Equipment startup costs can range from $10,000 to $125,000. However, despite the high costs of industrial equipment, there eventually comes a time to sell used equipment and make replacements.
While equipment can depreciate by quite a bit as you use it for your business, it can still fetch a pretty good price if you decide to sell it. Selling online is one option that you'll want to consider when getting rid of used equipment. However, it's not as simple as it seems and there are a few things you should do to make sure it goes well.
Here's what you should know before you sell equipment online.
Deciding Where to Sell Used Equipment
There are a variety of places where you can buy and sell industrial equipment, but some of them are better than others. You'll want to think carefully about where you decide to sell your equipment since this can affect how much money you're able to get for it.
If you're selling equipment without the internet, you may want to try in-person auctions. A lot of cities have auctions where you can sell and buy equipment easily and these can sometimes be useful. On the other hand, it can also be tough to find a buyer who will pay a high price at these auctions if you have a specialized piece of industrial equipment.
There are also various ways to sell online as well. Online auction sites such as eBay are one place to start when selling industrial equipment. You can also try listing equipment on classified sites such as Craigslist or Facebook Marketplace as well.
The problem with these sites, however, is that they're very generalized and generic and they often won't have the right types of buyers browsing them.
If you're trying to sell industrial gear, we believe that our website is the best option. At Fuelled, we make things easier for both buyers and sellers of industrial gear and offer complete transparency during the process.
Selling with Fuelled is especially helpful if you prioritize building long-term relationships and will have a lot of used gear to sell as time goes by.
Preparing Your Equipment to Sell
Before selling industrial equipment, it's important to follow some steps to prepare it for buyers. Here are some of the things that you should do when preparing to sell your used equipment.
Maintain It Well
When running your business, it's important to always take good care of your equipment. Stay on top of maintenance as much as possible to ensure that you can sell your equipment for a good price when the time comes.
Additionally, once you get ready to list and sell your equipment, make sure that you're still staying on top of routine maintenance. Keep the equipment working its best until it's in the hands of the new owner.
Determine Its Condition
Before attempting to sell your industrial equipment, you should consider what condition it's in. Determine whether it's in working order or not and think about both how it looks and operates.
Knowing the condition of your equipment can help you understand how to price it if you're listing it on generalized classified or auction sites or selling directly to a buyer. If the machine needs new parts or is malfunctioning in some way, be sure to make a note of this.
Consider Making Repairs
If your machine isn't in operating condition, then you may want to make some repairs before you try to sell it.
While you can still sell equipment as-is if it isn't functioning properly, repairing damaged equipment and machinery before selling it can be worth it if you have the capital to do so. Chances are that repairing the equipment can allow you to get a much higher price for it.
Avoiding Scams When Selling Equipment Online
One of the first questions that businesses ask when selling equipment online is whether it's safe to do so.
The truth is that there are a lot of scammers out there, so you could end up getting taken for a ride if you're not careful and if you don't take the right approach. Fortunately, there are many reputable places you can sell equipment online and you can sell safely without losing money or getting scammed.
When selling online, especially on generalized websites such as eBay or Craigslist, there are a few things that you'll want to do to look out for scammers. Some of these red flags include the following:
- A third-party contacts you and claims to be working for a separate buyer.
- The buyer wants to use a personal check for the purchase.
- The buyer doesn't seem interested in the specifics of the equipment you're selling.
- The buyer offers an amount far beyond the value of your equipment.
- A buyer pays you twice and asks you to refund one of these payments.
- A buyer requests a mobile payment.
There are other things to look out for as well. The main thing to remember is that you should be wary, and if something feels off, be sure that you don't ignore it. If you notice a red flag, then you might want to proceed with caution or start looking for a different buyer instead.
Tips and Strategies to Keep In Mind
If you're selling your equipment online, you need to keep some things in mind. Here are the top tips and strategies you need to remember when selling your equipment on the web.
Choose the Right Price
Before selling equipment online, it's a good idea to make sure that you have the pricing right. Pricing your equipment too high can make it difficult to sell while pricing it too low can make you miss out on a lot of money.
Take a look at some other online sales and marketplaces to see what similar equipment to yours has sold for recently. Doing some research to understand the trends of what your equipment is selling for can help you to price it better when you decide to list it yourself.
Trying to sell equipment for too much or too little can be a mistake, so make sure that you have an idea of its market value before listing it.
Cleaning or Repairing Can Be Worth It
As mentioned above, making improvements to your equipment before selling it can be a great idea and could be helpful if you want to get more money out of your sale. Consider the pros and cons of doing so carefully and ensure that you do everything you can to get a great price.
Refurbishing critical components, making full repairs, or simply cleaning equipment well before selling it can be helpful if you want to get more money. While you can sell equipment as-is, making at least some small updates to it before selling can go a long way.
Be Prepared to Provide Plenty of Information
When selling industrial equipment online, it's important that you provide as much clarity and transparency to buyers as possible.
It's a good idea to gather any documentation you have on the equipment and to document its history of usage as much as you can. If creating a listing to sell it, you should add as much information as possible. This could include high-quality photos, videos of it in use, technical specs, and thorough descriptions.
The more information you provide, the more likely you'll be able to find a suitable buyer for it.
Look for Reputable Buyers
Always remember that scams are possible when selling industrial equipment online, so you need to be wary of potential buyers.
Make sure that you only sell equipment on reputable marketplaces and that you carefully vet any buyers that are interested in making a transaction. If the marketplace you're using isn't reputable, you could end up getting scammed or there could be disputes and transactions that don't get completed.
To avoid frustration and to have a smooth selling process, make sure that you sell your equipment on a reputable platform.
Follow This Guide When You Sell Equipment Online
If you're thinking about selling equipment online, be sure that you know all of the ins and outs of doing so. Think carefully about all of the information above when you sell equipment online so that you can have the easiest time finding buyers, avoiding scams, and getting the best price possible.
Are you ready to start selling industrial equipment online? Get in touch today to learn how we can help you sell your used equipment.