8 Factors to consider when selling your used machinery
Idle machinery lying idle in your garage can be sold to remove clutter and get rid of machinery you no longer need. The space created could be used to store other valuable equipment while the money made can be used to upgrade to new machinery. Selling used machinery can be helpful to both individuals with machinery they no longer need and to businesses looking to offload some of their equipment. Before you decide on whether to sell your old unit, do some research to on the item.
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- Make sure you know what you are selling
In many businesses, there is a lot of machinery that are left lying around without purpose. It is vital to find out what exactly the item is and what it does so that your research can be beneficial. In case no one in the company knows, you can hire a consultant in the industry sector to help you clear any doubts.
- Find the market value of the unit
When you are looking into what items you want to sell, you might need to find out other vital details. They may include the make and model, the serial number, manuals and the purchase documents of the items. With this information, research on the value of the object can be easy and straightforward. These are also details that a customer will consider when looking at your item once on sale.
- Have a specialist look at it.
The machine could have been out of commission for many reasons. One, an upgrade may have made it obsolete in the business, but it still works. Two, it may have broken down, and the costs of repair were too high. A specialist can determine if it is still working and all it needs is cleaning up. He or she may suggest a repair, and depending on the cost, the owner can choose to sell parts of the machine as spare parts.
- Find a direct buyer
The challenge of selling anything is finding a buyer that will purchase the unit at a reasonable price. You may choose to approach other companies that may need your machine and negotiate with them. Remember to bring all the documents so that they can go through them. You can also bring pictures of the unit so that they can see it. If they like what they see, you can take them to see the machine in person and even test it out.
- Look for market online
Many people have found using the internet to be a convenient way to buy and sell goods and used machinery is no exception. You need to look for an online marketplace for used machinery that is trustworthy and has competitive rates for their services. There are also many reputable resellers and brokers that could handle looking for customers and sell the item for a fee.
- Be patient
The selling process could take more time than you anticipate but that is normal. The dealer could be using this as a tactic to generate interest so that the sale price goes up. You should also have discussions with your dealer on the time frame that you want the machine to be sold in to avoid misunderstandings when it takes too long before the item gets a buyer. When you can no longer wait, you can look into alternatives such as selling the item as spares and scrap.
- Trading your old machine for an upgrade
Some asset management companies offer the option of exchanging old machines for a newer model and a little money to top up the difference. Consider this as an option and ask your dealer if they offer this service. They may have something in-house or can find you something else.
- Keep the machine safe and in good condition
Before getting a buyer, you may have to keep the machine a little bit longer in your warehouse. It should be handled with care so that no damages could ruin it before the sale. Keep all the parts safe when it is disconnected or dismantled.
Finally, selling your unused machinery can be an excellent way to earn extra money. It can also be an excellent way to get an upgrade. Any decisions that are made regarding the old unit should be beneficial to the owner. Selling the old unit for spare parts can also be an excellent way to earn quick money without having to sell the whole item.
Author: Colin Steinway
