Re: Auction prices from Pine Island MN.- This is turning into a rich man's hobby!

Posted by TW on June 26, 2001 at 04:09:06 from (63.38.178.184):

In Reply to: Auction prices from Pine Island MN.- This is turning into a rich man's hobby! posted by Thor on June 25, 2001 at 12:11:34:

It is like any other purchase, it depends on what side of the transaction you are on. For the farmer who is selling his equipment after a life of hard work he probably feels pretty good that his well cared for equipment held its value. I've been amazed at farm auctions where neighbors (friends) gather and try their hardest to get the equipment at the lowest price possible. I've seen cases where the tractor was clearly being bid too low and the owner's neighbors (friends) refuse to go $50 higher knowing the owner is being gouged. I realize at an auction the equipment goes to the highest bidder and you certainly don't "trump" your own bid. But this philosophy cuts both ways. At your auction your friends and neighbors will be there trying to get your prized posessions at the lowest price possible. At my uncle's auction his immaculate IH 656 with low hours, excellent paint, Hiniker cab,new tires, went for $4200. His neighbors and friends were struggling to move another $50 hoping to get the deal of lifetime at the expense of a fellow farmer and friend. So I guess if the hobby farmers are inflating the prices of used equipment that isn't necessarily bad for farmers. It seems to me it increases value of your used equipment when you approach your dealer about a trade.

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