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Bidding On Heavy Equipment? Use These 6 Tips To Your Advantage!

Wednesday, June 17th, 2020
common items sold at auction

Bidding on heavy equipment may seem simple enough, but there are many factors that go into equipment auctions. This is why knowing as much as possible before the event can help you be successful. Here are some tips to keep in mind before you go to a used equipment auction.

1. Know what you are looking for

Going to auctions can be fun, but when it comes to heavy equipment, it can be easy to spend way too much. These events are usually best for farmers, construction companies, and other professionals in need of newer equipment without the new price tag.

You will need to prepare before the auction to make sure you don’t overspend. This means researching what equipment you need AND what will be sold at the auction. Make sure to look at all of your options before making an investment, whether you are buying from someone you found online or attending a live auction.

2. Make a budget

This is one of the most important steps to take before an auction. After you know which machines you are looking for, research the prices they go for at auction and in other places. By getting an idea of common values, you can be more prepared than going in blind. Just remember to stick to your budget during the auction.

3. Interact with the auctioneer

Getting to know the auctioneer before an event can be helpful. Not only is this just the polite thing to do, but you will also understand a little bit more about how they operate. Also, they will be able to pick you out of a crowd and take your bids more easily. Maintain eye contact with the auctioneer as often as possible too.

4. Place your bids at the right time

Timing is important when it comes to bidding on heavy equipment. Jumping in too early could cause you to bid over what you want to pay. Bidding too late could mean you miss out on getting the item. Usually, the best time to start bidding is midway through the lot. This will allow you to know where the selling price is headed and give you more opportunities to stop if it goes too high.

5. Know when to stop bidding

This is important because heavy equipment can be highly desirable, which means bidding wars can happen. Pay attention to your budget and the current bids. Be prepared to drop out when necessary. Bidding even though you can’t afford it will only complicate the process and could get you in trouble if you are found to be doing this purposefully.

6. Stay aware

When an auction is in process, stay on your toes. You may have to make a quick decision with little time to think it over. The bidding process often moves quickly. If you aren’t paying attention, you could miss out on an amazing deal.

Used equipment auctions in Texas

If you are looking to buy heavy equipment or farm equipment at auction, High Plains Auctioneers can help. We provide a variety of auctions throughout the year, both online and in-person. Call us at (806) 244-6776 or Send Us an email for more information. You can also view our Upcoming Auctions to see what we have available.