Used tractor prices have surged more than 25% in 2021. According to DTN, normally tractors depreciate 10% each year, but industry leaders say they don’t expect the prices to drop soon.
Kyle McMahon, founder and CEO of Tractor Zoom tells DTN, “there’s little precedent for what his company is seeing in terms of the price of used agricultural equipment. Row-crop tractors haven’t depreciated 10%, or even depreciated at all. They’ve shot up in value 27%.”
High net farm income, supply chain shortages, and low interest rates have kept prices high.
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