• Home
  • About
  • Recommended Reading
  • Disclaimer
  • Privacy Policy
  • Advertise / Contact

Invest It Wisely

Maximizing your EV in life

  • Home
  • Growing Your Wealth
  • Small Business Solutions
  • Healthy Living
  • Miscellaneous

Becoming a Skillful Appraiser: 3 Ways to Determine How Much Your Used Equipment Is Really Worth

By Mich

Used equipment can often be sold to recoup money spent on it, to fund new equipment for the business, or simply to make more room in the warehouse for other equipment. No matter why you’re selling the equipment, understanding the value of it and determining the right price to ask for is crucial. Ask for too high of a price and potential buyers will walk away. Ask for too low of a price and you’ll lose out on the money. So how do you determine the value of your used equipment? These three methods should give you a good idea of how to price any equipment you plan on selling.

auction house for trucks

Use a Value Guide, If Available

Most people are familiar with the Kelley Blue Book for used cars. This is a great way to determine the value of a car using the current condition of the car. There are other value guides just like this, but for other types of equipment. Bizfluent.com recommends checking to see if there is a valuable guide for the type of equipment you’re selling. This could be a quick and easy way to tell not only how much your equipment might be worth, but how much a potential buyer may be willing to spend on it.

Check Auctions and Other Recent Sales

One of the best ways to determine the value of used equipment is through finding out how much recent equipment has sold for. It is important to make sure you look at the equipment in the same condition as the equipment you want to sell, but recent sale prices can show you how much buyers are willing to pay. Check out auctions like https://www.equifyauctions.com/ to view equipment that’s sold recently and check out how the condition compares to your equipment. If the equipment sold is comparable to what you want to sell, you can use the selling price to determine how much you want to sell your equipment for.

Use the Cost to Determine Value

One of the most accurate, but more elaborate, ways to determine the value of used equipment is to use the purchase price of the equipment. According to NorCal Valuation, a buyer isn’t going to pay more for used equipment than they would to buy it new, so knowing the new cost is crucial. This works well for equipment that’s still in production and being sold as new. Once the new cost is known, it’s possible to reduce that price based on the condition the equipment is in. Newer equipment in fantastic shape can often be sold for a price just below the new purchase price. If there is a lot of paint missing, scratches, and other cosmetic issues, the cost will lower a bit. If there is anything damaged that will need to be repaired, the price can drop significantly. How far it drops might depend on how difficult the repair is, how costly the repair is, and even how necessary the repair is.

Selling your used equipment can enable you to clear out space or raise some extra funds. Pricing it properly, however, is crucial. Use the tips here to look into the potential cost for used equipment like your own so you can price your equipment competitively. This will give you a better chance of being able to sell your equipment quickly and get as much as possible for it.

Related Posts Plugin for WordPress, Blogger...

Filed Under: Small Business Solutions

About Mich

Mich is your typical middle class guy with a house and 2 kids minus the dog. He works in the IT industry and likes to muse about how to achieve more for less when it comes to money.

Comments

  1. Flora | Privatefinancecare says

    January 15, 2019 at 6:55 am

    Hey there,
    To become a Skillful Appraiser a lot of experience is required.
    Your 3 tips help a lot to learn about how to sells my old things with the best price.
    Thanks for sharing this post…

About Invest It Wisely

Invest It Wisely is about evaluating the choices that each of us face everyday. It’s about investing your time, your money, and your energy wisely, in order to achieve your goals. The end goal is maximizing your life expectation, and exploring the ways to get there.

Subscribe!

Subscribe via RSSSubscribe via EmailSubscribe via TwitterSubscribe via Facebook

Most Popular Posts

  • How to Get Fit, Feel Better, and Get Rid of Your Foggy Head: A Few Simple Steps
  • 3 Frugal Ideas for a Romantic Valentine’s Day
  • What Would You Do with a Million Dollars?
  • The Importance of Opportunity Costs, and Why They Should Not Be Ignored
  • What Do You Need to Get out of the Rat Race and Achieve Financial Freedom?

Categories

  • Avoiding Scams
  • Book Reviews
  • Crypto Trading
  • Currency Trading
  • Economics
  • Financial Freedom
  • General Reviews
  • Growing Your Wealth
  • Healthy Living
  • Insurance
  • Interviews
  • Investing
  • Investing
  • Market Analysis
  • Miscellaneous
  • Motivation
  • Opinion
  • Paying Down Debt
  • Philosophy
  • Precious Metals
  • Reader Questions
  • Real Estate
  • Relationships
  • Saving Your Money
  • Small Business Solutions
  • Stories
  • Uncategorized
  • Weekend Reading

Archives

Invest It Wisely Copyright © 2016
Creative Commons License
This work by Invest It Wisely is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License
Permissions beyond the scope of this license may be available at http://www.investitwisely.com/contact