We are actually contemplating taking on additional debt, to the tune of around $15,000, for a new compact tractor. We currently have a very old tractor that we have used for our snow removal. The issue that we've ran into are the cost of the repairs and the high maintenance costs. We don't foresee those things changing in the future with this tractor.
The cost of the new tractor with loader will be around $26,000. We would prefer to buy a used tractor but they don't often come up for sale and don't depreciate the same as vehicles. Yesterday Y found one that was very similar but it was 12 years old and only $5000 less.
The plan is that we will sell our current tractor, old farm pick-up, and Y's motorcycle. Hopefully, we will get at least $11,000 for those three things.
The other positive thing with buying a compact tractor now is that we can use it for landscaping. We had planned for that to cost us around $3-4000. We are unable to use our current tractor for that because its far too heavy to fine grade our yard.
The main issue is that I just don't want any more debt. Right now we have our mortgage, my car at 0%, and my small student loan.
What do you think? Stupid idea? Go for it?