Is your company in need of construction equipment? Well then, before you start buying, do you know that there are plenty of factors that should be considered first?
With heavy-duty machines, such as dump trucks, cranes, excavators, and skid steer loaders being sold at hefty price points, construction companies should always be smart when acquiring them. Make sure to consider your company’s financial standing and take the time to inspect the projects that are currently in the pipeline before buying equipment.
For companies that are still struggling financially, buying brand-new heavy machines is definitely not a smart move—this could drain their working capital. Instead of acquiring a new machine, they can always choose to rent or lease it, or even purchase pre-owned ones. As a matter of fact, plenty of construction companies would rather purchase second-hand equipment. Apart from shelling out only a modicum of cash, they get to enjoy the benefits of owning the machine too.
However, despite being cheaper, acquiring second-hand machines still have its share of risks. If you don’t want to end up getting the short end of the stick, you certainly have to be a smart buyer. That way, you can eliminate all the risks involved in obtaining used equipment and get the best offer up in the market.
In this article, we want to help you become a smart buyer, so we’ve decided to list things that will make anyone who is planning to obtain second-hand construction machinery. Here’s everything that you need to know:
Find a Way to Shorten the Buying Process
The buying process of heavy equipment is undeniably long; it may last for a few weeks or even months. To make the entire thing as cost-efficient as possible, it’s imperative that you try to find a way to shorten the whole process.
If you don’t have enough time to scout for second-hand equipment, the best advice that we can give you is to do a thorough research about the average prices of the machine you are planning to purchase, the most efficient models, and the reliable dealers in your area.
When you are equipped with the right knowledge, it certainly becomes easier to find the perfect equipment that you really need. Other than that, researching first before visiting construction machinery dealers will eliminate the risk of encountering a fraudulent offer and buying subpar—or worse!—stolen machines.
If you are a smart buyer, you definitely would take the time to compare the prices of the equipment that you are acquiring before you close a deal. The main reason why you have to check different dealers first before you purchase something is to be able to get the cheapest and yet the best deal available in the market.
If you really want to save money, then be sure to compare prices first, check your budget, and decide which equipment can be considered as the best deal. Apart from the price, there are still several more factors that you also need to examine including the service warranty offered and the machine’s condition.
Check the Title of the Machine
Why do you have to inspect the title of the machine you are buying?
As we have repeatedly discussed, there are now a lot of fraudsters waiting to victimize any potential buyers. Of course, you don’t want to purchase a machine that is either stolen or still have liens on it. That would certainly be a huge problem on your part!
So, once there’s a machine that has passed your standards, ask the dealer to let you inspect the title. See to it that the name of the dealer is the one written on the title; if the name that was written is not of the dealer, verify if he/she has the authorization given by the owner of the machine to sell it. Do not buy the equipment if you feel like the dealer is hiding something from you.
Another thing: if the title of the machine is not clear, do not also buy it. When titles have liens, the lending company or bank can easily seize it from you. And even when you reason out that you bought the machine fair and square, you still won’t be able to get back a single penny from the deal once the machine is taken.
Read the Maintenance Log and Check the Machine’s Condition
Since the machine that you are buying has already been used for several years by its previous owner, you have to be keen in inspecting its condition to ensure that you are acquiring something that can still be utilized for several more years.
Two ways that can help you in making sure that the equipment’s condition is indeed great is by reading its maintenance history and checking it physically. Part of the buying process includes inspecting the machine physically and doing a test-drive just to be sure that it is working well.