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Brexit uncertainty drives UK farmers to second-hand machinery purchases

Good quality second-hand sales were at a premium as buyers looked to get ’all the bells and whistles’ without the price tag.


Alex   Black

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Alex   Black
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Machinery buyers gearing up for Brexit

Uncertainty was driving machinery sales, with buyers looking to secure good quality second-hand machinery.

 

And buyers were also looking to bring forward purchases of new and used machinery as they prepare for Brexit, according to Stuart Cornthwaite, managing director at Cornthwaite Agricultural.

 

“They are doing it now before Brexit takes effect and getting themselves geared up to be able to not spend for two or three years,” he said.

 

“Most farming families and farming businesses are preparing themselves to be ahead of the game.”

Two- to five-year-old machinery was selling for a premium of up to 20 per cent at a recent Euro Auctions sale in Leeds.

 

Value for money

 

Jonnie Keys, operations manager at the company, said shrewd buyers were looking for low hours machines which still had all the ‘bells and whistles’ without the cost.

 

He added squeezed margins on-farm meant people were looking for value for money.

 

“This means they gain all the operational benefits of an ‘almost new’ model but at a much-reduced cost. What is more, if they run the machine for a few years and then sell it on through an auction they minimise their exposure to depreciation and potential servicing costs.”


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Bill Pepper, Cheffins’ head of Cambridge machinery sales, said: “It is because of the price of new machinery and perhaps the uncertainty farming is facing at present. A real credible alternative is second-hand machinery.

 

“And good second-hand machinery is in demand.”

Older good quality equipment was also in demand, giving the example of a seven-year-old John Deere with a low amount of hours which made £53,000.

 

“The equivalent machine new would be about £115,000,” he said.

 

Mr Pepper also highlighted significant European overseas demand, supported by the exchange rate.

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