Before going to the market for a tractor, you’d want to draft a detailed budget for it. One question that always pops up in such situations is, “how much does a tractor cost.” There are several other factors to consider, but price often tops them.
So, how much do tractors cost?
Tractor costs typically range from $3,000 to $600,000 for new tractors and $1,000 to $350,000 for used models.
Other factors like tractor power, size, manufacturer, and additional accessories can significantly influence the price of the tractor.
While it’s cheaper to rent a tractor in the short-term, long-term work requires owning one yourself.
The rest of this article will review the price of new tractors, used tractors, and tractor rentals. We’ll also review some of the cost factors associated with tractor prices to help you make the best decision for your situation. Let’s go!
How Much is a New Tractor?
As we’ve pointed out already, the main factors in determining the price of new tractors are manufacturer, power, and benefits.
However, if you desire more features and advantages for your tractor, you may need to customize it or add attachments at extra costs.
A standard tractor can sell for less than $9,000. On the other hand, you’ll find that the more powerful tractors can go up to $75,000. Here are some averages to note before going to the market for a new tractor.
Mid-size tractors with 25 hp – 80 hp typically sell between $22,000 and $47,900.
Bigger tractors that come with 4-wheel drive and 100 HP are typically more expensive, ranging from $53,000 to $$69900.
The biggest-sized tractors start from 150 HP and would usually cost above $72,000. Some even exceed $120,000.
Don’t forget that the cost of attachments can significantly pull these prices up. For instance, a tractor rake can cost anywhere between $352-$6040.
Loader attachments cost between $2,500 and $4,590. Backhoe attachments cost between $4,000 and $7,000.
How Much is a Used Tractor
Like new tractors, the price of used tractors varies based on several factors: the brand name, age and physical condition of the machine, the size and power output, and the total hours of use.
As always, you can also add attachments to bring more features and advantages to your used tractors.
That said, a gently used compact tractor with up to 40 HP can sell anywhere between $5,500 and $16,000.
A 30 months old tractor with 50 to 75 hp sells around $19,500 to $40,000
A gently used tractor with above 100 hp would sell for more than $50,000.
Remember that the above are the median prices and may likely go up or down depending on where you’re buying.
A tractor with above 1,000 hours of use would sell for substantially less.
Tractor Pricing Guide
Here are detailed charts with tractor prices for different models of new, including their power output.
New tractor price chart
|John Deere 9520RT Tractor||572 hp||$449,571 USD|
|John Deere 9370R Tractor||407 hp||$303, 495 USD|
|New Holland Workmaster 25 T4B||24.7 HP||$16,911 USD|
|New Holland T9.480 UC PLMI T4B||480 hp||$462, 883 USD|
|Challenger CH1038||396 hp||$195 USD|
|Mahindra 105P MFWD||105 HP||$40,000|
|Morooka MST1500VD||225 HP||$59,500|
A Basic Guide to New Tractors
An important thing to note when buying tractors is the model. Every company manufactures at least ten or more tractor models to give variety to customers. This is the primary reason you’ll find hundreds of models in the market.
The options typically range from compact residential models to heavy-duty models with more than 300 HP.
While compact tractors are used for minor farm works, heavy-duty options are used for heavy works like pulling a loaded trolley.
Most tractor dealers will provide necessary information about various models, their features, and their capacity to enable you to make an informed decision.
Once you decide on a model, the next place to look at its features. It makes sense to choose a tractor that ticks all the features you want. Remember, features can add to or reduce the cost of a new tractor.
Another area worth looking at is the type of tractor. Is it a two-wheel drive or a four-wheel drive? Most four-wheel drive tractors are designed for pulling agricultural implements and working on the farm.
Thus, they offer better traction compared to two-wheelers. Two-wheel drives are becoming less popular nowadays, as people prefer four-wheelers for their power and ability.
Some tractors feature enclosed cabs to offer more comfort to the operator. Such tractors cost more than open tractors. But the protection enclosed cabs offer from rain, wind, sun, and snow makes them worth buying.
