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Recommendations on pricing/selling used equipment

EquipEval10

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Jan 19, 2021
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17
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Canada
Not sure if this is the right place for this question, but I've looked all over the web and need some help...

I recently inherited several pieces heavy equipment items from a relative who passed away and I'm looking to understand how to accurately price and sell them since I have no experience with the industry. When you are looking for equipment to purchase or sell, how would you go about finding it's value and listing it for sale? I've obtained offers from locals, but I can't tell if they are just trying to rip me off because I don't know what I'm doing.

Any help you could provide would be greatly appreciated.
 

Delmer

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If you know what to look for to compare condition, then the online auction site results will get you fairly close, auctiontime, bigiron, purplewave etc.

Posting pics on here would be an easier way if you don't know how to compare the condition, don't know what parts to look at. What kind of machines? A lot different things to look at for a log skidder vs a bulldozer or whatever.
 

terex herder

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Your best route is probably contacting an auction site such as the ones Delmer listed and let them handle the sale. I'm sure you have something similar on your side of the border. That way when its done, its done. If you can't demonstrate the equipment, how are you going to sell it? Condition greatly influences price, who is going to describe the condition to the buyer?
 

Delmer

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The auction site is great if you have a 10-20 year old Cat in a good market, like Houston. If these machines are mostly going to be under $5k each, and in a remote location, then they're going to sell local, and the auction site would be much less helpful.

Obviously, I'm speculating, not much info to go on yet.
 

Welder Dave

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If you have a good dealer nearby they may be able to help with a value and/or help you sell them on commission. It costs you a bit but saves you a lot of hassle. Did your relative have any friends in the industry that could help you? Knowing a general value is one thing but not knowing equipment is another and some (lots) buyers/scammers are very convincing at pointing out everything possible that may or may not be wrong. Then they offer to take it off your hands for way less that it's actual worth. If you have service records helps greatly and also if you're not in a hurry to sell it.
 

crane operator

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You need to first know what you have for equipment. Make, model year, estimated hours and condition.

For a quick idea of what its worth, search machinery trader and you'll see what individuals and dealerships are asking for similar equipment as a selling price.

Purplewave and ritchie bros post auction results, this will give you idea of retail auction prices.

Condition makes a big difference on value. Location also makes a difference. And how specialized the equipment is. Everyone from farmers to landscapers to homeowners buy skidloaders. Not everyone is looking for a hot asphalt roller.

If you had pictures of the equipment and posted them here, you'd get a pretty good price valuation, that doesn't cost you anything, from guys with years of experience, and with no $$$ reason to lie to you. Of course that advise is going to also be worth what your paying for it. :)
 

DMiller

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Orphan brands will bring in general considerably less than still in production Name Brands. Photos, if they run or not, last considered time used, any maintenance sheets or parts purchase receipts against hours on machine all are helpful. A Local dealer or independent mechanic will be a good source for aid in price up.
 

Jonas302

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mn
Auction is the way to go they will get them to there site or sell them at yours you don't have to answer any questions from prospective buyers and market sets the price but its possible you get less money than you have been offered Most equipment auctions also have appraisers that can give you an idea what they are worth
 

Welder Dave

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If the equipment is good shape and you're not in a hurry to sell, auctions aren't the best idea. Auction companies a lot of times tell you what you want to hear with no guarantee's. Just look on this forum, a lot of people think only junk sells at auctions. Ritchie Bros. will sometimes give a guaranteed minimum if you have at least 5 major pieces but with the commissions auctions charge, you might end up ahead selling it through a dealer on commission. I guess the first thing is some pics. and descriptions of the equipment. You never know, a member(s) on here could be interested.
 
Last edited:

EquipEval10

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Jan 19, 2021
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Location
Canada
If the equipment is good shape and you're not in a hurry to sell, auctions aren't the best idea. Auction companies a lot of times tell you what you want to hear with no guarantee's. Just look on this forum, a lot of people think only junk sells at auctions. Ritchie Bros. will sometimes give a guaranteed minimum if you have at least 5 major pieces but with the commissions auctions charge, you might end up ahead selling it through a dealer on commission. I guess the first thing is some pics. and descriptions of the equipment. You never know, a member(s) on here could be interested.
See this is what I was thinking too and I appreciate the guidance on "if I'm not in a hurry" because I'm not. So let's assume I don't go the auction route, what then, the dealer route you suggested? Can anything good come from general listings on other sites? Thank again!
 

