Is a different tractor on your Christmas list this year? If you're on the fence about it, how should you decide?

That's just the predicament Agriculture.com Farm Business Talk member Range2W finds himself in; he's got 2 tractors that are still "very reliable and in very good shape," but he knows he'll need an upgrade at some point in the near future. Should he take the plunge now?

First, there's cost versus benefits. Obviously, the latter needs to outweigh the former. But, this isn't always the easiest equation to solve. For Farm Business Talk senior contributor Nebrfarmr, there's one way to simplify the math.

"Not just the costs of a new tractor, but the costs of downtime," Nebrfarmr says. "If a tractor you already own is getting up there...if your old one breaks down and is old enough that it takes a few days to get parts, what will that cost you?"

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Then, there's changing technology. Older iron likely doesn't have the latest new tools in the cab, and if it does, it's added on. Either way, having a newer machine might help make that cost-versus-benefit decision a little simpler.

"Maybe you want global positioning and automatic steering. That would make life easier and possibly do a better job," adds Farm Business Talk frequent contributor old man.

Some farmers say it's wiser in today's environment to take the money you'd spend on new machinery and put it in farm land, especially with the direction that market's heading. Then, take steps to fix up existing machines to further stretch their lifespan. But, for Farm Business Talk senior contributor nwobcw, the land market's gotten out of his reach, making new iron a better decision in his circumstances.

"After looking over a year for a tractor I bought new," he says. "With used tractors being so high priced and 0% financing on new, I decided it was the best way to go."

Adds frequent contributor Shaggy98: "I was in the same boat a year ago. After shopping and looking at all the so called financing options, I decided to repaint my existing tractor, install a new cab interior kit and update some of the GPS equipment. Looking back a year later, I have no doubt I made the right decision. It might not have all the fancy bells and whistles of a new one, but now it shines like a new one again and it is paid for."

And, there are tax implications to buying machinery now. Is that enough to justify a big-ticket buy before the year is out? "This may be the last year you can get the quick depreciation on a large purchase," adds Nebrfarmr.

Finally, there's the emotional side of such a change. Your specific economic situation should no doubt dictate what you decide, but if there are emotional strings attached to either your existing iron or a new machine and you can make it work, don't underestimate your gut feeling, says Farm Business Talk veteran contributor cowfarmer.