How to Sell Your Used Heavy Equipment
Are you looking to sell your used forklift or any other piece of heavy industrial equipment?
Heavy equipment is an expensive asset.
It is made to last and has an anticipated lifecycle of several decades. Once your project is over, it can be resold to recover a big proportion of the initial investment.
But as you might not be well versed in sales and marketing, how can you ensure the best possible return for your used machine, equipment, or construction vehicle?
In this piece of blog, we will walk through the top-heavy equipment selling tips so that you can increase your chances of a sale.
Check the Condition of the Equipment:
Before you put your used forklift, bulldozer, or any heavy machinery up for sale, make sure it is in a top shop.
Repainting and cleaning the machine, and performing jobs like repairing and replacing is a relatively small investment that can increase your chances to get higher offers from buyers.
Set a Realistic Rate:
Heavy industrial equipment and machines have a much slower depreciation rate than consumer vehicles. You can expect a good ROI, provided that the equipment is in top shape and has been maintained.
To set the realistic price, calculate the annual depreciation rate by dividing the original purchase prices of the machine by its anticipated lifecycle.
This will give you a rough estimate you can compare against the selling prices of similar machines and equipment posted online.
Get it Appraised:
To make sure that your selling price is genuine, it is better to have your equipment independently appraised. A professional appraiser will assess the condition and age of the equipment, and the existing buyer demand, to give you the right valuation of your machine. You can also use a written appraisal as a marketing tool to support your asking price. It will convey a message to a buyer that your equipment is a genuine buy.
Convince the Potential Buyer:
Apart from showing a written appraisal, you can support the sale by producing a copy of the maintenance records and other supporting documents.
A portfolio of recent photographs of the machine can be used, showing the exterior, interior, and all the working parts. You should be honest and upfront about any issues or problems present in the machine and always invite the interested buyers to test the equipment.
When you put your heavy equipment up for sale, make sure to get paid on time, especially if you are looking to replace your old equipment with a newer one.
The heavy equipment market is likely to change from week to week. Prices can go down while supplies can go up. If you want to cash in hand quickly, ask the potential buyer to make payment as soon as possible.
Find a Suitable Sales Platform:
There are many online platforms where you can list your used heavy industrial machines such as TradeMachines.com or Craiglist.com.
Whether you are selling heavy used equipment online or in-person, make sure to screen the buyers. After all, the world is full of fraudulent buyers and con artists. Here are some red flags to check out:
A buyer offering more than the listed price.
Third parties representing the buyer
Buyer paying for the shipping on their behalf
A buyer using a personal check
A buyer doesn’t know anything about the product or seem to care about what you are selling.
These warning signs might indicate that something is fishy, and you should perform additional due diligence.
So these are some key tips to sell your used heavy industrial equipment. What do you think? Let us know by commenting below!