Jeffersonville, OH | AR Plowboy - 4/17/2024 20:56
Since I have quit farming I have several pieces of equipment I should sell. Just wondering what kind of experience some of you have had doing that. As of yet I haven't even advertised locally. I think most around locally no I have retired and have equipent I want be using. So if listing in AgTalk classifieds would you post items one after a other or spread out some.
As a dealer, if you aren't in a hurry, here's what I would recommend.
First, figure out your income situation, because a LOT of folks retire, sell the equipment, then realize they have too much income and no expenses, and get in a mess. So figure that out first. It's not hard to let iron sit a year if you don't need the cash, to let other things shake out.
Then, if you have a relationship with a local dealer, ask them if they know anyone looking for something you have. A lot of dealers don't like to buy used equipment because it's a risk, but it's no risk to sell it out of your barn. In our case, we probably buy one or 2 customers complete lineup of equipment a year, for a lot of reasons, but in most cases, they just don't want an auction and have to clean everything up themselves, and then have all the people on the property...so, if we can all come to a fair price, we will buy the whole line. In a lot of those cases, we can offer "flexible" payment schedules so they can spread the income out over one or 2 years...which also allows us to get some of the equipment sold before we have to write a big check.
Obviously, there is some trust there in some cases, but like I said, if you have a relationship. Not everyone does, and that's OK.
As far as the classifieds here, we have sold some attachments, tires, etc...basically items that are easily shipped either via UPS or truck freight. We do have decent luck on Facebook, but be ready for a few "is this item for sale, I'll buy it for your asking price" scammers.
But above all, just remember the tax implications you can encounter. There are a lot of ways to minimize that burden, and we see way too many folks give away what they had because they didn't plan ahead or talk to the right people about that side of the business of farming.
Chris |
Selling equipment through AgTalk classifieds
