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Tractors have long been an essential piece of equipment on the farm. They revolutionized the agricultural industry by adding a whole new level of efficiency. Today, tractors are also used in construction, landscaping and industrial settings.
Buying a new tractor is a major investment, but it's one you won't have to make often. A well-maintained tractor has a lifespan of 20 to 30 years, even with daily use. If you're using the tractor less frequently, it could last decades longer.
About New Tractors
There are literally hundreds of tractors from which to choose, from compact residential models to heavy-duty machines with more than 300 horsepower. Once you select a model, you'll also have to choose among a wide variety of features and options.
The vast majority of tractors are four-wheel drive. Four-wheel drive tractors offer better traction than two-wheel drive models and they're a necessity if you're planning to use front attachments such as loaders. Two-wheel drive models are only preferable if you'll be doing lots of driving at road speeds.
Some tractors have enclosed cabs; others do not. A tractor with an enclosed cab comes at a higher price tag, but offers greater comfort to the driver and protection from elements like sun, wind, rain and snow. Tractors with cabs also have higher resale values. However, cabs are far less common with compact tractors.
New Tractor Average Costs
A bare-bones compact tractor might sell for less than $10,000, while the largest and most powerful farming models could go for as much as several hundred thousand dollars. Most tractors fall somewhere in between.
- Mid-size tractors with 30 to 75 hp usually cost anywhere from $25,000 to $50,000.
- Larger tractors with about 100 hp, 4-wheel drive and a cab tend to run $50,000 to $75,000.
- Tractors with 100 to 150 hp usually cost anywhere from $75,000 to $150,000.
In addition to the base price, you may have to pay extra for certain features and options. If 4-wheel drive is not a standard feature, budget an extra $5,000. Attachments also run extra.
- A rake attachment usually costs just a few hundred dollars.
- Loader attachments run $3,000 to $5,000.
- Backhoe attachments can run $6,000 or more.
Due to the high cost of tractors, many farms and businesses choose to finance the purchase. You can opt for dealer financing or apply for a loan through your bank or credit union. Often, banks and credit unions have lower interest rates.