There comes a time for most businesses to sell a piece of equipment.
Regardless of the reason you are selling (replacing it, out of necessity, it’s no longer required in your business), you will want to get the most money for that piece of equipment as you can.
Selling heavy equipment is not like selling a car – not everyone wants or needs your piece of equipment. And if another business is in search of that specific piece of equipment, they will be skeptical in purchasing used – it’s human nature.
Why Are You Selling?
Was it maintained? How old is it? What was the primary use for it? Why is it at auction vs selling privately, or vice versa? Buyers ask many questions.
Whether you are selling privately or at auction you will want an appraisal of your equipment by a certified appraiser for an unbiased value – an appraiser who follows the Uniform Standards of Professional Appraisal Practices (USPAP).
Selling At Auction
If you’re selling at an auction, buyers are even more skeptical in some cases, and often they are there for a good deal as well. Look at it this way – if there were two pieces of equipment at an auction, pretty much identical to each other, the selling price for the piece of equipment with the appraisal will likely be higher than the one without.
Why? The buyer will have documentation in the appraisal made available through the auction house to review prior to bidding. This appraisal will be much more detailed than the description provided by a business selling without an appraisal. The appraisal takes the guess work out of the condition and value of the equipment.
When selling privately, you have more of an opportunity for the buyer to decide on your credibility when discussing the equipment, yet having that appraisal backs up what you are telling your prospective buyer. It’s a win-win for all. You will receive a higher selling price with the valuation provided by a certified heavy equipment appraiser.
Choosing to sell at auction is less work on your part and will usually provide for a quicker sale, but often for less money if you were to put the work into selling the equipment yourself. It is imperative to have the appraisal to ensure even at auction, you receive the most money for the sale.
Contact the experienced heavy equipment appraisers at Absolute Appraisals & Consulting Inc. when considering selling your heavy equipment in Southern Ontario. We have substantial experience in heavy equipment appraisals across all markets and industries. We look forward to the opportunity to assist you getting the most money for your equipment.