The market size for oil and gas equipment is set to grow considerably over the next 4 years.
This can mean a lot of things, but for those that use heavy equipment for industries such as oil, gas, cannabis, and others industries, one thing jumps out — oil and gas equipment is expensive.
In order to save money, businesses should look to buy this equipment in surplus. This article will cover everything you need to know about getting the right deals.
Keep reading to learn more.
What You Need to Know About Buying Surplus Oil and Gas Equipment
Before you start looking for surplus equipment for the oil and gas industry, there are several things you need to understand first.
Finding the best quality used equipment is an art. It takes careful research and asking the right questions to ensure that you find what you are looking for at a great price.
Some factors to check include:
- Age of the equipment
- Energy efficiency
- What it was used for
- Warranty information
You'll also need to check if there is any supplementary equipment you'll need for it as well.
Once you start shopping around for equipment, make sure you check the details in person as well. Although you'll be saving money, you might need to spend more down the line for repairs as well.
It's important to understand the paperwork as well.
Like all big purchases, make sure you read the fine print before signing. This will ensure that you don't get bit by any nasty surprises down the road. You should also understand what the warranty situation is before you purchase.
How to Find a Quality Equipment Supplier
When looking for an equipment surplus, make sure they meet the same rigorous demands that your business has. Ask plenty of questions when it comes to the quality of their products, customer service, delivery options, and whatever else your business needs.
Check to see what verifications and certificates they have as well. Note any guarantees and make sure they are in compliance with industry standards.
It's crucial to choose a business that prioritizes only the highest quality products. You can get a pretty good idea of this by reading customer testimonials or seeing reviews of their business and products.
Buying through a business you can trust means that even if you do miss a small detail, they'll have your back so that it doesn't come to bite you later.
Quality assurance should also be important to an oil or gas supplier. This means that they guarantee any of the products that they have when it comes to safety.
Benefits of Buying Oil and Gas Equipment Surplus
There are several benefits to buying oil and gas equipment surplus. Let's take a look at a few.
Cost-Efficiency
First and foremost, business owners know how costly oil and gas equipment can be. The main reason they go to purchase used processing equipment is to take advantage of significant savings.
Whether you purchase your equipment new or used, it is still an important investment. The good news is you can find quality surplus oilfield equipment if you know where to look.
Just like how the price plummets for a car once you drive it off the lot, the value of oil and gas equipment drastically loses its value once it has been gently used. This means you can find equipment that is in great condition at a fraction of the cost and avoid the drop in value.
Once you've used your equipment and no longer need it, you can sell it and recoup a bigger percentage of your costs than if you had purchased it brand new.
Customize Your Oil & Gas Equipment Needs
Purchasing used equipment doesn't just help your wallet. It gives you much more flexibility when it comes to making changes or customizations according to your preferences, situation, or budget.
For example, you can change the parts of your equipment or paint it colors that match your brand without having to pay the significantly higher prices of customization on new equipment.
When you buy oil and gas equipment used, you also have the opportunity to oversee the customizations and repairs. This gives you peace of mind that your equipment is good to go and ready to perform for your business.
Timely Equipment Delivery
When you purchase new equipment, the lead time often takes weeks or even months to get to you, depending on how big the oil equipment is or how complex the systems are. When you buy used equipment, most of the work is already finished. The machine will probably only need minor tune-ups to get ready for work.
If your business is in a rush to get back to work, every minute is important. Time plays a huge factor when it comes to reducing losses and keeping production moving.
This is an often overlooked factor when it comes to purchasing new equipment. You need to calculate how long you're business can handle not having a piece of vital equipment, and if it's really worth purchasing new equipment versus used ones.
Environmentally Friendly
In today's business world, focusing on how your business affects the environment is not only important to the world but how your company is perceived. Companies should focus on this, especially in the gas and oil industry.
Purchasing used equipment means that you're reusing valuable equipment instead of having them end up in landfills. Purchasing used equipment is a small gesture that your business cares about the environment.
Find High-Quality Oil and Gas Equipment
Now that you've learned about purchasing oil and gas equipment surplus, the next step is finding a trustworthy and reputable dealer for industrial equipment sales.
Fuelled's technology platform vets its trusted partners and equipment owners so that only the highest quality equipment is featured in our business. Come check out our listings today!