Additionally, tractors with enclosed cabs typically have higher resale values than other tractors, so it’s a win-win for you.
Factors That Can Influence The Cost of Tractors
Several factors can affect the price of tractors, from model to optional equipment add-ons. Weight, cabs, and air conditioning can also affect the price of a tractor.
However, there are several other factors worth considering beyond these common factors. Here’s a section to review some of the additional factors determining the cost of a new tractor.
1. Technological advancement
Different tractors feature different technologies. The ones with the most advanced technologies are always more expensive because of their ability to make work relatively easier.
These days, tractor experts are inventing and implementing new technologies into their tractor brands. We’ll want additional efficiency and potency in our tractors, but that doesn’t come without additional costs.
So, while in the market for new tractors, be aware that tractors with more technological advancements and benefits will naturally cost more.
If you’ve bought farm implements before, you’d know that durability is always an important part to look out for. The same applies to tractors. Tractor manufacturers know that durability is a sought-after feature in tractors.
Therefore, they’ll make durable and reliable models, although that typically means more prices. The more durable tractors cost more, while the less durable tractors are less expensive.
If you want a tractor that’ll last more for you and have resale value, it makes sense to pay the additional price for durable tractors.
We’re at a time when eco-friendliness has become an international phenomenon. Most manufacturers now strive towards manufacturing equipment that is eco-friendly. This typically means a move away from fuel.
The modern technology used to implement such principles costs a lot of money, pulling up production costs. Therefore, it’s not surprising that manufacturers increase the final price of tractors to meet additional costs.
If you’re buying an eco-friendly tractor, you must expect to pay more for them compared to the less eco-friendly alternatives.
4. Specific market space
Another factor that can significantly affect the market price of tractors is the market space it is meant for. Some farm tractors are designed for only farm jobs, while others can handle farm jobs and other construction requirements.
The former is only demanded by a tiny percentage of the tractor market and is typically cheaper. However, multipurpose tractors have more features and better designs to handle more work. More buyers opt for such tractors.
As expected, more demand means more market value, and manufacturers often increase their prices to match demand.
We needed to add this factor because it is, in fact, one of the biggest determinants of tractor prices. There are so many tractor manufacturers out there, but only a few dominate the market.
Many people will only choose the best tractor brands when in the market for tractors. This brand dominance always reflects in the annual sales of new tractors around the world.
People are always willing to pay more for name brands than the less popular alternatives. Most times, this is a result of the good results they’ve had with such brands in the past or the level of quality that the name implies.
In some cases, lesser-known brands may do the job just as well as popular ones. Thus, getting detailed information about the brands and comparing them is important before choosing the one that suits your needs.
Should You Buy a New Tractor or a Used Tractor?
Purchasing farm equipment is often a significant investment for anyone. Nobody wants to make this investment without being guaranteed a maximum return for their investment.
When it comes to tractors, you’re often left with two choices:
- Purchase a new tractor
- Purchase a well-maintained used tractor
The truth is that both tractors are great for different situations. There are several reasons you may consider purchasing a used tractor. That’s not to say that new tractors won’t serve their purpose.
That said, here are a few considerations to help you decide the best option for you.
One area that’s always a concern for tractor buyers is the reality of depreciation. As with trucks and cars, new tractors will begin to depreciate in value once delivered. This shouldn’t be a big deal if you plan to keep the tractor for personal use for a long time.
However, it can be a big concern if you intend to recoup your investment by selling the tractor in a short while. If your goal is to recoup your investment quickly, we recommend buying good-quality used tractors.
They offer you a more realistic opportunity to recover your investment and possibly make some profit if you’ve made any improvement on the tractor.
Another significant factor to consider when contemplating whether to buy a new tractor vs. a used one is cost. New tractors are usually more expensive than used tractors. But there’s more to the cost than the initial value.
You also want to consider the duration of time you want to use it. Used tractors may be relatively cheap initially, but maintenance is often difficult.
