Ritchie Bros Auctions

[farmaholic]

Boy is there some cheap iron selling.... sign of the times?

[quadtrac]

What went cheap?

[MBgrower]

Boy is there some cheap iron selling.... sign of the times?

don't buy a new air seeder, buy one year old at ritchies for pennies on the dollar instead

[farmaholic]

don't buy a new air seeder, buy one year old at ritchies for pennies on the dollar instead

Yup...drills. Anyone starting out farming who has some mechanical abilities could probably get some pieces of decent used iron.

[Guest]

bankers will be nervous !

[farmaholic]

Is this the first sign of a chink in the armour?

[hobbyfrmr]

RB called a few days ago to inform me there were some good small farm auctions coming up. They wanted to redo my credit approval. That was good of them. Then within the hour, FCC called to see if everything was going well. That lady brought up the past interest rate hikes. She offered a option to lock in rates if I was concerned about more increases. My repsonse was "if the bank of Canada increases interest rates anymore, half of the population of Canada is going to have a major lifestyle change. They will lose their vehicle and house."
I am pretty sure FCC carries the largest amount of farm debt in Canada. If interest rates increase, my little piece is going to be the least of their worries.
Equipment at auction should go cheap this time of year. Farmers just finished harvest and pre paying their canola seed fert and chem for next spring. Why do they want to buy expensive machinery to depreciate for 5 months in a shed?

[farmaholic]

RB called a few days ago to inform me there were some good small farm auctions coming up. They wanted to redo my credit approval. That was good of them. Then within the hour, FCC called to see if everything was going well. That lady brought up the past interest rate hikes. She offered a option to lock in rates if I was concerned about more increases. My repsonse was "if the bank of Canada increases interest rates anymore, half of the population of Canada is going to have a major lifestyle change. They will lose their vehicle and house."
I am pretty sure FCC carries the largest amount of farm debt in Canada. If interest rates increase, my little piece is going to be the least of their worries.
Equipment at auction should go cheap this time of year. Farmers just finished harvest and pre paying their canola seed fert and chem for next spring. Why do they want to buy expensive machinery to depreciate for 5 months in a shed?

Hobby, some of that stuff doesn't have much depreciation left in it at those prices, in fact some of it might be worth more in spring.

[hobbyfrmr]

Hobby, some of that stuff doesn't have much depreciation left in it at those prices, in fact some of it might be worth more in spring.

Good observation. I am short sighted when it comes to buying machinery.

[GDR]

Watched todays sale, bid on one tractor but did not buy. Agree compared to new prices some consignors took a beating. Some pretty high hourly costs on some machines. Having said that I don't know if you can call it cheap. To spend 150 or 200 grand plus at auction with no warranty not knowing what your getting is still pretty scary.