How to Maintain the Resale Value Your Heavy Equipment
There are a lot of reasons that could motivate a Heavy Equipment owner to sell their machinery. Most commonly, the motive is to sell it before the end of its useful life. Of course, there are other circumstances under which someone could be selling the equipment as well.
At the end of a project, one might want to dispose of the equipment. Whereas, some people might be interested in upgrading their equipment to a more specialized model. And some might need to sell their current equipment to fund the purchase. Regardless of what the reason is, getting a good price for the equipment is important for everyone.
Resale of used construction machinery can be influenced by several factors such as:
- Recognition of the brand
- Supply and demand
- Marketing of the product
- Accessibility for buyers
- Condition of the equipment
All of these factors play a part in the resale of the equipment. However, not all these factors are under our control. Hence, you should focus on factors that can be controlled to get the desired resale price. While there is no controlling the market, there are certain steps one can take to maintain the resale value of the equipment. These steps include:
Preventive maintenance is crucial for keeping equipment working in the best possible condition. It does not matter what type of construction equipment one possesses. When it comes to maintenance, being on a regular schedule or routine is necessary in order to avoid the risk of rust and rot. When selling, you do not want the equipment to be run down. As that will not help in getting the desired value for it.
Eliminate any cause for worry by making sure to always keep an eye on your machinery. It is not hard to find used industrial equipment in Houston and other big cities, so having well-maintained equipment will only make it easier for prospective buyers to make a decision.
When investing in heavy equipment, it is wise to choose a well-reputed equipment manufacturer as brand reputation is important in the industry. Choose equipment brands that have been around for a while and have a positive reputation. This can include:
- John Deere
These brands have a known positive image. You can immediately recognize or picture equipment associated with these names. The trust is already built with recognizable brands, and buyers are more likely to be interested regardless of the market’s supply and demand. Keep the invoice and original documents related to the equipment safe as providing them to the buyer at the time of resale would be essential.
Marketing is necessary in today’s world to remain competitive. All big construction companies market their efforts. If the equipment needs servicing, maintenance, or repairs; they always employ authorized service providers. or get the equipment fixed at a certified shop.
They build their credibility this way, and when the same equipment is on the market, people buy it easily due to their established reputation. If you are in the habit of making such efforts, make sure to market them. Keep a logbook and try to maintain it with service records, repairs, and oil changes and present these records to prospective buyers when reselling.
Avoid Equipment Misuse
Whenever you use the equipment. Make sure to follow the proper guidelines. Equipment should only be used for its intended purposes. Ignoring things like load capacity and overloading the machinery would only cause rapid depreciation in the equipment.
Don’t operate machinery in extreme weather conditions. Since doing that can take its toll on the equipment. It is recommended to avoid this. However, if it’s unavoidable, make sure you take all necessary precautions. Follow the guidelines provided by the manufacturer for operating machinery in extreme weather conditions.
Make Sure Your Equipment Is Presentable
Maintaining the interior and exterior of your machinery is necessary if you want to get a good value for it on the resale. Keep an eye out for any cracks or damages on the exterior. Moreover, make sure to clean it regularly so any damage is immediately noticeable. Well-maintained equipment is more likely to appeal to a buyer as the condition of the equipment plays a huge part in the value placed on it.
By following these tips, you can ensure that you get a good value on your equipment when you are reselling it. Taking steps like ensuring your machinery gets regular and preventative maintenance and keeping a log of the repairs made will not only be useful when you are selling the equipment but will also prove to be helpful while you are still using the equipment. Marketing your efforts will also help you build your reputation, and as previously mentioned, reputation is a key factor when reselling machinery.