How to Buy Heavy Equipment Safely and Avoid Unethical Sellers
Buying heavy equipment is a pricey affair and a long term commitment if not anything else. Buying a good machine at the right price is both important and a necessity for your eventual bottom line. Today one has various options of buying new machines, old machines, renting machines and even leasing them. Of all these buying is a tricky task especially of you are an individual buyer with a small or medium sized business. While larger business owners do have the benefit of bulk buying machines, striking a good deal is still a task. While Most new machines can be brought directly from dealers, getting a good deal on it is a bit of a task. Buying old machines is an even meaner task in terms of the time and effort required to find and seal a good buy. Lets take a look at how to to buy these heavy duty marvels of engineering safely at the best price form ethical sellers.
Decide on your machine: The most important part of the buying process is deciding on the machine you want to buy and wether you need to buy a new one or an old one will do depending on your work prospects. Next up is deciding on add ons like attachments, insurance, maintenance plans and warranties etc on the machine and its various parts. There’s no denying that heavy equipment require comprehensive care if one wants to make the most out of it. Check the various brands available for the required machine and check the specifications against each other and your job requirements. Its best to go for a machine that suits your current and short term requirements and while still leaving space for future improvements like attachments or the possibility to sell the machine at a good price in the future.
Get multiple quotes: Once decided on the machine, make a list of all the dealers in the market that sell your machine. For new machines, its best to go with manufacturer authorised dealers. When it comes to buying old machines, it is a different ball game entirely. Old Machines are usually not sold by authorised dealers and the market is laced with people trying to make a quick buck. Additionally the old machine maker in India is not organised enough to protect the buyers from being defrauded. Buying old machines is a risky business to begin with. So its important to meet various dealers and vendors to get multiple quotes on the same machine. For new machines one can even pit the dealers against each other to land a good deal. With Old machines, the only way to get a good bargain is to educate yourself about the actual going price for the machine in question so you dont end up paying more for the machine.
Ask questions: Asking questions is always a good idea. For new machines, ensure that you ask the right questions especially pertaining to the fine print of the buying contract. Ask questions about the getting a better deal, extended warranties, maintenance and service contracts and possible attachment requirements and how all these can be clubbed for a bulk deal. When buying old machines, one should make it a point to inquire about the machine’s working, repair and maintenance history and demand the paper work for the same. Additionally ask for vial inspection of the machine in addition to having the machine being inspected by an expert of your choosing. That way you are more likely to get a better picture often machine’s condition and the actual value of the machine. Ask to try out the machine before making the purchase. When buying old machines, ensure that the paper work is in place else it will become difficult to sell the machine at a good price when you eventually decide to sell it off.
Get references and reviews: Reviews are not just required for the machine and services but the dealer too. Take the time to meet with the old clients and hear from them first hand about their experience with the dealer/ seller. References and review go a long way to help in making a good buy. Always ensure that you read the reviews both online and offline form people actually owning and using the machines on a daily basis. Check the sellers good will in the market before finally trying to negotiate a deal. For New machines it is highly unlikely that that a plethora of dealers will be available for the same brand in a certain area so ensure that the dealer is credible and that you have a good rapport with them for better service.
Pay attention: This is one of the most basic step one can take when buying heavy equipment. Pay attention to the person trying to sell you the machine. Ask questions to gauge their knowledge of the machine, the market realities and their sincerity in wanting to see you a good machine that suits your requirement. Look out for sellers trying to rush you into making a decision or insisting on speeding up the purchase. Ensure that the paper work is in place and credible before making any kind of payments. One must be wary of sellers making claims that seem too farfetched for the machine and size of the sellers operations. Particularly when buying old machine’s its important to cross check the claims made by the seller.
Proper documentation: Insisting on proper documentation ensures that unethical sellers are weeded out to begin with. Once the documentation is in place, do make it a point to check its authenticity in case of old machines. For new machines, read the fine print and confirm the conditions that apply to the purchase contract and what might and might not be considered a breach of contract leading to the insurance or warranties lapsing. Such lapses can lead to unrequited expenses that should have been covered in the insurance and or warranties.
Payment: When paying for the machines or looking into payment structures ensure that adequate documentation is available as proof of payment. It is a good way to ensure that only ethical sellers remain in the game. Given that heavy equipment are pricey, one should insist on making payments that leave a paper trail and can be used as proof of payment. Its best to avoid making any cash payments, especially if the seller shies away from providing a proper receipt even for the booking amount or part payment.
Simply put, one should take the time to educate themselves about the machines, the industry and the tricks that sellers use to close deals fast. While its best to do it ones self, one can take up services of an expert to ensure that you get the best of machines at the best possible prices and are protected against frauds. Being aware of the red flags is a must to ensure your safety as a buyer and to protect the interests of your business in both the short and long term. When in doubt about the machine or the seller, its best to either get the doubts cleared or simply move on to the next seller