EquipEval10

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Joined
Jan 19, 2021
Messages
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Location
Canada
Auction is the way to go they will get them to there site or sell them at yours you don't have to answer any questions from prospective buyers and market sets the price but its possible you get less money than you have been offered Most equipment auctions also have appraisers that can give you an idea what they are worth
Sounds like a seamless process, what are normal auction commissions like?
 

EquipEval10

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Jan 19, 2021
Messages
17
Location
Canada
I agree.

EquipEval10 give us a list of what you have and some pics to go along to show the condition, then we can steer you in the right direction.

The online used equipment world is full of spam...:rolleyes:
Here are some of the pics I could gather from the contractors we had:
Case 580 Super L backhoe
Ditchwitch?
John Deere 1025R

casesuperl.PNG ditchwitch.PNG tractor.PNG
 

colson04

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Apr 11, 2016
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Delton, Michigan
Here are some of the pics I could gather from the contractors we had:
Case 580 Super L backhoe
Ditchwitch?
John Deere 1025R

View attachment 232456 View attachment 232457 View attachment 232458

Wow.

The OPis from Canada.

That 580 case is in Texas (billboard is for a Texas insurance company). Aside from that, a Google search found the picture they stole.
Screenshot_20210120-110117.png

The Ditchwitch is in the Midwest Corn belt (very mature stalks typical of a late Midwest harvest season). Corn in Texas is harvested in summer, blue skies, still partly green since the dry climate causes the grain to dry down fast.

The Deere is up north, Midwest to Northeast. They don't use split rail fence in Texas. They don't have the wood for it. You see a lot of old well casing/drill pipe fences because the material is cheap and they last forever.

I'm with CM, lots of spam in used equipment world.
 

colson04

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Delton, Michigan
Found the ditch witch JT25 stolen pic too
Screenshot_20210120-110537.png

Listing says Boulder, CO. I'm surprised by that as I didn't remember there being much corn grown in that area, but there is a lot of irrigated ground on the front range so anything is possible I suppose.
 

John C.

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A little bit of basic house keeping is in order. First item is that you are going to be in process of liquidating assets. You have to identify and define the markets that you have access to. The franchised dealers that may sell on commission are going to market their stuff first and yours only if a customer comes by that happens to need what you have. You might thing of this market as a retail market because there is no defined sell date.

The auctions are a secondary market and are always a liquidation market. The day of the auction, the machine sells unless you put a reserve value that must be exceeded by bidders. Most of the auctions have gone to no reserves now so if no one wants the item, it may sell for next to nothing.

Private sales are also liquidations but you have a direct contact with the seller and have to handle all the functions of the sale. You have to do your research first on finding the liquidation market ranges that each piece might bring. Then you have to advertise it and deal with the potential buyers who will want to negotiate price. Something like the backhoe you show will have a lot of negotiations if priced high and you will have to have some thick skin in selling at a high rate. You see plenty of machines being offered on Craigs List, Ebay, Equipment Trader and so on.

Some other home work you will have to do is make a full list of each piece as suggest above. Second item is to make sure that each item is paid for. There should be paper somewhere showing any encumbrances on the fleet. Selling a machine and then finding out of an existing loan balance or a lien against all the iron would leave a buyer in a very bad mood and you in possible legal jeopardy. There should be a bill of sale somewhere for each piece.

As for values, all the above is good advise. You might also check to see if there was any insurance that might have replacement costs. Another place to check is with the banker who financed the iron to start with. They might have access to people who could provide you with a desk top assessment of what you have. If you have not been part of the industry, I would generally advise you to work with a professional. That might mean a consignment to a local dealer that may or may not have a franchise with a major manufacturer. I do have a short book on Amazon that explains some of the process that one goes through to buy and sell equipment. You can preview it on the following link. Good Luck!

http://www.amazon.com/dp/B073ZXGQNJ
 
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