You’ve done your homework, checked your finances, and determined that purchasing a new machine just isn’t in the budget. If you’re apprehensive about purchasing used aerial lifts, let us help you determine you have made the right decision.What’s good about used lifts?
A new machine’s value depreciates the second it’s driven off the lot. A well-maintained used machine will hold its value. According to the Rouse Value Index™, which measures the average Orderly Liquidation Values for benchmark models in 14 major rental categories, values were down 7.9% from the mid-2015 peak of 46.9%.
Since 2016, used construction equipment values have stabilized in both retail and auction channels, as expectations regarding national infrastructure spending have improved. The most popular machines being offered for sale included scissor lifts, articulating booms, and telescopic booms as of mid-2016.
No waiting. When you purchase a new aerial lift, it may not even be ready for you to use. Avoid the loss of business by opting for a used machine, which can be in your possession much faster – meaning your customers will be able to rent it and you’ll be earning a profit!
Choices abound. The global market is more varied than ever. Search for the equipment, parts, or attachments you need at your own pace. Shop online or in person at regional auctions.
Return on investment. After the first year of ownership, the resale value takes a dive. After this probationary period, well-maintained machines will have excellent resale value. If you find that your aerial lift is not actually getting the use you thought it would, you can sell without the risk of ending up in the hole with respect to your loan.
What’s not so hot about buying used?
Limited financing. This can often be a deterrent for buyers who are seeking a specific type of used aerial lift. Talk with the seller or equipment dealer about arranging a financing plan if you seriously intend to buy.
Repairs are part of the game. When you buy new equipment, you’re less likely to encounter any situations where repairs (both major and minor) are necessary. To top it off, you’ll be under warranty with a new machine, so ensuring those repairs are made is a much simpler task. This is not the case with used equipment.
You never know what lurks beneath. Each piece of equipment has a unique history, even if it appears to be in good condition. Learn to spot the signs you may be getting a raw deal.
Here are some tips for avoiding trouble when you buy used equipment:
- Inspect in person, with a certified mechanic who is qualified to judge the machine in question in tow
- Request to view repair records
- Research the seller
- Ensure that you have accurate measurements of the aerial lift
- Find out how many calendar days the machine is used and how many operating hours it has accumulated
- Confirm the equipment hasn’t been stolen by contacting contact the National Equipment Register (NER) by calling 1-866-663-7872. If you’re concerned that what you’re getting is too good to be true, you can always research the machine on NER’s IRONCheck feature, which allows you to access over 20 million heavy equipment ownership and theft records that detail product identification number (PIN) history and accuracy
- Confirm if any user modifications have taken place (cuts or welds, attachments that have been swapped out)
Are you still concerned about purchasing used equipment? The sales team at Coast to Coast Equipment will help you determine what’s right for your business. Get in touch!
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