Auctions are a great place to find used equipment at a fraction of the cost of the original purchase price. Often, auctioneers will take a small percentage of the auction proceeds to cover their fees. While auctioneers are not obligated to sell every piece of equipment, they will be more than happy to make the sale if a buyer is willing to pay a reasonable price.
Before attending an auction, it’s important to do your homework and compare similar items before bidding. Also, pay close attention to the specifications of the items, because they can affect the final price. Also, keep in mind that most auction companies charge a buyer’s premium, which can add as much as 10% to the purchase price.
In addition to finding new equipment, auctions can also be a good way to buy used construction equipment. Many companies offer used equipment, and the internet is a great tool for research. Hundreds of companies host auctions on a weekly basis, and some auction companies have national and international events. Many companies have reputations for providing excellent used equipment, and they typically have no minimum bids or reserve prices.
Some auction companies do not provide enough information about their auction items. Auctioneers should not only include a few pictures of the equipment but also include videos of the carriage, rotation gearbox, and stake down system. In addition, many auction companies don’t include photos of drill pipe, augers, and drill heads. If possible, buyers should ask the seller to send them a video of the entire drill pipe.
When buying equipment at an auction, buyers should make sure to check the title and whether or not there are any liens on the equipment. This is important if they plan to finance the purchase. Lenders are more likely to accept equipment with a clear title if it’s free of liens. Also, some auction companies will refund money if they find liens on it after the auction.
Auction equipment can be used for farming and construction purposes. Many auctions include certified used farm equipment. These auctions also feature a variety of construction and industrial equipment. They often feature heavy equipment for sale that is no longer useful to a business. There are many different types of auctions centered around heavy equipment. If you are looking to buy heavy equipment, you can try an online auction where you can bid on the items of your choice.
You can also ask a mechanic to check the equipment prior to bidding. While the equipment may be in great shape, there may be a hidden problem underneath the fresh paint. Make sure to check out the inspection report thoroughly and ask the seller any questions you may have. Whenever possible, test drive the equipment to make sure it functions properly. Pay close attention to any exhaust noises or unusual noises.
Buying a new machine at auction may be cheaper, but the maintenance and repair costs can quickly add up. Some auction machines can incur repair costs of up to 75% of the price. Furthermore, these costs can increase dramatically over the years after purchase.