Falling crop prices have taken a hit on farmer’s bottom line. To help save money, they are holding on to older equipment, leaving a surplus on dealer lots.
Analysts at Reuters talked to 10 equipment dealers, mostly in the Midwest. After farm income fell from record highs in 2022 and interest rates soared, it has left them struggling to offload new equipment.
Researchers found that in the U.S., inventories of high-horsepower tractors have risen 170 percent since the end of 2023. To help move inventory, some are cutting prices by 30 percent and offering interest-free deals.
