New tractor registrations have dropped to their lowest level in 24 years, highlighting the financial pressures many farmers are now feeling.
The number of agricultural tractors registered in the UK in March 2025 was 1,466 units, down by nearly a quarter compared with March 2024.
It means that last month was the lowest figure for the time of year since 2016, according to figures by the Agricultural Engineers Association (AEA).
Looking at the first quarter of 2025, there were 2,228 tractors registered, making it the lowest first quarter recorded since 2001.
And compared with the first quarter of 2024, there were 23% less tractors registered, the association explained.
The AEA said: "March is usually the peak month for registrations of new agricultural tractors and it looks like this year is no exception, with 1,466 machines logged, the most in any month since the same time last year."
However, it added: "That total was down by nearly a quarter, compared with March 2024 though, and was the lowest figure for the time of year since 2016."
It comes as farmer confidence has hit historically low levels, bypassing the record lows set last year, according to results recently published by the NFU.
Its confidence survey revealed that 85% of farmers believe the reforms to inheritance tax would increase their liability, with 32% saying they plan to reduce investment.
Meanwhile, the vast majority (88%) of respondents said the phasing out of direct payments would negatively impact their business.
And three-quarters (76%) of employers expect to be impacted by the increase in employers National Insurance contributions.
Because of this increase, 65% said they expect a reduction in profits, while just under half (43%) expect to reduce investment to offset these additional costs.
Regulation and legislation also remain a key issue, with a clear majority (84%) of respondents saying they would continue to negatively impact their businesses.
NFU president Tom Bradshaw said: “No business can be expected to plan, invest, grow and increase its economic contribution, whilst hitting government environmental targets, when it is being slammed time and time again by policies which strip away its profitability."
