Buying a Mini Ex Online

The worldwide equipment marketplace is expansive, and the internet is an important tool when looking to purchase equipment. Professionals are turning to the internet to not only research options, but also, with the help of trustworthy online auction companies, purchase equipment online. Online auctions are convenient and can save you time and money versus traditional auctions. However, before a purchase is made, the virtual road to equipment acquisition always begins with research, research and a little more research.  

Getting Started

The internet puts all the information you could ever want at your fingertips, so deciding which model and brands you are interested in pursuing depends on your needs.  That’s the first step. Mini excavators are considered entry-level machines and have specific uses. Some models have different capabilities than others, so fitting the right machine and features to the job you anticipate doing is crucial. Plumbers, electricians, landscapers and other professionals use mini excavators for their ability to work in really tight spaces. Most mini excavators have a niche, but depending on their size, they can sometimes have a broader range. It all boils down to research, so be sure to arm yourself with knowledge of the product and fully comprehend the capacity of these machines.  

Do you want an open cab or an enclosed one? What do you need the reach and depth of the machine to be for the job? These are all decisions that need to be made since they are application-based and will have a bearing on value. For example, in the northern climates, owners and operators are looking for mini excavators with heated cabs because it extends their working season into the colder months. The opposite is true for the owners and operators in more southern regions. They prefer air conditioned cabs because it makes working in the heat more bearable. Professionals are demanding a little more comfort than they used to and manufacturers are delivering.  

When considering certain models and brands, research the dealerships in your area and find out if they can support your equipment selections. You aren’t going to buy a Bentley if there aren’t people around to service it. The same goes for equipment. It’s important to select a brand that will be easy to find parts for as you will eventually need replacement items and people to service the machinery. A visit to your local dealer is a great way to find out this information and see the equipment up close.

Now that you have conducted your research, narrow the list to four to five units that you would consider buying. Short-term rental programs are a great way to test several models to see if it can handle the job before buying the equipment. By having it on the job, you may discover new applications for it. By utilizing the short-term rental programs, you can also experiment with larger or smaller models to get a feel for what works best for you. And ultimately, at the end of the trial rental, you will be able to answer this important question: Will this compact machine be reliable and what I need to get the job done?

Budgeting Correctly Is the Name of the Game

Figuring out what your overall investment is going to be is another stop on the road to buying equipment. When determining the value of the machinery, there are four major components to consider: the year, make and model; the overall condition and number of hours (the lower the better); how the machine is equipped; and the undercarriage. You also need to find out how it’s equipped, what’s missing, what accessories are included, how are you going to transport it and if it has any of the original warranty remaining?  

The online marketplace is another way to help with the decision-making process.  Online auctions allow you to monitor the price performance of the brands you are interested in and help determine if they will work within your budget. If more than one brand is being monitored and one consistently outperforms the others, you have a decision to make. Do you buy the top performing unit based on price for future resale purposes or do you buy the underperforming item to save money? Is there a correlation between the price differences? Are there problems with that particular model? What are their resale values? The only way to answer those questions is to watch and research. Now, if you plan to buy the equipment with no intentions of reselling it, the resale value won’t be a factor.  

Inspection Reports: What Do I Need to Look For?

Inspection reports provide buyers with piece of mind that what they are buying is in good operating condition, especially if you can’t inspect the equipment in person. Online auction companies, like IronPlanet, provide detailed inspection reports on thousands of items up for auction. The reports are available online and can be viewed in advance of the auction. The reports should have plenty of pictures and provide information on the condition of the engine, drive train, hydraulics and the structural mechanics of the machine such as the boom, stick, pins, hinges and other important wear points.

With mini excavators, it’s easy to lift heavier loads than recommended, which can cause damage over time. Most of these machines have articulated booms that have a lot of wear points, so be sure the stick and frame are operating in line and not bent. Most of the units have rubber tracks and with just a little bit of use in the wrong conditions can cause major damage to the tracks. Replacing the tracks is one of the more costly repairs on mini excavators, so be sure to review this portion of the inspection report carefully. Even if it looks brand new with low hours, it can still be damaged if operated incorrectly.  

Time to Bid Online

Now that the research is complete and the equipment and budget identified, the next step is understanding online auctions and how they work. Visiting the online auction sites prior to auction day will help determine which one will be the best choice for you. Understanding auction protocol and reviewing the terms and conditions will get you prepared for the bidding process. Some auction companies have restrictions and bidding caps, so knowing what that might be ahead of time will prevent auction-day stress. Some auction companies also require bidders to be pre-approved in order to participate in the auctions. The appropriate paperwork must be filled out prior to auction day otherwise bidding will not be authorized.

On auction day, bidders can view the auction and place bids from the comfort of their home or office. The bidding continues until the time runs out and a winner is confirmed.  Some auction companies offer advanced bidding for buyers who aren’t available on auction day, and bids are placed on their behalf during the live auction. If you are the winning bidder, the auction company will contact you and make arrangements to collect payment and assist with equipment delivery information if needed. If equipment transportation is required, the buyer usually gets up to a week to make arrangements with the seller for pick up and delivery. The auction process is complete once the seller has been paid and the equipment delivered to the buyer.

With today’s busy schedules, put yourself in the best possible position to take advantage of the opportunities and benefits that online auctions provide. Thoroughly researching equipment options and understanding how online auctions work can significantly impact your business’ equipment needs today and in the future.       

 

Paul Hendrix is an equipment pricing analyst for IronPlanet, based in Clanton, Ala.