For a new owner, there is a lot of use at first. Doing stuff that has piled up and needs doing and there is the "new toy" syndrome as well.
After a while, the hour meter runs less. Or so I expect.
I waited over 5 years before getting my first tractor (855 JD) this summer, and see the benefits of having it. About the only jobs I could not do in those five years is grading, planting food plots and bush hogging. I needed backhoe work but had that contracted out and my needs for backhoe work are minimal and would never justify the investment.
The previous owner had put less than 40 hrs a year on it and he had 67 acres...I have 20 acres but a longer drive. I estimate I will put 50-70 hours a year on it. So far I have less than $6000 in it, including $2500 in repairs) and I think it was worth it. Being in my late 60's, it helps do things around the place with less manual labor. I figure another $3000 to keep it running for the next 15 years. I have 15 years or so left and although it would be nice to have a $30k new machine to make the work easier, it makes little sense in my situation. In 15 years, the 855 and attachments will be worth about $2500, so I will have spent $6500 - $435/year. A new machine may be worth $15k after 15 years, then add in $1500 to keep it running, and the cost to own would be $16,500 - $1100 a year.
Like most people, I am not comfortable with writing a check for $30k at my age. And I do not want debt so financing is not something I want to do either.
A younger person with greater life expectancy and more funds might be able to justify the investment. Also, I do not have the demands of a livestock owner or farmer where a reliable machine is a concern. If my tractor was out of service for 3 months, it would not be a huge hardship. Many factors weigh into the "economics" of ownership. Or even if ownership makes sense.