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Tractor Talk Discussion Forum

Economy..Should I buy now or hold out?

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mike from cny

04-27-2008 18:45:23




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Well Guys, I"m just about debt free and would like to buy a backhoe for around 15k plus or minus. I would be getting a loan through the bank for this. Would you guys buy now or hold out on getting a better deal within the next year or so? -Mike




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JoshuaGA

04-28-2008 11:24:46




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 Re: Economy..Should I buy now or hold out? in reply to mike from cny, 04-27-2008 18:45:23  
If you have to finance it, get it at a fixed intrest now. I believe now that if you have the credit, now is the time, because as high as inflation is, pretty soon you will see a repeat of the 80's with extremely high interest. Farm lenders remember the 80's, housing lenders will remember the 00's.

My prediction. Take it as an educated guess.

JoshuaGA



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Steve in MN

04-28-2008 07:15:41




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 Re: Economy..Should I buy now or hold out? in reply to mike from cny, 04-27-2008 18:45:23  
Give you a couple of things to consider that you probably already know but here goes. Iron keeps going up, new ones get higher priced, used ones go up right along with em. Waiting a year or 2 may actually cost you more. Interest rates are down, might even go a little lower, but also could go higher. Escpecially if the housing market takes off again.So if you think you really need it and can make money with it, go for it.

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Jiles

04-28-2008 06:16:38




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 Re: Economy..Should I buy now or hold out? in reply to mike from cny, 04-27-2008 18:45:23  
I am now using my third backhoe. I sold the other two for a profit after using them for several years. If you TRUELY need one, buy the best you can afford, do all the repairs to the machine between jobs. When you are through with it, paint and sell. Better then money in the bank.



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Bendee

04-28-2008 06:14:00




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 Re: Economy..Should I buy now or hold out? in reply to mike from cny, 04-27-2008 18:45:23  
Don't you like being debt free? Not much use buying it to have as an ornament so establish the need and whether you can make a dollar with it.If you are thinking of getting a better deal in 12 months then you don't really need it so become debt free.... a lovely feeling.



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Texasmark

04-28-2008 06:08:55




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 Re: Economy..Should I buy now or hold out? in reply to mike from cny, 04-27-2008 18:45:23  
Only concern now would be interest rates and current availability of decent credit. Unit pricing may be better if sales demand is low.

Don"t know if you are looking to buy for your own use or to use as a business base.

If own use I stated feelings above. ----- ----- ----- ----- --
If for business you really need to survey your market before you jump out there; take a really good look at your potential business and how you plan to develop it. Others comments about additional necessities are absolutely part of it.

Have some serious constraints facing you with prices of most everything going up. Folks will just put off what they don"t absolutely have to have.

Don"t overlook costs of fuel, insurance, and taxes including road taxes.

Getting started and developing a name for yourself takes time.....time is money. Insure that you have a cushion to rest on while this is building up....payments will come every month regardless of your income.

Having financed my son"s personal business caper my first question to him was where was his business plan....he didn"t even know what it was. All I got out of him was "I know I can do it". Well, sorry, but that doesn"t make it happen and he went down the pipe sucking a heck of a lot of my wife's and my money with him. I knew better at the time (cause what I just said) but he caught us at the right time financially and I thought I would give him a chance..... who knows, he could have made it big.....course as time passed I realized he had no aspirations for making it big.

Not saying you won"t make a go of it. Just saying you need more than a strong will to survive. Do your homework and if it looks bad back off. Course I know that's not what you want to hear..... but that's what's good for you..... believe it.

Mark

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1936

04-28-2008 06:03:20




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 Re: Economy..Should I buy now or hold out? in reply to mike from cny, 04-27-2008 18:45:23  
For limited use best to rent by the hour or day. House construction is dead for a couple of more years. Diesel here 4.50.



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moonlite 37

04-28-2008 03:13:34




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 Re: Economy..Should I buy now or hold out? in reply to mike from cny, 04-27-2008 18:45:23  
If you can wait two years for it, you do not need it. You should be able for it to pay for itself in that length of time if kept busy. All other answers are good.Need truck and trailer too.



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TGIN

04-28-2008 01:41:38




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 Re: Economy..Should I buy now or hold out? in reply to mike from cny, 04-27-2008 18:45:23  
If you buy at a dealer check there int. rates . Alot of times JD , CASE , NH will offer int. rates alot better than the bank . I`ve got one and it`s about the handiest thing I`ve got . You`ll be suprised how much money you can make in the neighborhood if there is`nt allready one there .



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farmer101IL

04-27-2008 20:40:33




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 Re: Economy..Should I buy now or hold out? in reply to mike from cny, 04-27-2008 18:45:23  
Hey mike buy now.
I bought a case 580D extend a hoe about 7 years ago. About 10 grand. Best piece of equipment i ever bought. Made alot of money just using it on my place. Can't really live without it now. Plus u make alot of new friends when they find out you own a backhoe. LOL

Take care Farmer



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Eric SEI

04-27-2008 19:15:53




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 Re: Economy..Should I buy now or hold out? in reply to mike from cny, 04-27-2008 18:45:23  
The question is: Do you have a use for it now?



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RobMD

04-27-2008 19:21:36




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 Re: Economy..Should I buy now or hold out? in reply to Eric SEI, 04-27-2008 19:15:53  
AND whether or not you can make some money with it...



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Michael Soldan

04-27-2008 19:40:22




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 Re: Economy..Should I buy now or hold out? in reply to RobMD, 04-27-2008 19:21:36  
You need a dump truck with the hoe or you are still going to be working for someone else...



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