Purchasing used heavy equipment can be a tremendous asset for your company. A used fleet can get the equipment you need at an affordable price. Despite the fun and excitement of looking for bargains, experienced buyers know that there are many pitfalls that you should be aware of so you can avoid costly mistakes that can happen when purchasing used machinery.
This guide will show you a systematic approach to getting the best value for your heavy equipment purchases. We share some of the major shifts and new platforms that have changed the process in modernizing the buying process and some advice on getting the right machine at the right price.
It’s untrue that companies with pre-owned equipment simply do not have the finances to purchase new. That’s just not the case. If you are careful what you do and make smart decisions about buying used equipment, you will make a good investment with pre-owned equipment.
Within its first year of operation, new equipment depreciates between 20-40%. As the asset ages, however, the depreciation curve will flatten. You’ll get a machine with a much lower depreciation rate than used equipment.
When purchasing used equipment, you should consider using a company specializing in the equipment you need. This will assist you in determining whether the item you are buying has been maintained by professionals and is in exceptional condition.
To make sure the purchase is 100% genuine, a background check should be conducted before finalizing the deal.
Suppose the company from which you are purchasing the machine can provide service records and provide you with specific information regarding what maintenance has been performed by the company. In that case, you will most likely be satisfied with their service. You should also ask for a serial number to contact the OEM directly to conduct a history search.
The historical search technique lets you determine if any servicing has been done to the equipment by the vendor and if this equipment is still under warranty.
Conducting market research on the product you intend to buy is essential before looking for used equipment. Find out what comparable machines are selling for by using online platforms such as MachineryTrader.com or Supplypost.com.
When looking for comparable costs for a particular piece of equipment, it is highly recommended to visit used equipment websites. Knowing about the sale and purchase procedure allows the buyer to navigate the negotiation process effectively, allowing the buyer and seller to have informed conversations.
It might be good to bring someone with you to view the equipment. It is important to consult someone who has the skills and knowledge about mechanical systems before purchasing.
Making sure you have covered all aspects of machine inspection and making a purchase you won’t regret is best accomplished by having a second set of eyes look at it.
Buying through a reputable company means their trained technicians can inspect the equipment on your behalf if you do not have time to do so, and they provide a comprehensive report of the machine’s condition.
You must establish a strict spending limit to stay within your budget. There can be a tendency for people to get carried away sometimes, especially in an auction situation where they are looking for equipment. Still, you must stick to your budget to avoid overspending on a machine.
Buying construction equipment is a very exciting process, and it can be easy to get carried away. Bringing someone who knows your spending limit will help keep you in check.
To get equipment that fits your needs, it is crucial to establish a good, open, honest rapport with your equipment dealer. They can be a great help to you by providing insights and tips about the equipment.
It’s possible that another piece of equipment would be better suited to your needs, even though you may think you know exactly what machine would be best for your project. When you clearly define what you hope to accomplish with the equipment you’re looking to buy, your equipment dealer will tell you whether it fits you and satisfies your needs.
It is always a bad decision to give in to time pressure when buying a machine because it will be difficult to find the best machine.
Buying something you may regret is not something you want to rush into or settle for. To make a confident decision, you will need to take your time and consider all your options.
If you wish to avoid making a large investment, you might consider renting the machine first.
Utilizing the rental channel to rent used equipment is very important for a business.
Almost all of your work is done once the machine is delivered to your yard or project site. To put the machine into service, it is imperative to do an immediate visual inspection and take care of any necessary maintenance (which should have been apparent following inspection report review before purchase) before placing the machine into service.
Once you have completed any maintenance tasks on the machine, you will ensure that your operator feels comfortable operating it. There might be some new functions, controls, or capabilities for you on the machine, so if there are any, you should check the online information or refer to the manual for more details.
Eliminate a lot of these steps and stress by partnering with a trusted heavy equipment dealer. Their extensive network will allow for a more in-depth search of the market than what is available online, inspect the equipment at your request and provide funding alternatives. To learn more about buying used equipment in BC, call Great West Equipment at 1-888-492-4365 or contact us.
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