Wondering how to get the best price for when you sell your equipment?

First, let’s see the most common circumstances in which heavy equipment is resold. Often equipment will be sold at the end of a big project, or when the equipment owner retires. Sometimes resale is for funds to purchase better or more specialized equipment, or to upgrade to a newer model. Especially for these last reasons, you can see why it’s important to get a good price for your resale.

So, let’s see just how to maintain the resale value of your heavy equipment.

Best practices during purchase

Purchase is one of the most important moments of the lifetime of a piece of heavy equipment, when the equipment changes hands from one person to another. If you ever plan to resell a piece of heavy equipment, follow these guidelines.

Prefer well-known and reputable brands, such as Caterpillar, Volvo, Deere, or Bobcat. Most potential buyers will feel more at ease purchasing a previously used piece of equipment from these established and dependable brands.
Retain all of the original documents, receipts, invoices, and other such writing from time of purchase. You’d be surprised at the difference it makes. It verifies that the sale is legitimate, and accompanied by service logs, that the buyer isn’t getting something that’s been sitting in your backyard with minimal maintenance for a decade.

Another factor to consider is that businesses need to know the values during insurance claims or to be sure that they have proper insurance covers.

Regular and preventative maintenance

The value of equipment will drop if it is in a sub-par condition. Not only this, but maintenance is also necessary to keep your equipment running in optimal condition, so consider the costs as part of the cost of doing business. Parts with excessive wear can cause costly unexpected breakdowns at the worst moments, but maintenance can identify and replace these parts before they cause problems. Your equipment’s manual should give some guidelines for how often maintenance should be scheduled.

You should prefer to schedule maintenance during periods when it’s less likely to interrupt your workflow, such as between projects or during slow periods.

Keep a log of all service, maintenance, and repairs. Make this log available to buyers. Buyers want to know exactly what they’re getting, and a log that shows a well-looked-after machine will make them more willing to spend more for the equipment.

Also try to keep the equipment clean, especially soon before sale. Buyers may pay thousands less for a dirty and old-looking machine. Cleaning also can reveal issues like small cracks or other minor damage, allowing you to have it repaired before selling.

Respect the equipment and its intended purpose

You’d be surprised how often a piece of heavy machinery is used for things it isn’t supposed to be, and you shouldn’t be surprised at how much value that knocks off of it. Misuse and abuse are not something buyers want to see.
Always follow the guidelines from the manufacturer, and ensure equipment operators also follow these. Only allow properly trained operators to use the machine.

Avoid operation in extreme weather, which can take a large toll on the machine’s health. If you must, ensure you’ve taken the necessary precautions.

Maintain a good maintenance reputation

When having maintenance done for your machine, don’t just head over to the closest local service center. This shows exactly how much you care about the equipment’s well-being.

Bring heavy machinery to authorized and reputable service centers, ones with well-trained technicians that use only original equipment manufacturer parts, not third-party replacements. Keeping a good reputation of equipment maintenance can boost buyer’s willingness a great deal.

Also ensure that you note the service center that performed the maintenance in your service log. Buyers like to see a machine that’s gone to only high-quality service centers.

If you’re looking to get an idea of your equipment’s value or you want to go ahead with the sale, we’ve got a recommendation for who to go to. Here at MidSouth Auctions & Appraisals we look at each piece of unique machinery with an expert’s eye to give you the best estimation of your equipment’s value. If you want to proceed with an auction, we always ensure to adapt our auctions to your specific needs to get you the best possible price on your equipment.