Unless you’re a heavy equipment dealer, buying an excavator or piling rig isn’t something you do every day. So its worth taking some time to consider how to go about finding the right piece of equipment and then how to pay a fair price.
The next time you’re looking to buy any piece of heavy equipment we recommend using these simple techniques.
Research, research, research
Today we live in a world of abundant information and this is especially true of the heavy equipment market.
Use the information available online to determine the exact specification of the equipment you need.
A quick search should then reveal which used equipment dealers have the equipment you’re looking for.
But most importantly use all the resources available to try and get a guide for a fair price for the piece of equipment you require. It’s really worth investing time in this stage to search across multiple used heavy equipment sites to establish prices. It may also be worth asking questions in relevant forums to see what other people have paid for similar equipment.
Bonus tip: bring the proof of your research on prices to any negotiation.
Ask lots of questions
This is most likely to be a purchase of significant value, so follow up on all the research above when you’re with the seller and ask plenty of questions about the condition of the equipment, previous use, etc.
If the seller makes claims about maintenance or replacement parts then ask to see evidence of this.
While you’ll ultimately end up disappointed if you’re not realistic about what is a fair price for the equipment you need, it doesn’t hurt to start off with an extreme offer – you never know how the seller will respond, for some reason they might really need a quick sale.
But be prepared to have your opening offer dismissed.
Don’t feel rushed
Even if you need to make a purchase quickly, try to avoid rushing into a deal. In negotiating a good deal patience really is a virtue. If the seller says someone else is ready to buy, then tell them you’re happy to let the other buyer have it – this passes the pressure back.
And be prepared to walk away if you the think the price being offered isn’t fair.
It’s important to remember that negotiating is about price and not personality. While you need to be assertive and clear in communicating what you want, there is no need to be rude. Being pleasant and smiling might even help you get a better price.
Negotiating shouldn’t be a battle – its about establishing a price which is a fair deal for the buyer and seller.