Getting the best deal on equipment usually means purchasing preowned. You can find some great private party deals but beware there are some caveats when making these choices. You’ll want to do your due diligence and ensure that you’re not buying into a troublesome or problem-riddled equipment. Occasionally, big name equipment companies like CAT or Hyundai will have sales – once a year. If you need to find a good deal on new equipment, we highly recommend taking advantage of their in-house finance program as they’ll offer special terms and rates.
Unless you have cash on hand, buying preowned isn’t easy. There are additional hoops to jump through when choosing to purchase preowned or private party. Many times, getting approved for financing for private party transactions can be difficult. There are additional terms that will need to be met when financing private party or preowned equipment. That’s why it’s important to get prequalified before shopping for used equipment. Otherwise, your options will be limited.
If you’re looking to finance your preowned equipment, typically you’ll apply for financing through their dealership. If you don’t qualify for their in-house equipment financing program, You’ll be limited to a few alternative lenders. If you’re prepared to jump through hoops to get proper financing, you can get a great deal with up to 30-50% off the equipment price. While new equipment is great, we only recommend it for those who can afford to make that leap.
What happens when you’re not able to find the deal you want from your local equipment dealership?
There’s another option on the table! Auctions. Getting your equipment from auctions does require additional legwork like prequalifying yourself for the amount you intend on spending. There’s some great deals to be had bidding on equipment but you’ll want to make sure that you’re approved for the right amount. Auctions typically require payment immediately so don’t go bidding more than you are approved for.
There are some caveats to purchasing used equipment. You shouldn’t finance equipment that’s older than 15 year olds. There are sometimes exceptions made, but that’s the general rule.
You can use the popular auction site eBay to find potential equipment that you want to purchase. We don’t recommend eBay for larger ticket purchases above $100,000. However, for purchases under 100,000 – eBay offers great buyer protection so you won’t get a bad deal.
At auctions, equipment is usually sold in as in condition which means that you need to do your research beforehand. One of the benefits of going through eBay is that you pretty much are protected from buying a piece of defective equipment. If the description says – in working order – that’s what you’ll get.
If you know you’re going to be purchasing equipment, it’s a good idea to keep your eye out for any potential steals. Checking sites like eBay, Craigslist, and Facebook Groups will give you a idea of the market. If you have any other questions in finding the best deal on equipment.. feel free to leave a comment or send us an email