Doing your homework is essential if you are looking for a good deal when buying heavy equipment at auction. Auctions are fast-paced and will easily miss out on a great deal or you end up overpaying if you are not prepared properly. Here are some of the top tips to follow from Surplus Net:
What Are Your Needs – The first thing to do is to identify your needs. You could make a spreadsheet or list of specific machines you would like to add to your fleet. If you are looking to add essential machines, you should prioritize good-condition low-hour machines. A lightly used machine offers exceptional value for back up equipment. Consider bidding for older, less expensive models to garner up improved value.
What Is A Good Price Range For The Machines You Want To Buy – Consult a pricing guide such as TopBid price guide offered by Randal-Reilly’s. Additionally, take advantage of the auction company’s database if they have one. Additionally, inspect the machines before the auction, if possible.
Prepare accordingly – Prepare for the auction by registering with the auction company. Have the funds available with the auction or arrange to have your credit with the auction company. Additionally, have your insurance company contact number at hand to have your purchase covered immediately. Finally, be prepared to transport the machine to your business premises after the auction.
Carry your phone to a live auction so you can do your research if something unexpected turns up at the auction.
Do Not Neglect Online Opportunities – The vast majority of auction houses have an online bidding process as well. Using their online bidding platforms can save you time. It also enables you to view a lot more machines, especially when you sign up for alerts.
Stick to Your Plan – Whether attending an online or live auction, ensure you stick to your plan. There are many used machines being sold at auction today than in the past. You can rest assured of other opportunities to come about in the future.