More times than not, the reward of buying second hand heavy machinery is far greater than the risk. However, you should be aware of the risks associated with buying used equipment. Buying used can save you money, and as long as you put in the necessary work on your part, the risks can be avoided.
Lyon Auction is your go-to for purchasing used equipment at an auction, either in-person or online. We wanted to give you some tips on taking the risk away when buying used machinery, so you can get reliable equipment with the most bang for your buck!
Purchase from a reputable seller
Whether you’ve found the equipment you need for your next project with an auction company or a private seller, you’ll want to confirm that the company or seller is legitimate and reputable. Public company records, online reviews, customer testimonials and the Better Business Bureau are all great sources of information. The BBB keeps records of complaints and reviews.
If you can find that the company you’re dealing with has a lot of customers and has been around for a while, that’s a good sign. Use Google and Facebook reviews to find unbiased reviews from real customers; along with good reviews, look for complaints, if any, and how the company dealt with them. Customer testimonials help endorse the company. If you cannot find any on the website, go ahead and give the company a call and ask if they have any contact information for recent customers.
Check the previous ownership
You want to make sure the secondhand heavy machinery you’re purchasing isn’t stolen. Ensure the seller is the legal owner or has the authority to auction it off on the seller’s behalf. If you’re buying from a private seller, ask to see the original invoice and make sure the name on the invoice matches the seller’s name. You can also ask for the PIN number, and through the local police station or IRONcheck, validate the machine wasn’t stolen.
Make sure there is a clean title
Heavy machinery cannot be transferred if the previous owner has not paid for it in full or paid it off. One way to know this is if the title has the name of a bank or financing company. If you purchase equipment that hasn’t been fully paid for, you might have to forfeit your ownership of the equipment. Most auction companies, if they cannot deliver a clean title, will offer the buyer a refund.
Inspect the equipment
Know what to look for when buying secondhand equipment. Check the condition of the machine and be familiar with how the machine should look at different stages of its lifespan. Also, check the maintenance and service records. If you can get the chance to test drive the equipment after inspecting it, you can get a feel for how the machine works and what it’s capable of.
Have a payment trail
Receipts, invoices and other documents are all forms of a payment trail. Try to avoid using cash as there is no way to track this form of payment. Even a certified check can prove you paid for the equipment. In the case you get the equipment in a different condition than the ad said it was in, or if you never get the equipment, you’ll be able to get a full refund as long as you can prove you purchased the equipment.
Purchase secondhand heavy machinery with Lyon Auction
If you’re looking to buy used equipment, an auction company is a great idea. We do a lot of work for you so that you can be confident in your purchase. We have been leading the industry in heavy equipment and machinery for sale for more than six decades. We want you to be able to find what you’re looking for and have quality assurance. Contact us today about our upcoming auctions!