My primary tractor is 4 years old and it has been in the shop more often than my 35 year old tractor. Most of us, especially the smaller guys, run equipment until it is quite literally gone.

The biggest issue that bringing new equipment to market is incredibly expensive and you are competing with all of the green, red and blue (and now orange) guys that have been building equipment for generations. The new issue is looking for a revenue stream for the manufacturers. My Case while not on a service contract, has very few owner servicable parts to it. My '94 Kubota still does the job but Kubota makes about $200/ year on me at most since I can fix everything on it myself.

It is by no means a market failure, the market is working exactly as it's supposed to. It's just that people think that the market is there for the farmers when it's really there for the equipment and inputs manufacturers.