10 Questions To Ask Before Buying Used Farm Equipment

When you are in the market for used farm equipment, there are many different ways for you to make your purchase. You can look into private sellers listed in newspapers or equipment magazines, or find dealers, brokers, and online websites. You can also attend auctions that specializes in selling used farm equipment. The method that will work best for you depends on the selections available and prices, among other factors. Whatever method you choose to buy used farm equipment, ask yourself the following ten questions before you make the purchase.

Will you get what you pay for?

Choosing to go through a private seller with little knowledge on used farm equipment might be a risk. Buying from a seller with a reputation in the farm equipment industry, with a good financial record, would almost guarantee that your purchase will be worth the price. This concept also relates to auctioneers selling used farm equipment at auction houses.

Will you be able to inspect the used farm equipment?

When buying a large piece of used farm equipment, inspect it yourself or have a mechanic you trust inspect it before you purchase it, if possible. Conduct both a visual and a functional inspection to make sure the used equipment is in good working condition if the seller will allow this. If a personal inspection is not possible, then you should see if there is adequate information about the piece online.

Can you see the equipment’s service logs or maintenance logs?

Being able to look at the maintenance logs will give you a much clearer picture of what you are buying. Find out if regular servicing was neglected or kept up to date. You should also see if there have been any major repairs needed. Ask the seller what capacity the used farm equipment was used in (gently or quite rigorously) and why they are selling it.

Is the price of the used farm equipment negotiable?

Conduct research on what you need and what the industry offers for used farm equipment so you can properly negotiate with the seller. When you go through dealers or private sellers, they generally publish a specific price but leave a little room to allow for negotiations. Ask the seller if they can set a floor price or if the highest price results in a confirmed sale.

Price is an important factor at used farm equipment auctions as well. Live and online auctions can either be unreserved or reserved. If the auction is unreserved, then the used equipment will be sold regardless of the price it reaches through bids. If the auction is reserved, the seller can decide whether or not to accept the highest bid.

Does the used farm equipment have a clear title?

Find out if there is a clear title available if the equipment requires this paperwork. You should also make sure you will receive one with your used farm equipment once you have completed the purchase. This title will ensure the equipment is free of any liens and no one can contest your ownership. Check with the seller to make sure they will deliver the clear title at time of purchase if there is one available.

Will there be any additional costs connected to the purchase?

When buying used farm equipment at an auction, you may be charged a buyer’s fee attached to the winning bid amount. Buying through a broker may have a broker’s fee attached to the purchase price. You will want to add these fees to the purchase price to determine if you are getting a fair and affordable price for the equipment.

Are you able to finance if necessary?

If the used farm equipment will stretch your budget further than expected, see if the seller will allow you to finance the cost. Often times a low monthly payment can make the purchase more affordable than paying out in a lump sum.

What kind of service can you expect after the purchase?

Check if the sale is “as is” or if there is some type of guarantee that comes with the purchase. You do not want to end up paying for surprise service bills after the sale. Understand the agreement before the purchase, that way you don’t lose hundreds of dollars in repair costs.

Are there any additional services offered by the seller?

Check into insurance, warranties, shipping, or any other possible services a seller may offer you. Any additional services you can obtain from the seller are fewer things you will have to worry about later.

The more information you can get before a purchase, the greater the chance of it being a success. If you would like more information about used farm equipment auctions, contact the experts at High Plains Auctioneers today. You can call us at (806) 244-6776 or Contact Us by email for more information about auctions and our services. Don’t forget to check out our upcoming auctions!