Study shows farmers turning to used and retrofitted machines
The high cost of new agricultural equipment is changing the way American farmers make decisions about their machinery. According to the Equipment Leasing & Finance Foundation’s latest study, titled “Vertical Market Outlook Series: Agricultural Equipment”, many producers are now choosing to retrofit older machines or purchase used equipment instead of investing in brand-new models.
The report provides an overview of the U.S. agriculture industry and examines the challenges and opportunities that affect equipment needs. It identifies issues such as market size, labor shortages, regulations, global trade, climate change, sustainability, and evolving consumer diets as key factors shaping future demand.
Industry experts note that financial flexibility is becoming essential. “This Foundation study reveals a new agricultural reality where scale, technological adoption, and financial agility are becoming prerequisites for farmers’ survival and growth,” said Will Tefft, Equipment Manager at EverBank and a Foundation trustee.
Technology is also playing a greater role, from precision farming to sustainability practices. However, the report emphasizes that profitability remains a concern, with many farmers seeking cost-effective ways to maintain operations. By adopting retrofitting strategies or turning to the used-equipment market, producers can manage expenses while continuing to upgrade efficiency.
The study is part of the Foundation’s ongoing Vertical Market Outlook Series, prepared by Big Village, and is available for free download. With insights into economic pressures and emerging opportunities, the report highlights how equipment finance solutions can support U.S. agriculture during a period of rising costs and shifting market dynamics.
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