Getting machinery at auction is something that many people are turning to whether they need machinery for their gardens, businesses or farms. Auctions give you the opportunity to pick up some great bargains, but knowing how to bid effectively is very important. This article gives you some things to think about when going to a machinery auction.
Doing your preparation
Making sure that you know about the equipment coming up for auction is absolutely paramount in terms of assuring that you get the best deals. Whether you are searching for converted used cars and vans or whether you are looking for used farm lathes, the preparation before the auction is key.
Get a catalogue
Download or pick up a copy of the auction catalogue before the sale. Make sure that you will have enough time before the auction to read it through carefully, understand all of the regulations and rules related to the auction, and to do the homework on the used machines up for sale.
Do the research
Look at what machines are for sale and check out their estimates. Some catalogues are better than others in that they give lots of details about conditions. However, if yours doesn't, make sure that you get a range of different prices in your head about what you should be paying for each condition. For example, if you are looking at picking up a used Fiesta van, you could be paying around £200 for a poor quality one and around £800 for a good quality one (prices accurate as of July 2011).
On the day
Viewing the machines and setting limits
On the day of the auction, make sure that you turn up early so that you have enough time to go over all of the machinery that you are interested in and set yourself a limit for each piece. There is no use in paying over the odds for machinery just because you are there on the day. More auctions will come with better priced machines so do not pay over the odds just because you think you will not find it again. Stick to your limits. Ask questions
If you have any questions about the machines up for offer, just ask the auction staff. They will often have contact for the sellers on hand so that you can ask about the equipment before you buy it if they are unable to answer your questions.
When it comes to your bid, stay calm and collected and do not bid too early. Let the auction run until it appears like it will sell and then jump in with a last minute bid to outdo any competition which is in the room.