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Frequent information updates for agricultural audiences

New Machinery Cost Estimates Available (Custom Rates)

Posted by John Fulton -

New costs of operation figures are available as of this month. These figures are called custom rates in other states, because they are more of a survey of custom operators there. In Illinois, rates are calculated on the actual costs of the operation. For the new rates, click the link:

The new rates use the following cost assumptions:

Purchase price85%of list price, Interest rate6.0%of remaining value, Insurance and housing1.0%of remaining value, Diesel fuel $2.90per gallon, Lubrication cost10%of fuel costs,Tractor hours300per year, Years of life10years, Labor charge$16.00per hour, Labor time1.10times tractor hours

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