16 May Equipment Options in a Down Market (part 2)
We are going to continue where we left off last week, talking about purchasing equipment in a down market. Today we will discuss evaluating the equipment and other ways to tell exactly what you are getting in your return on your investment.
With the way the scrap pricing has gone in recent years, it has been very important to keep a supply of good used equipment in stock. It’s makes a lot of sense why used equipment is so attractive to consumers, with savings of 30-50 percent over new, it makes sense. Be wary of the great deal on eBay or Craigslist or auctions, just like a used car sometimes you are inheriting somebody else headache.
If you do decide to purchase used equipment from a scrap yard or other private seller, it pays to do your homework. President Ken Ely tells us the perfect story for this situation, “a couple of years ago I was working with a recycler who passed on a new two-ram baler because of the cost. After purchasing a used machine from another recycler and sending it to Ely Enterprises for refurbishment, what a disaster the machine turned out to be, it had pieces missing and was for the most part junk. It was a very expensive mistake.”
Do your Homework, always make sure you personally inspect the machines you are interested. If that isn’t possible, send a trusted expert to get a look at the machine for you. Ask for YouTube videos of the unit running. Ken says, “You wouldn’t buy a used car without test-driving it.”
Next week we will continue to discuss used equipment purchasing.
Don’t forget to visit our website at www.elyent.com or contact us at
Ely Enterprises, Inc.
3809 Broadway Avenue
Lorain, OH 44052