usually the size and scope of your operation. Smaller farms that only grow a few crop types can usually scrape by with just a utility tractor and a few more pieces of equipment. Bigger farms that have larger fields to sow, fertilize, harvest, etc. and grow multiple types of crop will usually spend a lot more on equipment. Not only will these bigger farms need more equipment, but the equipment itself will often need to be bigger and more complex to meet demand. Of course, there are exceptions to this rule. Farms that are focused on raising livestock usually only need a few machines and attachments regardless of size. 

Financing Costs

Modern farm equipment costs so much that most farm equipment purchases involve some kind of financing. If you do choose to utilize financing, make the largest down payment you can reasonably afford. Not only will this mean paying less per month, but it may even net you better loan terms. 

Maintenance Costs

Keeping your farm equipment well maintained will ensure that it performs better and lasts longer. The last thing you want is to lose precious work days at a critical time because a crucial piece of equipment breaks down! How much you spend on farm equipment maintenance will depend on a variety of factors. While you’ll have to pay for parts no matter what, you can save money by performing some of the maintenance work at home. Of course, if you don’t have the skill to complete a repair, it’s best to schedule a service appointment. You don’t want to accidentally damage your farm equipment!

Shop farm equipment at Miller Implement Co. You can visit us online or at our dealerships in Fond du Lac and Saint Nazianz, Wisconsin. We also offer service, parts, and financing. We’re proud to serve communities like Oshkosh and Sheboygan, Wisconsin, so come visit us soon!