Many different industries rely on heavy equipment on a daily basis. From construction to agriculture, heavy equipment is an important asset for many companies.
It seems like everything is increasing in price nowadays, especially the price of heavy equipment. Both new and used models are priced higher than they have ever been, which makes now one of the best times to sell your equipment! When selling equipment, there are many things you need to consider, but the current value of your equipment might be the most important. There are many factors to consider when determining the value of your equipment, and with the current economy, it can be hard to find the right price valuation.
At Lyon Auction, we offer online equipment auctions throughout the entire year. We understand that the current market price for heavy equipment is high and are here to help you make money by selling through an auction. Below, we give some tips on how to best determine the current value of your heavy equipment!
Understand the fair market value of equipment
When purchasing or selling used heavy equipment at online equipment auctions, the first thing you need to consider is the market conditions. The heavy machinery market fluctuates due to many factors, so the price of a piece of equipment may be different than it was a year ago, as we are currently seeing. Although there are many factors that affect the price and value of a certain piece of equipment, the market itself plays the biggest role. Your best chance at determining the value of used heavy equipment is by researching other similar items. This will help you understand how the market is currently looking and how your equipment pieces compare to others.
What affects the value of used machinery?
Other than the current market conditions, there are also many other factors that play a role in determining the value of a set piece of equipment. Below, we dig deeper into some of these factors:
Many brands manufacture heavy machinery, and some brands are more reliable than others. Those purchasing used equipment will pay more for big name brands. However, this does not mean that less expensive brands cannot perform as well as brand name equipment! Having access to details about the equipment will help you determine whether the value is true to the price!
Models and features
Standard equipment models are usually less valuable than specialized pieces of equipment. This is primarily due to simple supply and demand, as more standard equipment is produced and sold. Specialized equipment usually pertains to very niche job duties, which inevitably can increase the value. Also, each piece of equipment will come with different features. These features can make or break the equipment’s value and play a big role in the price of the machinery.
Age and condition
Lastly, one of the biggest determining factors of the value of heavy machinery is the age and condition of the equipment. Obviously, older equipment is going to hold a lower value than newer equipment. Likewise, equipment that is running well, cleaned up and has all proper documentation will hold a higher value than ones that aren’t. To determine if the price is worth paying, ensure that the equipment is running properly and that the price is true to its age.
As prices everywhere continue to increase, now is a great time to sell your equipment! And even if you are looking to purchase new equipment, buying through one of our online equipment auctions is one of the most affordable ways to obtain high quality equipment.
If you have any questions about the market prices, upcoming auction events, or how to sell at an auction, do not hesitate to reach out and contact our team! We are happy to help answer any of your questions and get you the best deals!