I know of several sucessful farms that use mostly tractors from the 60s and 70s. I can see in a large grain farming area where the most modern tech might be needed. But here in our dairy farming area, the most cost effective farms that I know of personally, use older tractors. The truth is - there are many tractors from the 1960s and 1970s that run just as efficiently as the newest tractors at certain power levels. And, the older tractors are much easier and cheaper to work on. Keeping older tractors makes it easier to have many tractors that can ge properly sized for the work they do. You mentioned your 860 Ford. Well, when used to work at 20 horsepower, that 860 will run more efficiently than the newest, most efficient turbo diesel tractor is it's over 80 horse.
My neighbor, who just retired debt-free from dairly farming used a Deere 2520 and 4020 along with a few two cylinder tractors from the 50s (a 630 and 520). He is one of the few farmers I know that was always dept free and had a very high herd average for milk production. He did, however, buy a new Deere combine to do fall custom work for other farmers.
Another neighbor still dairly farming has two Deere 4020s, one 3020, an Allis Chalmers ED-40, a Deere B for raking hay only, and a Deutz-Allis 140 horse 4WD. He is also debt free.
Another neighbor who grows/raises certified organic beef and vegetables uses 1970 IH/Farmals only and does fine.
We've got around 10 large farms left in my general area. The one doing the worst and about ready to go under has all modern equipment and a huge debt load.
On a side note, industrial dirt moving equipment is a different story. If you get caught with a old leaker, you can be in big trouble fast.
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