You’ll need some elements of luck and technical know-how to buy a tractor that’ll serve you for years without needing repair. The cost of constant repairs and maintenance can quickly add to the cost of a tractor.
On the other hand, most new tractors and farming equipment come with a guarantee. This is an assurance from the company that the tractor would work for some time before needing repair.
Even if it breaks down before reaching the warranty period, the company will pay for the cost of repairs.
3. Usage terms
Understanding how the tractor will be used is vital when determining which tractor you should buy. Do you have a small garden? Perhaps not more than a few acres?
In that case, the load on the equipment will be relatively low. By extension, this means less wear and tear on the tractor.
However, if you’re a professional farmer with hundreds or more acres of land to cultivate, you’d want to purchase a tractor that can go the length. If this is the case, it’ll be better to purchase a new tractor with a solid warranty.
However, there’s one last option worth considering. Many people turn to buy refurbished tractors from reliable brands.
Companies like John Deere® and Farmall® have some of the best equipment models. Their refurbished options are also typically great, so you won’t have problems using them.
Reasons to Rent a Tractor Vs. Buying One
We’ve talked so much about buying new tractors vs. used tractors. But there’s a third option that’s also popular among tractor users: renting tractors.
There are many reasons to opt for this option – the most popular one being needing the tractor only once in a while. In such situations, it would cost less to rent tractors.
Other reasons to choose to rent a tractor over buying one include the following:
1. Low or no maintenance costs
Tractors fall into the class of heavy-duty machinery. Thus, they are usually costly to maintain. Why waste so much money on maintenance costs if you won’t use the tractor for too long?
Usually, you won’t have to do any maintenance on a rented tractor if you’re not keeping it for too long. Unless you’re a careless user, you won’t need to repair or replace any parts within a few days.
However, if you’re renting for a long time, the tractor rental company may demand that you handle occasional maintenance during that period.
2. You don’t want to make a down payment or finance
One of the most popular options for paying for heavy-duty equipment is financing. Tractors are no different. Unless you have thousands of dollars to spare for a tractor, you may need to finance it.
This means you’ll need to make a down payment and get a loan to handle the rest. On the other hand, if you’re renting a tractor, you won’t need this stress.
Yes, you may still need an insurance deposit when renting a tractor, but that’s usually insignificant compared to the full cost of tractors. You’ll also likely get your insurance deposit back if you return the tractor in its original condition.
3. You want to try out accessories
As a farmer, you’ll always need accessories. Whether it is a planter or a cargo strap, these tractor accessories are expensive. The last thing you’d want is to buy an accessory you can’t use, or that won’t suit your work.
This is where tractor rental comes into play. Before allocating thousands of dollars to tractor purchases, you want to try your accessories and ensure they fit the tractor.
Unfortunately, tractor sellers won’t give you their new tractors to try before you pay.
However, with tractor rental, you can get the same tractor model at a very low price; try your accessories, and be sure it fits before buying one. In addition, it allows you to see how often you’ll need a tractor and whether it is cost-effective to buy one.
4. You don’t need a tractor for a long time
The most significant reason people rent tractors is for short-term projects. For example, if you’re not a seasoned farmer and only need a tractor to complete a small planting project, there’s no need to buy a new or used tractor.
Instead, you can just rent one and use it for the season. Besides, you may be working on a tight budget, so it’s really not cost-effective to own a tractor that you’ll only use occasionally.
Renting means you’ll not have to worry about storing the tractor and additional implements for the off-season.
What to Consider Before Making a Decision
The choice of whether to buy or rent a tractor is circumstantial to different farmers. Certainly, you don’t want to just jump into the process without thinking about it.
Here are some factors you should consider before deciding whether to buy a tractor or rent one.
1. Your financial situation
This one’s a no-brainer. You’d first want to consider whether you have enough money to invest in a heavy machine.
If you don’t, then renting may be a more suitable option. You can also start by projecting a one-time high upfront cost vs. Renting over a long period.
