The higher cost of agricultural equipment is a large concern for U.S. farmers, and has led many decision makers to shift their replacement strategies and pursue retrofitting existing equipment or purchasing used equipment, according to a new study, “Vertical Market Outlook Series: Agricultural Equipment,” released today by the Equipment Leasing & Finance Foundation (Foundation). The study provides an overview of the U.S. agriculture vertical and addresses issues that will impact the sector and its equipment needs.
“This Foundation study reveals a new agricultural reality where scale, technological adoption, and financial agility are becoming prerequisites for farmers’ survival and growth,” said Will Tefft, Equipment Manager – EverBank Corporate Asset Finance and Foundation Trustee and Research Committee Member. “The flexible solutions, high-touch relationships and equipment expertise the ag sector requires present ample opportunities for the equipment finance industry to support this critical U.S. industry.”