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Buying Industrial Machinery and Tools at Online Auctions
When buying industrial machinery or tools for personal or business use, many people tend to want to buy new items. This is completely understandable considering when you do buy new, you don’t have to worry about it breaking down on you right away. However, you can save a great deal of money – sometimes 20-50% off regular prices – if you decide to purchase used machinery and tools at online auctions.
Here are a few tips to help you get the most out of purchasing items at online auctions…
Determine your needs
The first thing you want to do is find out what exactly you need. Is it necessary for you to purchase the item? Perhaps it might be less costly if you just rent the machinery or tools. You could even consider outsourcing those tasks or jobs to a company that has the items you need.
Do due diligence
Know how much you are willing to spend on things you want to purchase. Do research and find out what the current market price is for an item. Also, find out if it has been sold at auction in the past.
Keep in mind that machinery is used
When purchasing at online auctions, items are typically in used condition although it’s possible to buy brand new items depending on the type of auction it is. Sometimes in our online auctions, we do have brand new tools available if a business is liquidating unsold inventory due to store closure.
Many auction companies offer the opportunity to inspect items before placing a bid. If this is the case, it’s important to test out items you are interested in to ensure that they are in good working order. If an inspection time is not offered, make sure to ask questions if the description of an item is not clear.
Know the terms and conditions of the auction
If you see an item that you like, make sure to become familiar with the bidding process. The earlier you can do this, the better. If you have questions about the registration and bidding process you can get them answered ahead of time. Don’t wait until the last minute to do this.
Make sure you have sufficient funds for the item plus the buyer’s premium
If you’re new to auctions keep in mind that there is an additional charge on top of the winning bid at auction. This is typically a percentage of the final price. For example, if you purchased an item at $100 and the buyer’s premium is 15%, the final price you would pay for an item is $115.
If you have any questions or concerns about buying industrial machinery and tools at online auctions, let us know!
Looking for machinery, equipment, or tools? Check out our latest auctions.