Most people opt for buying tractors over renting them because of the possibility of high returns when they decide to sell.
2. Job frequency/project duration
The time frame of a farming project can be the major determiner of which decision would suit you. Renting would suit you if you need a specialized tractor for short-term purposes.
However, a significant disadvantage of renting is the possibility of not taking full advantage of the tractor because of a change in the project schedule. In that case, the money spent on renting the tractor becomes a waste.
Long-term farming projects or continuous projects are excellent reasons to invest in new or used machinery. The idea is that you’ll have the machine available and productive for a long time.
3. Availability and use of machine
Another big factor worth considering is the number of times you’ll use the tractor during or off-planting seasons.
Buying the equipment allows you to have a tractor at your fingertips, even when sudden projects that need immediate intervention arise. It will enable you to keep up with work pressure even when schedule changes or weather fluctuations occur.
However, renting can still be an excellent idea if you plan your farming projects well and schedule everything correctly.
Why own a tractor that you’ll need for only a few weeks per year when you can rent it at a relatively low price every time you want to use it?
4. Management and Inventory Control
It’s one thing to own a tractor, but another thing to manage the costs that come with owning one. Beyond the initial purchase price, other costs like insurance, maintenance, transportation, service, storage, and other factors often pop up once in a while.
Yes, buying brings freedom and flexibility, but it also means a commitment to more responsibility. Tractor purchase helps you save money over time, but these costs can also easily frustrate you.
Thus, renting is often the best choice for short-term projects.
However, another option to also consider is resale value. If you used a tractor for fewer months than initially envisioned, you could always resort to reselling it and cupping back some of the money you used to purchase it.
Frequently Asked Questions
1. What is the most expensive tractor?
One of the most expensive options available in today’s tractor market is the Case IH Steiger Quadtrac 620.
The tractor’s 620-horsepower engine and its HI-eSCR emissions system mean that it’s one of the most powerful yet fuel-efficient tractors out there. It also comes with a four-point cab suspension and a luxurious interior to make it comfortable for every user.
At $616,000, it offers power, convenience, and more.
Another option worth mentioning when talking about expensive tractors in the world is Big Bud. Although there’s only one like it today, the tractor’s total manufacturing cost was $300,000 in 1977.
The tractor is still popular for its working speed (8 mph). The Big Bud retired from work in 2009 but is still maintained by its owners. Its current worth is estimated at over $1 million.
2. What is the cheapest tractor to buy?
Many cheap options exist in today’s market because tractor manufacturers now adjust specifications to fit almost every budget.
However, sub-compact tractors make the most appearances among cheap tractors. If you search well, you can find some gently-used subcompact tractors listed for below $8,000.
However, the cost may easily increase based on the kind of attachments you need and how long it’s been used. Brand-new subcompact tractors usually start selling at $15,000.
The price can also rise depending on the exact setup and the attachment it’s coming with.
3. How much does it cost to rent a tractor?
The price of tractor rental depends on many things, and one of such things is the location you’d want to use it.
There are also a lot of government-owned tractors you can hire. You just have to find the right agencies in charge of the hiring process to purchase from them.
Thankfully, government-owned tractors are cheaper to rent than private owners’ alternatives.
There are two popular models often used to rent tractors:
The pay-per-hour model.
The pay-per-day model.
Depending on the model you choose and several other factors, you may pay between $200 to $400 per day for tractors.
Conclusion: Tractor Cost With Real-World Examples
That’s a wrap: a detailed look at everything you should know about a tractor’s cost. However you choose to look at it, the truth remains that tractors are expensive investments.
However, prices vary based on brand, model, and other factors. While it’s an excellent idea to buy a new tractor, there are situations when it won’t be the best alternative.
Other alternatives include the purchase of fairly used tractors and tractor rentals.
All the above alternatives cost differently and have their advantages over the others. Before making a decision, compare all three alternatives based on how you want to use them.
This way, you’d know whether to invest in a new tractor or rent a quick one and use it for the time being.