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Farmall & IHC Tractors Discussion Forum
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CAN YOU BELIEVE THIS!!!

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RED JOHN

09-02-2004 12:47:11




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A couple weeks ago, a good friend of my brother-in-law went to a farm sale by Ottumwa, Iowa. The guy was a big farmer and had some machinery he used often, and some stuff he never used much at all. Among many newer items, he had a 1066 with a black stripe, no cab, and only 800 original hrs., a 1566 with a black stripe, no cab with 1200 org. hrs., and an early model Case IH 1680 combine also with very low hours. All three were in mint condition.

Guess what these brought. The 1066 went for $31,000, the 1566 brought $25,000, and the 1680 sold for $70,000! Who said IH tractors had no resale value!
After the sale, the guy (who didn't buy anything), went to the local implement dealer and asked what a new 1066 with a blk stripe sold for new. He said $13,000. I figure the farmer made out pretty well. What do you guys think?

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Paul in Mich

09-03-2004 07:39:53




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 Re: CAN YOU BELIEVE THIS!!! in reply to RED JOHN, 09-02-2004 12:47:11  
Red, Are you sure the guy who owned these items didn"t "bid in" to assure that he either got a ridiculous price for these items or he was taking them back home, which he ultimately did? Its done all the time here in Michigan, and it makes auctions almost a joke unless you know who you are bidding against. I was at a sale last spring where there were 2 auctioneers going at the same time, and one guy was bidding in, and running from one item to another and finally upped the bid on the first item by $7,000 over the last bid because he didnt think he could get back in time to up it before it was sold out form under him, because he had to run over to the other item being bid. I guess he was too cheap or stupid to have a relative bid in for him on one of the items. Just once I"d love to see one of these guys get burned.

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Screw the reserved names!

09-02-2004 14:30:14




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 Re: CAN YOU BELIEVE THIS!!! in reply to RED JOHN, 09-02-2004 12:47:11  
No, I really can't believe a 1066 sold for $31,000!, why would anybody pay so much for such a common and plentiful tractor???, I know low hours adds value, but what differece does it make if the tractor has several thousand hours on it as long as it is in good condition and been maintained. Wow, that auction attracted atleast a couple of suckers!. Whoever bought them I bet is planning to never use them, and I wonder why you would want to pay that much to buy something that you won't use, and are afraid to use because you don't want to put any hours on it or scratch the paint, and the worst thing you can do to a tractor besides mistreat it is let it sit around. Around most anywhere you can pick up a nice 1066 for about $12,000- $15,000. Must be a status quo thing so that some yuppie can say he owns it.

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Carp Ya but

09-02-2004 17:09:57




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 Re: CAN YOU BELIEVE THIS!!! in reply to Screw the reserved names!, 09-02-2004 14:30:14  
have you seen the price on a new 120HP tractor. Shoot even a 10 year old 120hp tractor with less than 2000 hrs will bring big dollars.



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Screw the reserved names!

09-02-2004 23:23:53




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 Re: CAN YOU BELIEVE THIS!!! in reply to Carp Ya but, 09-02-2004 17:09:57  
Actually a 1066 is rated for 130hp, my point was that a fellow could buy 2 average 1066's for the same money as what that 1 went for.



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Novel Idea Guy

09-02-2004 13:24:35




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 Re: CAN YOU BELIEVE THIS!!! in reply to RED JOHN, 09-02-2004 12:47:11  
Who said IH has no resale value?? Nobody I"ve ever heard of, that"s for sure. Never any good deals around here.



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RED JOHN

09-02-2004 13:32:20




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 Re: CAN YOU BELIEVE THIS!!! in reply to Novel Idea Guy, 09-02-2004 13:24:35  
That's what I always hear from the Deere boys who talk about 4020s selling for 15000 and 4440s for 20 grand. It's good for them to see some IH oversell.



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The Red

09-02-2004 12:53:33




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 Re: CAN YOU BELIEVE THIS!!! in reply to RED JOHN, 09-02-2004 12:47:11  
He sure didn't take finance classes from me. I ALWAYS lose money on tractor sales. :)



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