As an equipment buyer, there are a lot of options for you to choose from when purchasing used equipment such as private sellers, online equipment listing websites and auctions. The way that you choose to purchase your equipment depends on your buying needs such as services, speed, selection and pricing along with other factors. If you don’t know what you’re looking for then second-hand equipment may end up costing you a lot more than a new piece of equipment.
Here are 9 tips for buying used equipment:
- Check the Price
Do your research to get a good idea of the equipment that you intend to buy along with the prices of the used equipment.
Most private sellers and dealers publish a particular asking price for their equipment but you can overcome this by simply chatting with them about it to find out if there is any room for negotiation to suit your budget. Some sellers tend to price their equipment with enough room left for negotiation. A lot of online marketplaces allow equipment to be open for a specific period, often with the option to ‘buy it now’, you can check if the seller has set a floor price or whether the highest offer leads to a definite sale.
If you’re bidding for equipment at an auction(Online or in-person) then it is best to check if the auction is unreserved beforehand. This means that there are no reserve prices or minimum bids. A reserved auction is when the sellers can choose not to sell if their reserve price is not met. This is different from unreserved auctions whereby every single item is sold to the highest bidder, regardless of the price.
- Focus on the Features
Check that the equipment that you are buying has all the features that you need as used machinery can either have every feature you need or it can have nothing. If a single feature that you need is missing then you would have wasted a lot of your time and money.
- Clear Title on the Equipment
The worst thing you can do as a buyer is to spend your hard-earned money on equipment that you can’t legally own. A clear title ensures that the equipment you buy is free of any liens and your ownership is absolute and can’t be challenged. Check if the seller can deliver the clear title on the equipment that you are buying.
- Research Other Brands or Private Sellers
Don’t get stuck with only one brand when another brand might be as good as it. This will save you hundreds or thousands of dollars. Check if any other competitive brands can accomplish the same task with equal efficiency and if they provide any dealer support. The amount of usage that you intend to get out of it also matters as a machine that you intend to use only a few hours each month would be more economical for you if you chose a competitive brand.
- Inspecting Before Buying
It is always best to conduct your own visual inspection as well as having a functional inspection prior to buying the equipment. The higher your purchase, the more wary you should be in conducting the inspection yourself or with the help of an experienced professional. Check with the seller if his equipment is available for inspection to prospective buyers. Do your research/homework prior to conducting your research though. You can also request the seller for photos to scrutinize before making your offer.
- When to Pick Up the Equipment
Most equipment can only be picked up post full payment. If you need the equipment urgently, then you can find out how soon you can finalize the purchase, in certain cases you can pay a little extra to speed up the sale but waiting can help you get a better bargain.
Other ways to speed up the process is by paying with certified funds(not a personal check or cash), or using the available equipment financing through the seller. International buys require you to consider how long it will take for your equipment to clear the customs before deciding on a pickup date. Confirm the equipment load out hours if the seller will help with the loading of the equipment along with the provision of a loading ramp.
- Additional and Hidden Costs
It might be necessary for you to pay a buyer’s fee when you buy your equipment at an auction or you might have to pay a broker’s fee as well if you decide to buy through an equipment broker. Don’t forget to add travel and time costs to your final tally when you are considering your additional expenses. Every buying technique comes at a cost which you have to consider along with the direct and indirect costs.
- After-Purchase Issues
Check with your seller if he offers a service warranty or guarantee on the machinery you have bought. Doing a thorough inspection prior to buying your machinery will help in preventing any after-purchase surprises.
- Additional Services to Buyers
Ask your sellers if they offer any additional services after purchasing your machinery such as financing to shipping to insurance and warranties which makes your life easier. If you plan on purchasing from an online equipment listing service or an auction then you can check with the company via their website or call about what other services they offer.
If you are looking for more information about the best way to buy used machinery for sale in India, call our experts on +91-992-599-6774 and let them guide you through the purchasing process!