How can you get the best deal when buying a used tractor? With the used tractor market, there is often some room for negotiations to get a better deal. Like any other type of large purchase, it requires some forethought before approaching sellers. Getting in the right mindset yourself will keep you focused for more effective negotiations with the seller.
Keep these 9 tips in mind when negotiating to buy a used tractor:
1) Understand how popularity affects price
You’re going to have more competition and less negotiating leverage with popular tractor models. Certain models like the Ford 8N tractor have a large fan base that boosts demand, giving you less wiggle room to bargain with sellers. Of course, you should always try to negotiate, just be aware of the limitations that could arise due to competition.
2) Research every detail
Learn everything you can about the tractor you want to buy. Do a quick internet search to find out years of production, number of tractors produced, specifications, original list price, current market price 9 and more. In short, become a walking encyclopedia for the tractor you want to buy. This knowledge gives you a psychological edge when you start to bargain because it shows you’ve done your homework, and it makes the seller take you more seriously when discussing the price.
3) Compare asking price versus final price
A dealer will never tell you what tractors actually sell for compared to the asking price, but eBay will. Even if you don’t purchase your used tractor from eBay, it is a great tool to use to see patterns between asking price and final sale price. Come prepared with that information when negotiating with a seller. If it’s true, mention that tractors generally sell below asking price and back it up with numbers.
4) Look at price comparisons
With the internet, it’s easy to research tractors for sale across the country. Print off any great deals on similar tractors to use as a talking point when negotiating for the tractor you want. Because of location, you might not be serious about pursuing these other tractors, but it enhances your image as a savvy buyer who knows marketplace values.
5) Consider the seller’s sense of urgency
You can’t read anyone else’s mind, but you can pick up on clues. Dealers that sell used tractors are often less flexible because they often don’t have a deadline to meet. People selling tractors at estate sales, moving sales and other short duration events often have a greater sense of urgency to move what they are selling to avoid becoming stuck with it.
6) Inspect the tractor
The condition of the tractor will directly reflect the price you pay. A tractor in mint condition should always command a higher price than one needing some work. If possible, start the tractor to see how it runs. Inspect major components such as the starter, alternator, water pump and radiator. Check out the body of the tractor for dents and corrosion. Look for wear and tear on high visibility parts like seats. Use any imperfections to help negotiate a lower price, or you can ask the seller to make the repairs before you take delivery. Either way is a win for you.
7) Buy in off-season
Tractors are definitely seasonal. Sellers are often less willing to cut prices in the spring just before planting season as opposed to fall after the harvest. Wanting to reduce inventory before winter is sometimes a motivator to deal on price. Earlier, it was noted that private parties may be more flexible on price than dealerships because they want to unload what they have. Here’s a situation that can give dealers a sense of urgency. Dealers may wish to unload inventory going into the slow selling season rather than hold it in storage and have it on the accounting books.
8) Ask for extras
Some sellers will be set on price but may consider adding in extras like implements or added accessories. If you’re buying from a dealership, you might negotiate for complimentary service after the sale or warranty protection in case anything goes wrong.
9) Exercise the art of silence
When a seller mentions a price, you don’t know for sure whether they are willing to go lower or not. Instead of immediately saying “I’ll take it,” just remain silent for a while. Silence makes you look as if you’re a bit hesitant about the price, and you might just get a sweeter deal from a silent pause.
Negotiating the best possible deal will leave you with a real sense of satisfaction. Best of all, it will leave you with more money in your pocket to use for whatever else you would like someday.
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