what would a practically new 7040 be sold for?

leeinmemphis · Oct 30, 2007

Hey everyone,

It looks like I am going to sell my farm and all the equipment. I need to spend more time with the kids/family and think that I will start pursuing some other interests. I have a new tractor m7040 cab/air/ 1153 loader, grapple bucket, shuttle shift, 3rd function valve 2 rear remotes, subframe for a woods bh90x with a hydraulic thumb, The tractor has about 10 hours on it.

I paid right around $10k for the bh, subframe, pto pump, hydraulic thumb. I guess the bh is worth $7500 without the tractor but don't know quite what to say the tractor is worth.

Any idea of what kind of price to put on it? I think I know about the other equipment but this one has me stumped. Also is there any publications to list it in? The tractor is paid for and I am not in a real bind to sell it and will try to wait until after the property is sold to get rid of it.

Any info would be greatly appreciated. thanks.

IslandTractor · Oct 30, 2007

10 hours...that's less than some "new" tractors on the dealer's lot. I'd knock 5% off what you paid for it and wait. Someone will come along.

Glowplug · Oct 30, 2007

IslandTractor said:
10 hours...that's less than some "new" tractors on the dealer's lot. I'd knock 5% off what you paid for it and wait. Someone will come along.

I think you'll likely have to come down more than 5%. More like 10%. That's just because it's "used". Most people think of tractors kind of like cars--depreciating 20% when driven off the lot. I don't think that necessarily holds true for tractors though. So if you paid $35,000 for it you may want to list it for $31,500. Otherwise I don't think you'd get any takers as an individual seller. You could maybe sell it for a little more if you were a dealer. I don't know for sure though. This is all just an educated guess.

By the way, it's a sad thing to let an M7040 go with only 10 hours. I think I put 10 hours on mine the day after it came home. But you gotta do what you gotta do. Good luck!

Bob_Young · Oct 30, 2007

Lee, could you give us a breakout of how much money you've got in the equipment you're selling? ...or maybe a link to an earlier post on that subject?
Bob

IslandTractor · Oct 31, 2007

Glowplug said:
I think you'll likely have to come down more than 5%. More like 10%.

Chuck, you have one of these....wouldn't you have jumped at the chance to save 5% off what the best price you could get from your dealer? 10 hours is barely the time the dealer puts on the machine just getting it ready for the customer. I still think 5% would be a good enough discount that a serious buyer would grab it. 10% off would be a flat out steal.

N80 · Oct 31, 2007

I think that 5% off looks good if you plan to pay cash. But if you have to borrow money to pay the individual you can come out waaaay ahead with financing with a dealer at 0% even if the new tractor costs 5% more.

IslandTractor · Oct 31, 2007

N80 said:
I think that 5% off looks good if you plan to pay cash. But if you have to borrow money to pay the individual you can come out waaaay ahead with financing with a dealer at 0% even if the new tractor costs 5% more.

Great point.

Glowplug · Oct 31, 2007

I guess you could start at 5% off what you have invested in it then if you don't have any takers you could always reduce the price later. It would be tough to raise the price if you list it for too low and someone jumps on it immediately!

IslandTractor said:
Chuck, you have one of these....wouldn't you have jumped at the chance to save 5% off what the best price you could get from your dealer?

Nah, I don't have that kind of cash lying around. I'd have to finance.

N80 · Oct 31, 2007

I think the reason these 0% financing deals exist is to combat the used market. When I was looking for tractors the prices on used junk were high and the prices on good used machines were close to new prices. For someone who is going to have to borrow to buy, 0% financing on a new tractor trumps 7.5% on a home equity loan on a good used tractor.

When you have cash is when you can get the great deals like the 7040 above.

leeinmemphis · Oct 31, 2007

thanks guys.....I kinda figured a 10% loss would be the place to start. I'll get some pics and get them on craiglist in a week or two. I'll try to hold onto the tractor and make it last to go because I'll still need it until the place has sold. The realtor said it takes 3-6 months on average to sell so I don't really need to move it real quick.Thanks again.