A PRACTICAL GUIDE TO SELLING HEAVY EQUIPMENT PRIVATELY

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They key thing to get across if you’re preparing to sell heavy equipment, is not to hold back with the amount of information you provide. Research has proven that adding more than 10 photos increases the chance of a sale by 33%. Be sure to include photos of key components such as the engine, drivetrain, undercarriage and cabin.

In addition you should create a detailed explanation of the overall condition. Ensure you list repairs that have been performed and provide information about the condition of vital components. Moreover, you can offer a list of the equipment’s abilities, such as its maximum payload, average speed and the amount of fuel that the equipment uses each hour.

The Benefits and the Detriments of Private Sales

By privately selling your equipment, you will eliminate commissions and have more freedom to negotiate. Unlike most auctions, private listings allow you to market your equipment to interested individuals worldwide, and numerous studies have shown that the increased exposure can substantially boost the sale price.

In spite of the advantages, private vendors usually do not realize the amount of time that is required to sell equipment privately. Creating the listing, responding to enquiries and arranging viewings all adds up. Moreover, auctioneers and brokers generally have more connections in the market than individual sellers, so things tend to move at a faster pace.

New Parts

Before creating ads for the equipment, you should make a list of components that were installed while you owned the machine. The checklist can feature the original price of each part, every component’s function and the name of the manufacturer.

Documenting Repairs

You may gather a collection of receipts that indicate the costs of the repairs and the dates on which routine maintenance was completed. A recent analysis shows that buyers are especially interested in the frequency of oil changes, and many customers want information about the maintenance of the hydraulic system.

Placing the Listings on Several Websites

You should put advertisements on at least five popular websites such as mascus.com. To determine the number of people who visit each site per month, you can visit alexa.com, and by typing in the website’s URL, you can view a list of geographical regions from which a site primarily receives traffic.

Incidents That May Have Affected the Vehicle

Before listing the equipment, you should mention whether or not the machine has been involved in a flood, an earthquake or a fire. If it was damaged by an adverse event, you can list the strategies that were used in order to restore the equipment.

Contacting Large Companies

Experienced vendors generally call industrial businesses that utilize the type of equipment that they are selling. You may send emails that contain numerous photographs of the available machine, and if a nearby business buys the equipment, the enterprise may transport it for free.

Choosing a Price

In order to determine the value of the equipment, you can view listings of similar devices that are for sale in your area. Some experts recommend that sellers should set a price that is slightly higher than the market value, yet the advertisement can indicate that the price is somewhat negotiable.

The Costs of Shipping

You will be able to request free price estimates from numerous carriers, and in many cases, the cost of delivering sizable equipment can exceed $250. To prevent damage from rocks, hail or rain, you may opt to cover the vehicle with thick tarpaulins that have waterproof coatings. Furthermore, you should verify that the equipment is fully insured while it is being transported.

Accepting the Payment

If you’re selling the vehicle online, you can ask the buyer to make an initial payment of $500 to $2,000 within two days of the purchase. This deposit should be sent to an account with an online payment processor.

According to experienced sellers, alternative processors will sometimes freeze accounts that rapidly receive more than $2,000, so the customer should send a money order that will pay for the rest of the balance. If you want your funds immediately, you can ask the buyer to initiate a wire transfer, and before the payment is sent, most banks will require the customer to pay a fee of $15 to $50.

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