How To Buy Used Industrial Equipment In Auctions

It’s time to look for used industrial equipment for your business. You may be in the process of thinking about where to source it and considering an auction a good place to have it. Yes, it is a fantastic way to buy used machinery and equipment. But before you make your first bid, here are some important tips to consider to make sure that your first experience is successful.

1. Prepare for it

You most likely have heard the phrase “do your homework first”. This is also perfectly applicable to online auctions wherein doing proper research is very important before you place your bid. Doing your homework means preventing scrambling for last-minute, overpayment, and overpromising. Remember also that once you make your bid, it is final and you just can’t change your mind.

2. Know the costs

One important aspect you should know about online auctions is that the final cost of purchasing the used industrial equipment includes multiple cost items. In addition to the final bid, the bulk of additional cost is the buyer’s premium to cover administrative costs entailed in placing the item on auction. Other costs include the removal and shipping costs for huge equipment that needs dismantling or disassembly and handling.

3. Register to bid

After making preparations and knowing the total costs to bid, the next step to take is to register to bid. Most, if not all, sites are requiring buyers to register first before they can start bidding. Credit card information is also required as a verification of your identity as a legitimate buyer. After successful registration, the seller needs to approve you before you can start bidding.

4. Be certain about payment and shipping

If you are lucky and won the bid, it’s time to pay. But you need to know how to make the payment, whether it will be via wire transfer or through a third party like Paypal or a specific collection service by the seller themselves. Either way, make sure that you can pay in the preferred method.

As you can see, you have to consider these important factors when you are planning to buy used industrial equipment in online auctions. If you are now ready to begin bidding at your next auction, browse our site for more information or call us to help you directly.