Hello, I have been given the random task of selling a back hoe. Let me start by saying I have 0 experience with selling heavy equipment. I have done some basic searching and looking at sites selling similar models, but I'm wondering if anyone could give me a good estimate at what it's worth. What I have is: 2003 New Holland LB75 1700 Hours Enclosed Cab 4x4 Extendahoe 2 Yard Bucket 60% Tires From the little research I've done, I've seen similar models going anywhere from 18-40k. Any help pricing this thing or steering me to a good website that'll help me out would be much appreciated. Thanks and Happy New Year!
Go to some big auction sites see what they are bring there.Ask a New Holland Dealer.I think Auction Companys like Richie Bros.and Iron Planet can give you a price.But I have seen prices on some web sites way high compaired to Auction prices.Even had some dealers tell me Auctions are cheaper.
I have always liked craigslist.com. Use it to make the initial contact. But it is a site that the buyer and seller must be aware. The site offers little protection from fraud etc.
Welcome to the forum bsking. :usa If you are selling pretty much any piece of equipment, probably the first thing nearly any buyer will do would be go to a website like Machinery Trader and see what comparable models are selling for. So, unless you have a cherry of a machine, you're just going to have to stay within the market price range, which you stated is ranging from 18 - 40K, rather wide range. The big question you have to ask is how fast do you need to sell it. I can tell you this, the machinery sales market is in the toilet right now. So if your machine is excellent, and you price it around the 40 range, you might sit on it a while. Same if you machine is in good/very good shape, drop the price to 30, it may still sit. You might have to drop the price to 20K if you need to move it quick, but what a loss you would be taking for an enclosed cab machine with low hours. You price enemy is time. Price it around the 30 - 35K range and see what hits you get. But the machine better be worth that. Do all the lights work? Heat and air work? Is the loader and hoe components tight? Is the machine clean or does it look like it just came out of a mudhole and has grease all over it. When you have a machine out on the sales market, and you want to pull a decent dollar, your machine has to be attractive for someone to buy your machine as opposed to another machine. Otherwise, if it needs to sell fast, ya gotta drop the price and take your losses.
Wow thanks for the quick and detailed responses. I have actually not been able to check out the machine myself. I was contacted by a man who's company went under and he has to sell all of his stuff, so he's hiring me to do it. I'll be taking photos and doing inspection on the 7th, and listing it soon after that. From what he has told me, is it is in really great shape. Thanks for the info and I'll keep doing my research then maybe I'll post the pics on here in a week or so for an expert opinion.
A good friend of mine buys and sells heavy equipmenton the side for extra income. He finds 90% of his deals to buy on craigslist, often owner dont know what they are worth or need money fast. Last winter I found a landscape company selling a almost new brush grapple for 1/2 price, the owner needed to make 3 months worth of payments on his home or get out! Well he sold his grapple , 1000 lb breaker and figured if he need one for a job in the spring he would rent a machine and build it into the cost of the job. Time have changed and honestly used equipment even nice used stuff is hard to sell this time of year, I guess what I am driveing at is look at the market place . Like Brookside equipment or other dealers and keep in mind your not selling the top of the line machine (cat,deere) and figure your not going to invest many wasted hours with tire kickers (price it to sell) . Machinery trader is full of machines 15~25% over market value and they have been listed for months and some times the dealers have birthday partys for this equipment on there lots . Its also a good idea to know some service history on the unit , the next owner will ask.....
ATCO, What's the deal with making sure the lights work? Just an indication of possible electrical problems if they don't? When I was selling my T190, someone asked me if the lights worked, and I honestly didn't know because I hadn't used them... after that, I did check to make sure they worked, and ultimately the buyer did check the lights...
"Machinery trader is full of machines 15~25% over market value and they have been listed for months and some times the dealers have birthday partys for this equipment on there lots" LOL birthday parties.. I bet theres machines in there that have been on the same lot for a few years.
Yea, I was just browsing some trucks on truckpaper, and noticed one and the pic had a date stamp of 9-09... not the best marketing move, huh?
I would suggest Ironplanet as they post actual prices paid for closed auctions and they do excellent inspections and stand behind their auctions. Ultimately it is up to the market as to what the machine will sell for. Craigslist can be misleading as people will advertise for well more than what they sell for; that being said there are some great deals to be had as well.
A potential buyer will scrutinize even the smallest detail of a machine and point out it's a reason to sell it for less, even though it's irrelavent to the mechanical condition of a machine. Buyers look at everything, even the little things.
How many hours are on this machine? Does it have a/c? Cab units were available with and without...... we sold them both ways. Does it have a hammer circuit on the back? Standard bucket or 4 in 1 front bucket? Does it have flip forks on the front bucket? These are all factors affecting the machines worth in my area. I saw the hours posted as 1700.
Auction prices are crazy these days.Richie Bros.D8K great looking machine went for $10,000.D7G EX Military $85,000 sold to Peru.Seems like the Foreign buyers pay more here than the American buyers.And I have seen the same Machine on E-Bay for way more money.Usually more than it's worth. Big sales pitch excellent for restoring. But like frogfarmer said Iron Planet will come out take photos and inspect with oil samples. One thing Never take somebodys word on his equipment because to him it's like brand new.But to a buyer it might be fixable.
You should make sure there are no liens on the backhoe. If you sell it & get paid to sell it & there is a lien against it, you may be liable. DO a UCC search before you even start this venture. My advice... If your going to auction it, call your local / state auctioneers that handle equipment. Blackmon comes to mind in your State.
bsking It almost seems bizarre to me that an owner who has gone under (bankrupt ?) would ask someone who has zero experience selling equipment to determine the value and then do the actual sale of it. Please don't be offended by my comments. He is sure putting a lot of blind faith in your decisions, unless he has to approve the value that you determine before it is an absolute and binding sale.
Seemed like a Red Flag to me also...Generally a Trustee will be in charge of selling assets in a bankruptcy. They usually don't go to a person who has no experience.
I would consign it at a well known online auction. Maybe like ironplanet, Ritchie Brothers auctions, etc. I would do good research in terms of what the value is. Maybe find similiar models on machinerytrader and compare the hours and anything you have with information on the condition