There are many benefits to buying used assets at commercial auctions — including lower insurance costs, reduced upfront costs, and lower lead times. Online auctions, in particular, offer the opportunity to source assets from further afield than you may be able to access usually, resulting in a greater variety of items to choose from.
Whether this is your first time bidding at an online auction or you just want to refresh your knowledge, here are five tips you should keep in mind when buying commercial equipment at an online auction.
1. Do your research
Before making any bids at commercial auctions, it’s a good idea to research the item that you’re intending to buy. The last thing you want is to buy a machine that doesn’t fit your requirements. So make sure you’re familiar with the specifications of the asset. And importantly, make sure to research the used price for the machine so that you don’t end up spending more than you should.
2. Look for maintenance history
When you buy used equipment, you want it to stay in good condition for as long as possible. Maintenance and servicing history will give you a comprehensive idea of the asset’s use and value, letting you make an informed decision on your purchase. We provide maintenance history on the assets we sell, both for our reputation as an auctioneer and to guarantee quality for our buyers.
3. Use the photos to evaluate the condition
The most significant downside of an online asset auction, as opposed to the more traditional in-person one, is that you don’t have the opportunity to inspect the asset for yourself. As a result, it’s important to check online photos to see that you are satisfied with the condition and bid accordingly.
We photograph all areas of the machines we sell to ensure you can make the most informed choice possible. Many also have videos, and scuffs, chips, and similar flaws (if any) are included in an honest description.
4. Set a limit
Auctions can become heated, but setting a spending limit is crucial to making sure that you don’t go over your budget. Bidding more than you wanted — or worse, more than you can afford — is an outcome you want to avoid. Late payments can incur penalties and interest, so it’s best to resist the temptation to keep bidding.
5. Check the terms and conditions
Especially if it’s your first time bidding in an online auction, it’s important to know the terms and conditions of the auction. These tell you everything you need to know about your rights as a buyer, including payment, deliveries, warranties, and more. A mistake made because you did not read the terms and conditions could cost you money and time. So make sure you go into the commercial auctions process with all the information.
Our terms and conditions are available to read on each item’s web page on our current auctions. We recommend familiarising yourself with these before bidding.
Buy commercial equipment with New England
At New England, we’re one of the fastest-growing online auctioneering websites with an average of 300 auctions a year. Whether you are looking to dispose of your assets on a strict deadline or potentially save thousands by buying used machinery, our online industrial auctions are an effective way to buy or sell commercial assets.