How to Sell My Used Heavy Equipment for Better Pricing
Many owners ask “how to sell my used heavy equipment?” in search for quick and easy answers. After all, the money is just sitting there and a tiny difference in selling approach could translate to additional thousands of dollars.
Pros and cons of doing all the work yourself
One way to sell your equipment is doing all the advertising and communications with the potential buyer yourself. One clear advantage here is that you have full control in every step of the process. You could also get all the money from the selling proceeds (although you might calculate your equipment’s current value inaccurately).
However, these would be all time-consuming because you have to deal with potential buyers one by one. Also consider the negotiation for the prices because most buyers won’t finalise the transaction on the spot. You also get access to a very limited pool of potential buyers (not enough reach to sell your equipment more quickly).
Dealerships & auction sites
Another way is by selling it through a third party. These allow you to save lots of time and effort. It’s also possible that you can make more money because their staff can better market your equipment for higher pricing. Yes they have some sort of commission from selling your equipment. But consider the time and effort you saved (plus the possible higher selling price of your used heavy equipment).
Often it’s also hard to estimate the fair market value of used equipment. The price may heavily depend on the equipment’s number of work hours and external appearance. The price may also depend on the supply and demand. If there’s a higher demand (but a shortage in supply) for your heavy equipment, there will be more interested buyers. As a result, the seller is in a slight advantage and could command a higher price.
If you decided to sell your equipment through a dealership or an auction site, it’s also recommended to spell out the payment process. In some deals you might only get the money after 30 days or more. You also have to check the percentage of their commissions (or better the total amount of money you’re getting from the transaction). You can then compare that with your supposed selling price for your used machinery.
Sell my used heavy equipment & get a better deal
If doing all the work yourself better suits you, here at K & G Machinery we can make it a bit easier for you. You can advertise your gear on our website for free. This way you can have a wider reach and possibly a quicker turnaround for selling your used equipment. Contact us today if you want to learn more about this free opportunity.