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September 28, 2021

Used Tractor Prices

When buying a used tractor, you want to ensure that you’re getting the most out of each purchase. Farm equipment isn’t cheap, and even used tractors for sale can come with a hefty price tag - although it’s a much more affordable option than purchasing brand new equipment. Therefore, you must do your research to make sure you’re getting the best deal possible. 

When purchasing a used tractor, there are many factors to consider, especially if you are a first-time buyer. With this in mind, we’re here to help break down the basics of used tractor prices so you can get the best return on your investment.

Why should you buy a used tractor?

First thing’s first, why should you buy used farm equipment at all? The fact is, new farm equipment is expensive - really expensive. And farmers need to focus on cutting costs now more than ever.  According to the USDA, the median household income for farmers is estimated to decrease by 4% in 2021.  In addition to the expense of purchasing a brand new tractor, finding and replacing parts for newer tractors is difficult. The software used in new tractors hinders people’s ability to make repairs themselves, which ends up costing more money down the road.

Truthfully, new tractors decrease in value as soon as they’re purchased. Why should you pay top-dollar for brand new equipment when you could find an older or used tractor at a more affordable price that functions just as well?

How much is a used tractor worth?

Now, let’s get into pricing. Many elements influence the value of a used tractor. To help make this information more accessible, we broke the primary deciding factors for tractor pricing into a few manageable categories. 

Questions to ask before buying a used tractor

The tractor’s condition, especially the hours of operation and regular maintenance, are significant contributors in determining a tractor’s value. You want to make sure that you buy high-quality equipment without significant damage or looming repairs before committing to the sale. When assessing the tractor’s condition, pay close attention to critical elements that determine the tractor’s quality. Since there is so much to consider, we compiled a list of questions to ask when examining used tractors for sale. 

  1. Inspect the body, tires, and overall appearance of the tractor. Is there noticeable and significant damage/wear and tear?
  2. Do all of the safety features seem to be working?
  3. Check the engine. Look for any signs of leaks from the engine, hoses, or hydraulics. Make sure the engine meets the emission standards for your area. 
  4. Check the air filter. If regularly replaced, the air filter should not appear dirty.
  5. Take a good look at the articulation point. The articulation point is the primary moving component on the tractor and should always be greased. See if there are any metal shards - shards result from improper maintenance and could indicate significant damage.
  6. Drive the tractor around. If there is a jerking or knocking sensation, then something could be wrong with the transmission. 
  7. Check to see if the steering wheel feels loose. If the steering wheel feels loose, then this could signify issues with the pins or hydraulic cylinders. 
  8. Make sure displays, guidance systems, and receivers are all in working order. These could be costly to replace.
  9. Make sure to go into the cab and check how many hours of operation the tractor has performed. But remember, a tractor can still be in good shape even if there are many hours on the meter so long as its maintenance has been regular. 

Used tractor pricing resources

Now that you know what questions to ask before buying a used tractor, here are some pricing resources to help you accurately calculate the value of a used tractor before committing to a purchase. 

Common question: Is there a blue book for farm equipment?

No, Kelly Blue Books does not produce an official tractor blue book that explicitly covers pricing for farm equipment. Kelly Blue Books only provides pricing information for the automotive industry. However, there are many other resources available that allow you to gain insight into tractor pricing. For example, you can use sources like Machinery Pete’s auction price data to get additional information on pricing trends for used tractors. You can also check out the specs section of our website to gain further insight into the specifications and mechanics for hundreds of used tractors. We also partner with hundreds of reputable dealers who sell parts and offer service to farmers who want to fix their own machinery.

How to calculate the value of a tractor 

You can always consult a used tractor value calculator to get a ballpark figure and base your pricing decisions around that. As we mentioned before, a tractor’s value decreases as soon as it is purchased. Therefore, it can be helpful to learn how to calculate the depreciation of a tractor before you commit to a sale. Here is a handy formula for you to use when calculating depreciation. 

Use a trusted source for purchasing used tractors. Get searching with Machinery Pete.

Ultimately, you should use a source you can trust when looking for a used tractor. Machinery Pete is the fastest-growing marketplace for buyers and sellers of used farm equipment. We offer a vast selection of high-quality used equipment listings in one place with innovative search tools that make it easy and fast to find machinery that meets your needs.  Let us help you find a used tractor today!