Remaining value functions for farm equipment
1996
Cross, T.L. | Perry, G.M.
Depreciation is a significant cost associated with farm equipment ownership. Remaining value functions established as ASAE standards have provided a popular means of estimating depreciation costs, but these functions are becoming outdated, are available for a limited number of farm equipment types, and are not responsive to equipment condition, hours of annual use, or the condition of the agricultural economy. This study presents new remaining value functions for 12 types of farm equipment, based on recent auction sales data. A double square root functional form was found to be the best form to model changes in equipment values over time. The estimated remaining value functions are recommended for updating the ASAE standards.
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