Here’s Why You Should Consider Participating in Farm Equipment Auctions

Farm life is not for the faint of heart. Working on a farm is literally hard work. It involves long hours, animals, dirt, food and ever-increasing costs. Of course, most farmers want to find ways to save money, right? And when there comes a time that new or replacement farm equipment is needed, does it always make sense to spend the big bucks and buy things brand new, from a store? No! Sometimes it makes fiscal, budgetary sense to buy farm equipment at an auction, like the ones given by TurnKey Auction & Realty Co. of Bryan, Ohio.

Bargain Investments

The main reason farm equipment auctions are popular is because people are looking for a good bargain. With prices skyrocketing these days, especially due to inflation, used farm equipment sold at auction works better for those with limited budgets. You can get certain equipment at a much lower cost at an auction, compared to paying retail prices.

Motivated Sellers

The nice thing about auctions is that sellers are not only eager to sell, but they want to get rid of their stuff– they don’t want it to just sit around collecting dust, waiting and hoping someone comes along to buy it… Auctions are very “now.” You either win an item you bid on, or you don’t. With a little research beforehand, you can have a general idea of what you want to pay for a particular item. Then you can make a bid on the piece or pieces you want. If you’re the highest bidder, you get what you want for a presumably decent price.

Look Over the Machines

If you feel comfortable asking a mechanic to come with you to an auction, he or she can take a look at the machinery you’re interested in, and give you an informed opinion on whether or not it could meet your needs should you “win” it. Mechanics can look for things like metal fatigue or cracks. If possible, ask the seller if the equipment runs, and/or if it has any issues such as little leaks. The more info you can find out about items before you bid on them, the better!

Bidding Strategies

What are some particular things to think about when bidding on used farm equipment at an auction? It’s a good idea to find out the lifespan of pieces you might like– how many hours of operation have they already been used and how many more hours do you think they have on them, for instance. How well-maintained are the items up for auction? Are they ready to go as soon as you buy them, or will you need to make some repairs or invest some money into the equipment to bring it up to par? Check the condition of items you like– do your best inspection before you buy anything. If the item has an engine/motor, see if it runs and whether or not it’s smooth or rough. In some cases, auctioneers might let potential bidders take equipment for a test ride.

Besides assessing the overall appearance of farm equipment, you should also check to see if there are any maintenance documents, which will give you an idea of what was done to the equipment… or not. Certain brands are better than others, right? Who manufactured the equipment you see before you? Is it a brand name you know and trust, or one that you’ve never heard of and you’re a little leery of it? Ideally, you want to “win” something at auction that you can find replacement parts for, should the need arise. Hence, popular, well-known brands do well.

Also, what about local tax rules? Could what you buy end up resulting in some tax deductions? That’d be nice. It’s worth looking into!

Farmers do a lot of work and they want to keep their lives as simple and efficient as possible. When farmers attend farm equipment auctions, they’re usually there to buy something, if not multiple items. They’re generally not just there to browse. Meanwhile, sellers like knowing that bidders are often pre-qualified, which means they have money and aren’t just there to waste people’s time.

If you’re interested in learning more about farm equipment auctions, and to know if/when there are ones coming up in your region or when there are ones online, call TurnKey Auction & Realty Co. at 866-870-5500.