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If you are planning to haul hay or tow a gooseneck trailer, then a flatbed is the way to go. My own truck has a regular bed, but I'm in the market for another one, and I'm thinking flatbed would be the way to go around here. I've had one before and found that pretty much everything I could haul in a truck box I could with a flatbed.
Flatbeds, they are hands down the way to go on the farm. One point that has not been brought up, there is less side surface area. So if a cow hits it or the summer help runs into something, it is much harder to dent a flatbed.
if your doing farm work the flat bed would be the way to go if the bed has stake holes you can build sides easily
our 71 f250 4x4 tow truck has a flat bed (wouldnt work other wise but) and it has a gooseneck ball for our trailer works great no matter what were doing with it from pulling a car to pulling a cattle trailer to pulling a gooseneck with 3 old style tractors to a tractor pull