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Farm equipment auction

4K views 8 replies 6 participants last post by  Northern Farmer 
#1 ·
Neighbors auction. Big, clean, low use iron.

 
#3 ·
He was dragging it around with that 9560T. 36 rows are pretty uncommon around here. Most guys that tried them went back to 24 rows. 16 and 24 are the most common now. That was a pretty soft sale in my opinion, really hard on tillage equipment but once again that big stuff doesn't do well here.

The guy only farmed 14-1500 acres, always bought the biggest and traded constantly. The one 36 row planter just showed up this October, he never pulled it in the field and the auction was booked in August. This was just the line of machinery he was using, its not even the tip of the iceberg as to what he has around there.

Its one of those deals where all the locals have wonder for years how he can do it. Still a mystery. And he is back buying iron already.
 
#5 ·
I'm not 100% sure on new price, guy that hauls for me says $60k, another guy says $50k new so somewhere in the middle. The caveat is there's a 12% federal excise tax on new that you don't pay on used so realistically one could pay new price and still save 12%.
 
#6 ·
So as a business you pay the 12% excise and can't claim it back?

Up here we pay 5% gst (sales tax) but can claim it back on business purchases. Most inputs like fertilizer, spray and feed are exempt. Just curious. I have bought used equipment (no new) in the states but never been charged a sales tax on it.
 
#9 ·
That certainly isn't fair as far as a farm theme goes to be slapped with that tax but expect as a result that makes the used truck and trailer market more appealing and almost new trailers such as on this sale get attention. As Dan pointed out such equipment in Canada is taxed initially just like buying any parts for farm equipment as an example and then have to claim the tax back.
 
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