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Re: Equipment Loans
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Posted by davpal on December 01, 2006 at 21:40:31 from (216.93.120.119):
In Reply to: Re: Equipment Loans posted by Tom in TN on November 30, 2006 at 19:58:17:
Welcome to the new millenium where debt is dumb, cash is king, and the paid off home mortgage replaces the BMW as status symbol of choice. Lets all cut up those credit cards and yell out "Im debt free"!! I am a big Dave Ramsey fan too. You could not force me to take out a loan on farm machinery. There is so much of it around to be had for bargain prices you can easily work to buy all you want and will probably buy more than you need like most of us on this board. I just went to our local Agco dealer and picked up a beautiful low hour IH model 55 trailer type 10 shank chisel plow. It is in great shape and looked like it had very low hours on it. I gave a whopping $750 dollars for it. It did need a new set of ag tires and a nice paint job and one hydraulic hose. I have a whole $1000 dollars invested and it looks just like new, will last me forever, does and awesome job and will till 10-12 inches deep. It does as good a job as a $20,000 dollar new one from Deere or Case Ih. Remember, we are just playing in the dirt, not launching rockets or building particle accelerators! The big cost is aquiring land. I could not afford good land so I bought wet ground with no tile because it was available and all I could afford. It was actually more than I can afford. Real good land is very expensive and families hold on to it for 100 years. Start small and work your way up gradually. Dont start big with a big hollow head and come crashing to earth like some of the big spenders out there.
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