The other possibility is they have had the land for a long time and it is paid for. Payments on 80 acres of land will pay for some really nice tractors. The rational economic actor will still be going for used tractors on 80 acres, but humans are not rational. Larger farms a new tractor makes sense for various reasons.

Don't forget tax deductions. There is a reason the week between Christmas and New Year is a big on for tractor sales - your accountant suggests you want to get the down payment out now and off your books. As an accountant to explain it (I don't fully understand this)

> The rational economic actor will still be going for used tractors on 80 acres

A rational economic actor would sell the land. 80 acres would fetch around $2M around here pretty easily. You're not getting $2M of pure economic value of 80 acres.

But what are you going to supplant the enjoyment of being out on the farm with? No amount of money can buy a suitable replacement.