Finding the right equipment at reasonable prices in an equipment auction may be difficult initially. With so many options available, sound planning is needed to spot quality equipment at the right price.
In this blog, we will discuss the steps you can take to find the right equipment and ensure that you leave the auction with a smart purchase.
A good deal can mean different things to different buyers. Still, there are a few similarities across auctions. It typically comes down to two main factors: condition and price. You want equipment in decent working condition and cheaper than elsewhere.
But getting the right deal isn’t this straightforward most of the time. If you don’t inspect carefully or do not have a solid bidding strategy, you run the risk of overpaying. Here’s how you can spot a good deal and avoid common mistakes:
Finding a good deal at an auction is more straightforward than it seems. Follow this step-by-step approach to help you stay focused and get the best deal:
Before the bidding begins, thoroughly inspect each piece of equipment that you are interested in. Most auction houses provide an auction catalog that lists all the available items. Take some time to go through this catalog and rank your top choices. Note specific things like wear and tear; you may want to look out for these carefully.
Inspect machinery and other equipment for leaks, excessive rust, or worn-out parts. This is very important as it could signal expensive repairs later on.
When you are on-site, examine the key components closely. Check moving parts like belts, hoses, or hydraulic systems for wear. A machine that looks good on the surface could be hiding major issues. Bring a friend or mechanic who knows what to look for. Their expertise could save you from costly repairs down the road.
It’s easy to get excited when bidding, and it’s good. But don’t forget to research the market value of the equipment beforehand. A good deal is one where you pay less than the average price for good quality equipment. Even though online tools and Texas Auctioneers will provide estimated prices, you will ultimately decide what it’s worth. Once you set your maximum bid, stick to it.
Most auction houses will provide a catalog listing all the items to be auctioned. Before auction day, mark your top choices in the catalog and rank similar times. Ranking similar items will help you make quick decisions if someone outbids you on your first choice. You will have a second and third choice ready.
Now that you have prepared, it’s time to focus on the auction day. We will discuss the key steps you can take to stay sharp on the auction day and seize the best deals when the bidding starts:
Many auctions will allow you to register online or on-site, but don’t wait until the last minute. Delaying will only stress you more and interrupt your bidding process. So, register early and keep all your paperwork in order.
If you plan on getting the best deals at an auction, you must have a set game plan. Set your maximum bid amount and don’t go over it. It can be tempting to go over your maximum bid in excitement. This is especially common during the fast-paced Heavy Equipment Auctions in Texas. If you have done your research, you will know when to stop.
Some Texas Auction Companies, like Kiefer Auctions, allow online bidding. This is very convenient, especially when you can’t attend in person. However, bidding live has its own set of advantages. For example, making eye contact with the bidder ensures that your bids are registered quickly.
Like everything in life, patience pays off when bidding in equipment auctions. The best deals come to those who take the time to prepare, inspect, and bid wisely. If you follow the tips we have discussed, you can walk away with high-quality equipment at a fraction of the price.
Whether in-person or Online Auctions in Texas, you will leave the auction with a ‘good’ deal. And even if you don’t get the deal you wanted, remember, there will always be more auctions. So keep calm and stick to your plan. Looking for your next great deal? Check Kiefer Auctions for upcoming auction dates, and let us help you score the equipment you need. We ensure that your next auction visit is a fruitful one.
Also Read: How to Choose the Right Equipment Auction in Texas?
