How to Sell My Used Excavators & Other Heavy Equipment
Perhaps your company now is getting into a new direction. You now have different business or financial priorities and selling your used excavators, loaders, dumpers, trailers and other heavy equipment will help you with those priorities.
But how can you successfully accomplish this? How can you get the most money for your machinery and sell your equipment as soon as possible? Let’s discuss the answers below.
Start with market research & current industry trends
Many sellers go straight to posting ads about their used equipment. However, this is a sub-optimal approach because they will often settle to low prices. Or, it might take a little longer to find a buyer that will pursue the transaction.
The optimal approach is to start with market research and current industry trends. For example, what are the prices of used excavators now? This will give you an idea of how much to charge for your equipment. After all, potential buyers likely have already done their research before coming across your offer or ad. If your price point is too high, expect the prospect to back away.
But if your pricing is reasonable (i.e. comparable with other offers available in the market right now), there’s a greater chance for the transaction to proceed. In addition, you have to account for the current industry trends. For example, if everyone’s selling their used excavators or loaders, expect the price points to be lower than expected. Or, if there’s an economic downturn or slowdown in construction and excavation activities, aiming for a high price might be difficult.
Set a price range & choose a selling method
The market research and industry trends will give you an idea of how much to charge for your used equipment. This gives you a better chance of selling your equipment more quickly and at an optimal price.
But it doesn’t end there. That’s because buyers often don’t settle for the price you just gave. Expect negotiations to take place so buyers can get the most value out of their money. For these probable scenarios it’s recommended to prepare a price range beforehand.
There’s no hard rule for setting a price range. It’s just about setting the lowest price you could settle for and the highest reasonable price your used equipment can command in the market (result of market research and industry trends).
Also, consider the costs of advertising, seller’s fee or commissions and equipment refurbishing. In many cases advertising costs are really low compared to the equipment’s pricing. But the seller’s fee and equipment refurbishing would reduce your net profit.
Sellers and advertisers can expand your reach when it comes to finding qualified and motivated buyers. They might already have existing contacts and network so your equipment can be sold more quickly. They can even help you get the most money for your used machinery because of their industry knowledge.
Equipment refurbishing requires upfront costs but it can drastically increase your equipment’s value. Whether it’s just full painting or a simple cleaning of the equipment, the machinery will appear of greater value to the prospects’ eyes.
How to sell my used excavators & other machinery
It requires extra work to sell used equipment. Aside from the financial aspect, time is also a huge crucial factor when selling your used machinery. After all, time is money and any wasted time is also a wasted opportunity to start on something new (e.g. new business or financial opportunity).
That’s why here at K & G Machinery, we offer affordable advertising to equipment sellers. This way, they can quickly find qualified and motivated buyers. You can email us today and we’ll do the selling for you.