The end of the year is a good time for analysis and projections, especially when it comes to selling used equipment. Liquidators, equipment owners, manufacturing companies, and those who have just acquired or inherited a business that requires the use of heavy equipment often find it helpful to take a moment to look back at the year just ended, and peer ahead at the year peeking over the horizon. This activity helps clarify decisions that must be made when it comes to preparing used equipment for sale.
In the fall of 2015, Wells Fargo Equipment Finance released the results of its annual survey of construction industry executives regarding their predictions for the coming year. The 2016 Construction Industry Forecast revealed that 57 percent were anticipating an increase in used equipment sales, based on the results of the previous year. In fact, according to EDA, 2016 did see a steady pace in the sale of used construction equipment, especially as compared to the sale of new machinery. Monthly totals ranged from 7,000 to 9,000 units.
Over the past few years, industry experts have estimated that the global construction equipment market will be valued at around $192 billion by 2017, barring any unforeseen economic fluctuations. Factors contributing to this growth include construction booms in other parts of the world, such as India and China. Growth is also anticipated in the European, Japanese, and North American markets. If you have used machinery, used equipment, or used printing equipment for sale, this might be the year to get it off your hands. Here are some tips to help you sell your used equipment online in 2017:
- Do your research: First you need to know exactly how much your equipment is worth so you know how much to ask, and how much to accept. Find an experienced equipment appraiser who can help you set a fair value that will attract the interest of potential buyers.
- Make your equipment look productive: Potential buyers may not be interested in buying used equipment that looks old and worn. They want to know that they can get many good years out of anything they buy. Invest the money to clean, paint or refurbish your equipment to the point where it looks inviting. Then make sure you have quality photographs or video taken from all angles which show your asset to its best advantage, and demonstrate that it is still capable of performing effectively.
- Find an audience: Think about who might be able to use the equipment which you have available, and don’t stay strictly within your industry. Be creative about how it can be used in other industries, and you will expand your customer base immensely.
- Go global: With the surge in worldwide construction activity, there is no need to limit your buying audience to the United States. Offer your equipment for sale to a global audience to make sure you receive the most competitive bids possible.
- Go online: Instead of increasing your effort and limiting your audience with an in-person auction, take advantage of online equipment auctions. Reputable online auction sites have built a solid core of viable buying candidates who rely on them to provide quality equipment.
Take advantage of the indicators for a strong construction market in 2017, and prepare your old, depreciated, or used equipment for an online sale. You’ll get a fair value for what you have to offer, and keep your own business running efficiently.