A lot of folks will tell you it isn't cost effective to make your own hay, the thing you have to keep in mind is the scale of what you are attempting.
If you go out and buy a brand new baler for many thousands, a tedder, a mower/conditioner, etc and wrap up tens of thousands of dollars in this equipment, yes, you need to be doing it for a living to make it pay off.
On the other hand, we spent about $800 total for a baler, rake and sickle mower. We have a saying 'if it isn't close to 50 years old, we won't use it' haha. All of this stuff is 1950's and 1960's vintage.
We have baled about 500 bales two years in a row with this equipment, so it has paid for itself twice over, plus a bit.
We have had some issues with the equipment needing a few minor repairs ( maybe $100 total in parts ) and I had to learn how to set the baler up properly, but it has been a fun and cheap way to provide hay for the cattle and horses over the winter.
We only have 7 head of cattle and 2 horses, so as I said, we are small scale.
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