Machinery Pete: The time is now to buy something new

Machinery Pete: The time is now to buy something new

In the world of farm equipment, Greg Peterson, also known as Machinery Pete, has your back.

If you're in the market to buy something new, he said now is the time.

"The opportunity to upgrade right now into late-model, used equipment have maybe never been better. So call your local dealer, they have a lot of equipment for sale. Or the number of auctions are up about 50%, so if you're thinking about buying in the next 6-months it would be a great time to do it," Peterson said.

According to Machinery Pete, used values have stabilized, and farm equipment dealers have had a lot of excess inventory in the last 3 years.

"A lot of them have sold that down to a lower level. So there's still an opportunity to get into a 2,3,4 year old tractor or combine or planter, on the dealer lot or maybe out here today at an auction," Peterson said.

If you're headed out to an auction to pick out new equipment, the most respected market analysis has some advice. He says you can begin by doing your homework.

"Obviously check out the machinery mechanically. If you can talk to the previous owner, that's always the number one thing. What kind of records do they keep," Peterson said.

You'll also want to check out the numbers.

"This is why for 27 years I've been compiling all of this auction sale price data, is to help people. You know like the Kelly Blue Book. What's that combine worth, what have they been selling for, what have other people been paying. So if you do your homework on both of those fronts you'll be ready to either buy it when the price is right or let it go if it goes too high.," Peterson said.
close video ad
Unmutetoggle ad audio on off