Buying used equipment for your business can always be a scary process, especially if you've never been involved in it before. So let's break it down to make sure your next purchase is right not only for you but for your business.
We’ll start with the fundamentals. What are you looking for, what’s your price point and how do you plan to use it? You don’t need to have all the answers right away though. That can be an advantage to buying used. The options can help guide you into a better opportunity, even if its not exactly what you had in mind.
What equipment are you looking for?
Don’t overthink it, what piece of equipment does your business need to streamline productivity and in general make your life easier. Whether it's buying a skid steer for demolition work or a crane for material handling, knowing exactly what your business needs is key.
This isn't limited to the machine either, when it comes to attachments, you can alter the versatility of a machine greatly. If it's something you could do with an excavator or skid steer and the right attachments, which will give you more options in the future? Or which is more cost effective? Knowing what you're looking for and what other options might suffice is important for a well rounded search.
Research!
Once you know what kind of equipment your business can't live without, research is the next key component. With so many manufactures and price ranges in the market today research is going to tell you whether that piece of equipment is up to the task. A quick web search and some due diligence can help to tell you if the machine in question has the ability to run all day or if you're going to spend all day working on it.
The price of the equipment can also vary from manufacture but don't let that scare you. Sometimes it's better to spend a few extra dollars up front to avoid any lemons. That doesn't always mean that the lesser known brand isn’t worth it though. Hidden gems exist and getting in before the whole world finds out can be a huge asset.
Another thing to consider is the equipment rating and specifications. Making sure that the equipment is rated to perform the tasks that you have in store can be a determining factor in your research. If you plan to be lifting heavy loads, you want something rated to safely do so, but also one that handles it smoothly. If it’s maxing out its spec on a regular basis, you can bet it’s not the best machine for you.
Finding your Equipment
Once you have your choices narrowed down and know exactly what you and your business needs. Finding the equipment is your next step. This step has never been easier! Being in the digital age you can easily find a ton of listings on line weather from private sale or dealerships. . But Beware! The internet is also full of scams. You should never buy equipment that you haven’t touched in person.
Any equipment you plan to rely on should come with a thorough background. Any damage, service and major warranty work they performed should be disclosed upfront. If someone isn't willing to provide it, there's probably a reason why. When it comes to use, this is the biggest risk factor. Buying from businesses can help alleviate sketchy deals as they are less likely to withhold vital or possible negative history since their reputation is based on quality sales.
Evaluating your Equipment
After you located your piece, it’s now time to give it a thorough evaluation. Evaluation can be different depending on whatever equipment that you're looking at purchasing. With dozers you should check the roller and drive gear condition. With generators you should check voltages or possible engine blow-by. Looking on the internet can guide you in the right direction to find possible wear items that can result in down time.
The concern areas that are never in question though are making sure you have a solid running engine, a good idea of where your wear and tear components are at in their lifecycle and a guarantee of any warranty left on the unit.
Paperwork
After striking a deal on your equipment be sure to get as much information and paperwork as possible from the seller. Asking for a Bill of Sale is important especially from private sellers as most heavy equipment does not come with a title. Manufacture books and service logs can also go a long way if you ever plan on reselling your investment.
Following these steps as a guide will help you and your business make an informative decision, making sure that whatever used equipment you end up buying is the right piece for you! If you’re looking for a certain piece, or have questions on making the right move with your used equipment purchase, give us a call!
