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5 Tips For Buying Machinery and Tools at Online Auctions
When it comes to buying any large machinery, business equipment, or tools, most people usually want to purchase new items. Of course, this is completely understandable because when you do buy brand new items, there aren’t any worries about them breaking down right away. However, if you’re on a budget or looking to save a ton of money, then you might want to consider buying used business equipment, machinery, or tools at online auctions.
Follow these tips to help you save money when shopping in online auctions…
1) Figure out your needs
First off, you’ll want to figure out exactly what you need and if the items are actual necessities. Maybe it might be more cost-effective if you just rent the equipment or tools if you’re only going to use them occasionally. You might even think about outsourcing the tasks or jobs that need to be done to a company that has the items you think you need.
2) Do research
You should have a budget and know how much you are willing to spend on the items you want to buy. Do some due diligence and find out what items are currently being sold for and if they’ve been sold via online auctions in the past. This will give you an idea of how much you should be spending on any particular item.
3) Remember that machinery is used or sold “As Is”
If you’re considering buying items at online auctions, keep in mind that items may be in used condition. However, it is possible to purchase new items depending on the auction. There are times that you’ll be able to buy brand new tools or equipment if a business is getting rid of unsold inventory because of a store closure.
There are auction companies that may offer a preview day so that you can inspect items before you place any bids. If you do get this opportunity, it’s important to test out items you are thinking about bidding on in order to know that they actually work and are in good condition. If an inspection time is not available, it’s important to ask questions if you have any concerns or the description of an item is not clear.
4) Be aware of the terms and conditions of the online auction
If there is an item that you’re interested in, make sure to familiarize yourself with the bidding process. Do you need to make a deposit? Is there a return policy? Make sure you know everything upfront. If you have questions about registering an account and the bidding process you can get them answered before placing any bids on items.
5) Ensure that you have enough money for all purchases including the buyer’s premium
If you’ve never participated in an online auction before, keep in mind that there might be an additional charge on top of the winning bid at auction. Usually, this is a percentage of the final price. For example, if you bought an item that cost $100 and the buyer’s premium is 10%, the final price you would pay for an item is $110 plus taxes, if any.
If you have any questions or concerns about buying industrial machinery and tools at online auctions, let us know!
Looking for machinery, business equipment, or tools? Check out our latest online auctions.