Despite potential benefits of precision agriculture (PA) to improve profitability of small-scale farmers, adoption of PA in small farms is extremely low in Thailand. The purpose of this paper is to explore factors that affect the smallholder’s interest in investing in PA technology, focusing on variable rate technology (VRT). The survey data of 155 small-scale farmers are used in the analysis. Farmers were asked to state their interest in VRT investment from the scenario that government provides a subsidy, and the respondent would pay for the remaining cost of VRT installation. Results from the bivariate logit model have shown that factors that significantly influence the likelihood of VRT investment are perceived usefulness and worthiness of VRT, confidence to use VRT, concerns on environmentally friendly production, use of agricultural mobile application and farm size. Family labor, old-aged farmers and types of major crop production are found to be insignificant. In addition, the intention rate to invest falls dramatically if the amount of government subsidy declined. Higher amount of government subsidy is needed to induce the VRT adoption for small-scale farmers. This study suggests policy implications such as increasing the awareness of VRT usefulness and worthiness and environmentally friendly production, promoting the use of mobile application, and providing training and capacity building to use VRT.