Posted By:Infra Bazaar
Used heavy equipment can often be highly valued products, but there are several unique risks that buyers should be mindful of before making such a purchase. Experts at Infrabazaar.com discuss this at length.
Buying used heavy equipment is usually seen as a solid move for several companies. After all, second hand backhoe’s, skid steers, dumpers or similar kinds of machines are of outstanding value, as it gets companies a bit of needed gear for a budget-friendly price.
However, there are some aspects specific to used equipment that buyers should be aware of, some of them are obvious, for instance, the condition of the equipment etc, but others aren't easy to know or detect.
Here are three important tips for used heavy equipment buyers, whether you're buying from a longtime dealer or a personal party.
#1 – EQUIPMENT CONDITION AND WARRANTY
The first tip is that the most blatant – confirm you're 100% comfortable with the equipment’s condition, and also what happens if it stops working tomorrow.
There is no clear-cut rule here. You merely got to fully accept the terms of the sale. If you're buying from a longtime dealer, they'll offer some sort of warranty; if that’s the case, get the small print and understand the restrictions. If you're buying from a personal seller, they probably won’t offer any warranty.
There’s always an increased “wear and tear” factor with any used item. Checking the condition might not reveal everything, so there’s always some level of risk involved. That said, used heavy equipment with a limited (or no) warranty is always a great catch, as long as you understand the risks.
#2 – A TRANSPARENT TITLE IS VITAL
The used heavy equipment should have a transparent title freed from liens, and a search about the vehicle should come up clean.Allow us to warn you, that this is often not very easy, because the list of former owners can be one or more, the likelihood that there's a lien somewhere in there also increases. These liens might not always come up during a search, regardless of how exhaustive.
For example, banks routinely place a blanket lien on all of a borrowing company’s assets. But borrowers routinely forget this and sell equipment that theoretically can't be sold all the time.
So, your solution is, to ensure you have all the right receipts and paperwork, and try to work with a reliable partner who can help you find seconds. It may be a good idea to involve a team to get the vehicles evaluated, the most preferred style being the physical inspection & verification team, which is provided by quite a few options like Infrabazaar.com and the likes.
Now speaking about, buying from a personal seller, it helps to possess a transparent written record back to the first sale. It's even better if the vendor is the original owner; at the smallest amount, checking for liens is simpler .
In the case of a “several owners in” private seller and no clear written record back to the start, you'll need to trust your gut. Yes, the likelihood of an old lien being called in and tracked to your new-to-you equipment is low, but the danger definitely does exist, and its best one remembers this. One thing which will cause you to feel better about it's how long the vendor has owned the equipment. Not that the danger goes away, but if they’ve owned it for 10 years without incident, that’s a far better diary than if they’ve owned it for three weeks.
The preceding information isn't meant to scare anyone from buying used heavy equipment (again, it’s typically a deal of excellent value). Instead, it’s meant to shine a light-weight on instances that would come up.
The best defense against issues cropping up is to shop for from a reputable dealer which will warranty purchases, and stand behind it regarding clear chit/old liens.
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