5 Tips for Purchasing Woodworking Machinery at Auction

While auctions can be a great opportunity to purchase woodworking equipment at great prices, we all know there is always a chance, we could get burned (Yes, we’ve been there). However, exercising caution and following some basic practices, can help you make informed decisions and avoid buyers remorse.

Inspect Machinery in Person.

Whenever possible inspect machinery in person. There’s nothing like laying your hands on a piece of machinery and visually inspecting each component. Don’t assume that a machine “just removed from production” is automatically ready to go back into production. Also keep in mind, photos can make a machine look better than real life. Visually inspecting a machine is a great way avoid the disappointment of receiving a piece of machinery that isn’t what you thought it was.

Find out the Machines History.

Take some time to research the machines history. Who is the seller? Why are they selling? Was the machine properly maintained? While not always possible, finding out this information can tell you a lot about the machine and how well it was maintained.

Research the Value of Each Machine.

Properly research the value of each machine you plan to purchase. I can assure you, you don’t want to be the person who purchases a machine at auction for more than the same machine sells for new. Yes, it does happen, I’ve seen it too many times.

Calculate Hidden Costs.

Always figure out hidden costs that may be involved after the sale. Costs such as buyers premiums, sales tax, loading fees, and freight costs, can in some situations, end up being more that the purchase price of a machine. Unplanned, these costs can turn a bargain into an expensive lesson.

Decide Your Max Bid.

With the proper value established, decide on a max bid before the item sells. And please, avoid getting attached to the item. There is always the tendency to get wrapped up in the bidding process and overpay. That’s the whole point of an auction right?

Conclusion

While auction purchases inherently involve a certain amount of risk, following these basic guidelines is a great way to keep your risk at a minimum. All in all auctions can be a great (and fun) way to purchase equipment. Just don’t get burned like last time! Happy bidding. – Key Machine LLC