Q:

How do you determine the value of used construction equipment?

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Quick Answer

Determine the value of used construction equipment by checking its condition for any structural damage, testing it to make sure it functions properly, and estimating the amount of use it has experienced since purchase. It is also helpful to check the prices of similar models on auction sites to see the current market value expectations.

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Full Answer

The condition of used construction equipment plays a significant role in determining its value. A model with light use that is in close to new condition is capable of selling at a higher price than a model with extensive external wear or damage, regardless of its actual age. Test the equipment in person to ensure that all components are in proper working order. If the equipment needs any repairs, such as replacing levers in the cab or installing new engine components, the price needs to reflect these costs.

Owners should also search auction and classifieds sites for other sellers with listings for the same models in order to price the item competitively. Auction site eBay.com allows users to check historical sales data to see the price of items that sold successfully. This is key because some active listings may have high prices that are not realistic in terms of market value and thus may never actually sell.

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