Only one problem with your take on a bank's reasoning when it comes to equipment. A man can go out right now and buy an older, used D6 dozer in good shape for say $25,000. With typical equipment loan it will need to be paid off in 5 years regardless of the price. During that 5 years any problems with the machine, etc, etc can be repaired with the money left over that is not being spent on paying back a loan on a $225,000 machine that will be doing the same work. For extra $200,000 saved, if needed, the man with the old D6 can have the engine, transmission, TQ, final drives, undercarriage, etc, etc, etc all rebuilt and wind up with a new machine that will last as long, and probably longer than the brand new machine, which nowdays have a design life of around 10 years. Which makes more sense, buy an older machine, repair it when and if it needs it and wind up with more than $50,000 left in you pocket, even if you have to do a total rebuild, and have a maching that might be 30 years old but will last another 30.....or buy a new one for $250,000 and know it's going to need repairs that are going to cost twice as much as those to an older machine when needed, and have a piece of problematic, electronic junk that's just sitting there needing replacement in 10 or so years??????
To those of us with any common sense it's a no brainer..... unfortunately most bankers know nothing about equipment and fall for, and spew forth the same line of BS that is fed to consumers every day....'everything old is junk amd if it's not new it's not worth anything'. Heck a car dealer on the radio around here is advertising about trading in your 'junk car' and how you can do it even if your still making payments. The whole gist of the add is if it's not new, it's junk....even if it's not even old enough to be paid off........
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