Originally published on Agdirect.com on 11/1/23.
5 Tips for Getting a Good Deal
Whether buying farm equipment at a dealership or through a private party, the art of negotiating can be a daunting task. However, it’s important to remember that you have the power to get a good deal.
Here are five quick tips to help increase your chances of walking away with the machinery you need at a price you can afford.
1. Do your research.
Before you start negotiating, it's important to understand the market and know what the equipment you're interested in is worth. This will help you determine a fair price and avoid overpaying. You can research prices online, talk to other farmers or get quotes from multiple dealerships.
2. Be prepared to walk away.
One of the most important things to remember in any negotiation is that you can walk away if you’re not happy with the price or terms of the deal. If you feel pressured into buying something you’re not comfortable with, don't be afraid to end the negotiation and continue your search elsewhere.
3. Be flexible.
While it's good practice to have a target price in mind, it's also important to be flexible in your negotiations. There may be some things you're willing to give up in exchange for a lower price. Be prepared to negotiate on different aspects of the deal, such as:
- Terms: Remember to factor in financing considerations including the down payment, interest rate and repayment schedule.
- Trade-in value: If you're trading in old equipment, be sure to negotiate a fair trade-in value.
- Delivery and installation: If the seller is delivering and installing the equipment, be sure to negotiate the cost of these services.
- Warranty: Make sure you understand the terms of the warranty and that it's adequate for your needs.
- Maintenance and support: For purchases made at the dealership, ask about maintenance and support policies.
- Training: If necessary, negotiate for training on how to use the equipment.
4. Build a relationship with the seller.
The more the seller knows about you and your operation, the more likely they will be willing to work with you on a deal. Take the time to get to know the salesperson and learn about their business. Be honest about your needs and budget and be respectful of their time.
5. Be patient and persistent.
Negotiating a good deal can take time and effort. Don't be discouraged if you don't get the price you want right away. Be patient and persistent. To avoid buyer’s remorse, keep negotiating until you reach an agreement that's fair and affordable.
No matter where you choose to buy your farm equipment, AgDirect and FCS Financial can help you buy, lease or refinance new or used equipment with attractive rates and farmer-friendly financing terms. Contact a local office for more information.
