How to Sell Your Equipment for the Most Money: Setting & Negotiating Price

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Your earthmoving or other heavy machinery at the worksite has played an undeniably important role when it comes to getting work done. And now you face a new challenge—selling equipment for the right price as savvy buyers scour the marketplace for the best deal. To help you get the most value for your heavy equipment, Equipment Trader is sharing how to sell your equipment for the best price by effectively setting and negotiating the cost.

Research the Equipment Market

Do your research and determine the market value of your equipment and set your price. If you own some of the top-selling used equipment, keep an eye on the market to see if there are any changes in prices or selling trends with buyers. The easiest way to quickly get an idea of a price range for similar heavy machinery is by searching online marketplaces like Equipment Trader. Utilize the dynamic filter options when narrowing your search results to get an accurate picture of the market. You can also use an online appraisal site to get a standard price for your machinery.

Inspect Your Equipment and Make Repairs

Before you set your initial pricing, inspect your equipment and make repairs to ensure you can maximize your profit potential. Stay on top of all the things to know about heavy equipment depreciation, and consider these aspects when doing a pre-sale inspection your machinery:

Mechanical Condition: To maximize the value of your sale, make sure your equipment is fully functioning and in great working condition. This means you need to make any repairs to the engine and various components, including mechanical and electrical parts, transmission, controls, cab space and control room, tires or track, brakes, lights, and so forth.
Cosmetic Condition: Do everything you can to make your equipment look its best before selling. This includes improving the body and paint, removing dents and other physical damage, and keeping the exterior and interior clean.
Equipment Upgrades: If you’ve made any equipment upgrades, consider these accessories or components in your asking price. You can make equipment upgrades prior to selling that may improve the value on the market and make your equipment stand out in the listings.

Market Your Equipment

Start listing your used equipment through the Equipment Trader online marketplace to reach buyers nationwide. Create a detailed listing with information about the equipment, photos and videos, location, contact details, and whether you’re including delivery options. Use different strategies to reach your specific market of buyers, including web advertising and social media. Create a sense of urgency for your listing to potential buyers to let them know that your machinery is great value and may sell quickly on the market. Be responsive to inquiries and show that you’re serious about selling the equipment soon.

Set the Price for Your Equipment

Before you start negotiating, it’s important to set your price range for selling and how low you’re willing to go (do this in your own mind; don’t put the price on the listing!). However, keep in mind that your asking price will affect the number of prospective buyers. If the price is too high, you’ll have less interest in your listing; if the price is too low, you won’t get the value you deserve for your equipment.

Whether a buyer is looking for skid steers or another type of popular equipment, typically they will give you a lower offer than your asking price. To prepare, set the price of your equipment slightly higher to offset the lower offer. This will give you more flexibility when selling, and show the buyer you’re willing to compromise.

Prepare for Compromise and Finalize

Prepare to compromise with the buyer, but remember to stick to your limit on how low you’re willing to go on the price. This is when you should reflect on all the effort you put into selling your equipment, along with other offers you may have on the market. Consider the other processes involved with the sale, including owner financing, the date of the sale, and how the equipment will be transported. You may be able to set a higher price if you’re offering delivery.

If you have a set price and the buyer can’t agree, don’t be afraid to say no. The buyer should understand that your price is fair, firm, and final. If you have multiple options on the table, go with the best price to maximize the value of your sale.

Do your market research, fix up your equipment, set your price, and prepare to negotiate. Selling your equipment can be simple by following this process.

If you’re ready to sell your equipment, visit EquipmentTrader.com to get started today. Check out these tips for selling your used equipment, if you need some guidance.