4 Ways to Get More Value Out of Agriculture Equipment and Technology
Aug 17, 2020
Looking and planning ahead to this winter, we can make the most out of the tagalong equipment and technology that may be around for several more years. Agronomic and technological tools are often thought of as too expensive or inaccessible, but there are many ways to upgrade equipment without buying brand now.
With the future economic road still unclear, here are four ways growers can invest in their existing equipment and technology.
1. Utilize the Under Utilized
A seasoned piece of equipment may have new value by properly utilizing its features fully, particularly when it comes to technology. Too often, growers fear technology, seeing it as something unknown they have to learn. However, in many cases that “new” technology isn’t necessarily that new, it’s been there all along, and fully-utilizing it may mean increasing productivity, and reducing cost and time spent.
2. Look for Upgrade Options
New features and technology are among the most attractive reasoning for buying new equipment, to stay ahead of the curve and remain competitive. When new machine purchases are not feasible, it is good to know most new opportunities from equipment manufacturers can be retrofitted back to previous year’s equipment. Instead of buying that new piece of equipment, growers may be able to give the reasonably newer pieces of equipment a quick upgrade.
This can also be a good strategy for increasing the trade-in value of the equipment down the road, even during some critical years of depreciation if a grower can’t afford to trade in during the prime window of opportunity. It certainly cannot stop depreciation, but it might make it manageable until the grower can afford to update keystone pieces of equipment.
3. Don’t Allow Wear Out to Wear Down
While it may not be this year or even next, if a grower plans to trade in a tractor, the best advice to give right now is to maintain and care for that machine at 100%.
Well-documented and systematic maintenance, along with meticulous cleaning and upkeep, are the simplest yet most underutilized values that can be put into a tractor. Some growers don’t want to bring in their equipment for annual inspections with their dealer partner, but all should be handling their own maintenance – then recording the work that has been done.
Not only is it a solid investment in extending the life of a machine, the proof of routine maintenance and overall care is evaluated on a trade-in. It is hard to replace a first impression so taking the time to care for the machine and keep it in good condition can go a long way in adding value. Plus, there’s the simple value of working in a cab that doesn’t have an anxiety-building amount of dirt, garbage, and clutter.
4. Don’t Let the Little Things Get Away
Speaking of investing in today’s equipment for tomorrow’s trade-in, the added value growers can put into their machines goes beyond cleaning and maintenance, to also include more significant upgrades and repairs.
Precision technology isn’t the only concept that needs occasional fixes. Instead of shrugging your shoulders when a non-vital broken part breaks spend the extra time to fix those minor repairs. For growers those little repairs can make an item feel managed and increase the experience of sitting in that cab an extra year or two, not to mention increase trade-in the value.
It doesn’t matter if a grower is holding onto a piece of equipment just to get through a hard time or pursuing the opportunity to maximize the full potential and life before trading in. Investing in a machine or technology now, in any of these four ways, will pay off now and down the road.
For more information and examples, https://www.croplife.com/precision/4-ways-to-get-more-value-out-of-agriculture-equipment-and-technology/.
With the future economic road still unclear, here are four ways growers can invest in their existing equipment and technology.
1. Utilize the Under Utilized
A seasoned piece of equipment may have new value by properly utilizing its features fully, particularly when it comes to technology. Too often, growers fear technology, seeing it as something unknown they have to learn. However, in many cases that “new” technology isn’t necessarily that new, it’s been there all along, and fully-utilizing it may mean increasing productivity, and reducing cost and time spent.
2. Look for Upgrade Options
New features and technology are among the most attractive reasoning for buying new equipment, to stay ahead of the curve and remain competitive. When new machine purchases are not feasible, it is good to know most new opportunities from equipment manufacturers can be retrofitted back to previous year’s equipment. Instead of buying that new piece of equipment, growers may be able to give the reasonably newer pieces of equipment a quick upgrade.
This can also be a good strategy for increasing the trade-in value of the equipment down the road, even during some critical years of depreciation if a grower can’t afford to trade in during the prime window of opportunity. It certainly cannot stop depreciation, but it might make it manageable until the grower can afford to update keystone pieces of equipment.
3. Don’t Allow Wear Out to Wear Down
While it may not be this year or even next, if a grower plans to trade in a tractor, the best advice to give right now is to maintain and care for that machine at 100%.
Well-documented and systematic maintenance, along with meticulous cleaning and upkeep, are the simplest yet most underutilized values that can be put into a tractor. Some growers don’t want to bring in their equipment for annual inspections with their dealer partner, but all should be handling their own maintenance – then recording the work that has been done.
Not only is it a solid investment in extending the life of a machine, the proof of routine maintenance and overall care is evaluated on a trade-in. It is hard to replace a first impression so taking the time to care for the machine and keep it in good condition can go a long way in adding value. Plus, there’s the simple value of working in a cab that doesn’t have an anxiety-building amount of dirt, garbage, and clutter.
4. Don’t Let the Little Things Get Away
Speaking of investing in today’s equipment for tomorrow’s trade-in, the added value growers can put into their machines goes beyond cleaning and maintenance, to also include more significant upgrades and repairs.
Precision technology isn’t the only concept that needs occasional fixes. Instead of shrugging your shoulders when a non-vital broken part breaks spend the extra time to fix those minor repairs. For growers those little repairs can make an item feel managed and increase the experience of sitting in that cab an extra year or two, not to mention increase trade-in the value.
It doesn’t matter if a grower is holding onto a piece of equipment just to get through a hard time or pursuing the opportunity to maximize the full potential and life before trading in. Investing in a machine or technology now, in any of these four ways, will pay off now and down the road.
For more information and examples, https://www.croplife.com/precision/4-ways-to-get-more-value-out-of-agriculture-equipment-and-technology/.