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Tips On How To Price Used Machinery

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Tips On How To Price Used Machinery

Finding the correct prices for second-hand machinery can rapidly turn into a headache. The extensive volumes of information can be daunting or confusing for anyone that doesn’t have much experience or limited knowledge when it comes to trading second-hand industrial equipment

There are various factors one needs to consider when selling or buying used machinery, which is why we have put together this handy guide to help you along your journey. 

In this article, we will give you advice on how to go about securing the right price in a way that you do not scare off potential customers. At the same time, if you are looking for a good place to start when it comes to pricing your machinery we suggest you take a look at our “machine price-checker evaluation tool”. This tool is backed by a decade of collecting data points pertaining to the different attributes of machines, which means you can rather use an approach that is data-driven rather than your gut feeling. 

The Right Way To Price Used Machinery

Overall knowledge will give you the upper hand when negotiating the price of second-hand heavy machinery. This means when you have found out everything that you can about a model you are interested in buying, the better you will become when it comes to negotiating a price that is fair. 

Factors You Need To Consider When Selling Or Buying Used Heavy Equipment

In most cases, you need to pay attention to specific details like condition, age, and manufacturer. These are essential elements to consider since they will influence the final price in a significant way. 

Place Emphasis On Well-Known Manufacturers

The overall reputation of a manufacturer is vital, especially in the sector of heavy machinery. When you favor the manufacturers with a well-rounded reputation, you can be sure you will have a company to rely on when you need parts replaced or when you need guidance on operating the equipment. 

At the same time, certain manufacturers produce excellent quality machines which means you know you are investing in machinery that is worth its price. 

You should also pay attention to comparing the year and/or age of the model to the average lifespan of this type of equipment. 

The typical lifespan of used machinery is an essential factor that you need to consider. Compare this with the model’s age and add the operating hours to arrive at an estimate on how much time use you may still get from the machine. This is an indication of how long (the life expectancy) the used machine will last. 

Always Check On The Condition Of The Machine

Ask the seller directly to find out what type of environment the machine was used in and any maintenance that was performed. Both of these factors indicate the condition of the equipment. For example, in some cases, a machine that is already 10-years old but was well-maintained could be worth more when compared to equipment produced 5 years ago but is already in a poor condition. 

Constant exposure to weather conditions regarded as extreme could damage the used machinery you are interested in buying. This is why you should always ask if the machine was stored outside or inside. Also, ask the seller to send you pictures of the machinery from various angles. This is very important if you are unable to inspect the machine for yourself. 

You should also go online so that you can compare similar offers to gain a clearer idea of an accurate selling price. The Internet can prove to be an excellent tool when it comes to finding fair pricing so that you know what you should be saying when you enter a negotiation. Fair pricing references a “monetary value” where both the buyers and sellers are satisfied when it comes to the operation. 

If you are interested in a specific model of second-hand machinery, make sure you have conducted an online search to compare the prices. This will assist you in gaining more knowledge and targeted research will be far better than only having a very vague one. So make sure you find out as much as you can when it comes to which models and manufacturers will best match your needs.