Buying industrial equipment can be daunting due to the number of options available.
Do you purchase this brand or that brand? Used or new?
New equipment may seem like the only way to acquire quality products and get value for your money, but that’s not always the case. Buying used industrial equipment is also a viable option.
Buying used equipment is a way to get the most for your money. Pay less while investing in a machine with usable life for your production line.
Learn more about used equipment can help you grow your business on a budget.
5 best practices when buying used equipment
With over 20 years of experience, HGR has specialized in buying and selling used industrial equipment and machinery. Over that period, we have gained extensive knowledge on the best practices when it comes to buying used machinery.
Use these tips when purchasing used equipment for your facility.
- Buy used industrial equipment from a reputable company or reseller.
As with anything, when purchasing second-hand or used industrial equipment, look for a reputable company with experience and reviews from other customers.
Look into how long the company has been around, how many items they have in stock, see how well-versed their salespeople are, and read customers reviews to see what the majority of people think of the company.
And don’t jump on the first offer you see. Compare prices across multiple companies to see where you can get the best deal. You could save hundreds, or even thousands, of dollars with an hour of research.
- Do a background check.
This goes hand-in-hand with the previous tip. Before making a purchase decision, perform a “background check” of the equipment and the company that you are buying from.
Regarding the equipment, find out the equipment’s service records and ask questions that you might have about the machine. In addition, you can ask for the equipment’s serial number as it will help you conduct a historical search. With the serial number, you can contact the equipment manufacturer to run a historical search, which will allow you to see whether the equipment is still eligible for a warranty or whether it has recently received any service or upgrade from the manufacturer.
Also, find out if the company you want to purchase from offers any kind of refund or guarantee policy. That will offer peace of mind to you if you do decide to make the purchase.
- Don’t rush the buying process.
Buy smarter; don’t give in to the pressure of time constraints. Rushing in to purchase a piece of equipment can cost you dearly and end up taking up more time than if you took the time to make the right purchase.
Instead, it’s best that you take your time to explore all your choices to ensure that you make the best decision.
We also recommend getting a second opinion on your equipment. Bring in a colleague or friend with a background in mechanical equipment when buying industrial equipment. He or she might have questions that you didn’t think to ask and can help you make the right choice for your purchase.
- Set a spending limit
When you are looking to upgrade your industrial machinery, it’s crucial to strict budget limit.
Buying industrial equipment, especially at an industrial auction, can be an exciting process. Setting your budget (either in your checkbook or through a maximum bid) will keep you on track and narrow down the decision-making process.
- Be honest with the equipment dealer.
Being honest with your equipment dealer from the start is critical to ensuring you get an equipment that meets your needs.
You might think that you know the best machine for your project, but your salesperson may have a piece of equipment that is better suited to your project and applications.
Let your salesperson know what you’re looking for and be open to suggestions to get the best deal for your project.
Buy and sell with HGR
HGR has over 20 years of experience serving local and international customers looking to buy industrial tools, robots, parts, and equipment. Our 500,000 square foot facility in Euclid, Ohio carries thousands of items with truckloads of equipment coming in every day.
Plus, we purchase used surplus from warehouses across the United States so our vendors can clear out their facilities while recouping part of their initial investment.
Visit HGRinc.com to view the latest additions to our marketplace, save big on used industrial parts and equipment, and sell your surplus to us. You can also sign up and register for auctions on our brand new auctions platform, HGR Auctions! Register today to start pre-bidding for our next event.