Heavy equipment can be a valuable asset in your corporation, especially if you have many construction projects and infrastructure-related needs. However, you may be forced to work with what you currently have because brand-new vehicles and tools are often expensive, hard to source, and may not even have the features you need. Luckily, there are trade-ins available for your convenience.
To ensure you make the most out of each trade, whether it be a buying or selling option, consider the following best practices for your guidance:
1. Strike a balance between doing enough repairs and selling at a profitable price
For selling heavy equipment, the golden ratio to success is to garner enough return on your investment or profits. It means your heavy equipment should also be a worthwhile sell for your buyer, or you may never make anyone commit to your trade-in. That’s why learning from experience and getting informed opinions from reputable sellers are a must.
For instance, let’s say you want to make a trade-in for a four-yard loader for your construction firm. If you have 25,000 hours on it without the third gear, then you may opt for a few tune-ups to increase your trade-in’s value. But later on, you may calculate how much you spend against what you acquired and notice you didn’t make enough.
Thus, you should gauge what you will gain before paying for costly repairs before making or accepting any offer, especially if it’s major fixes. This way, you can get returns on your heavy vehicles and tools even if they may have some issues and can reinvest your money into more cost-efficient ventures.
2. Never go about any major purchase or sale without proper research
For buying into trade-in offers, you may either opt to just make exchanges for the construction resources you already have (e.g., different types of trucks for digging for steamrollers in return) or use some cash to make a fair deal. Since this move can be relatively high stakes, mainly due to the safety risks and maintenance costs, you should never approve a trade-in offer without proper buying research.
In particular, what you need to look for is the overall cost for what heavy equipment you will purchase and what you intend to give in return for it. You must ensure everything lines up well money-wise, especially since you will use whatever you get for major construction tasks.
You may also need to look into the long-term expenditures of your traded-in vehicles because you may be better off buying brand-new ones. If you are unsure about any trade-in acquisition, identify with a trustworthy dealer, preferably someone with years of experience and many connections.
3. Look for local dealers in your area to meet your needs and preferences
It’s easier nowadays to find heavy equipment dealers with favourable trade-in options. The problem is the cost of acquiring them can outweigh the savings you will get, primary if they are far away from you. As such, you should prioritize local opportunities. For instance, if your construction firm is looking for different types of excavators in Toronto and Alberta, focus on finding either a reputable heavy equipment trader in Canada or the United States. This way, you can get convenient services and access to your trades.
Trade-ins can be a promising choice to meet major construction needs, and now, you have a better understanding of them. As a result, you can expect increased productivity, revenue, and an enhanced capability to take on more projects. Put the best practices mentioned above to good use by starting your trade-in today!
Are you looking for all types of excavators, heavy equipment, and more high-quality trade-in opportunities? Check out our offers at Heavy Duty Direct. We have been fostering connections in the construction industry for more than two decades. With our expertise, you can make the most cost-effective decision to maintain your operations. Easily view and make your offers through our site!