In the past 5 years, nearly 70% of U.S. farmers have purchased at least one piece of used equipment, while 40% have sold used machinery. This is according to a survey of 5,200 U.S. farmers conducted by the Dept. of Agricultural, Environmental and Development Economics at Ohio State Univ.
According to the authors of the report, “U.S. Farmers’ Attitudes and Opinions about Sales via Auction, Dealer, Classified Ad and the Internet” released earlier this month, most buyers of used farm machinery and equipment (FME) bought from dealerships (55%), while other popular purchasing venues included auctions (16%) and classified ads (10%). Less than 5% bought from auctions or ads over the Internet.
Most buyers (83%) felt they paid fair market value and (94%) felt certain about the quality of the item before they took possession. Internet buyers were less likely to say they got a fair deal but were similarly certain of the quality of items.
The largest percentage of sellers of used FME relied upon personal contacts or simple for-sale signs to sell their equipment (43%), with auctions (22%) and classified ads (22%) being the next most popular mode of sale. Less than 5% of these non-traded used FME items were sold via the Internet. Most sellers (87%) also felt they received fair market value for their items, including those who sold via the Internet. Furthermore, when asked about the degree of satisfaction they had with all components of the selling process, those who had sold via Internet classified ads reported the greatest satisfaction.