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Negotiating Refunds for Dysfunctional Parts

Posted: May 8, 2015, 11:09 am EST

Negotiating Refunds When Purchasing Used Equipment

Buying used equipment can be a great way to save some money for your business, but it can also come with its own risks and complications when you purchase them from an unknown source. Some risks include outdated technology, a lack of features, missing or ineffective safety equipment, increased likelihood of repairs and break downs, and expired warranties.

Despite all of this, buying used equipment is an essential money-saving strategy for many businesses such as farmers and construction companies. So how do you protect yourself from risk while taking advantage of the great deals available on used equipment? The answer is surprisingly simple: whenever purchasing used equipment, be sure to negotiate terms for a full refund if your purchase does not meet your expectations.

How to Negotiate

The key to a good negotiation is establishing from the beginning what your preferred outcome is so that both parties are on the same page and know what they are working towards. Remember to remain realistic in your demands and be ready to compromise. Ideally you should be working towards a mutually beneficial deal that leaves both parties willing and eager to make future business deals.

  1. Understand your worth
    Before you can enter into negotiations to change the purchase terms of a used piece of equipment, it is extremely beneficial to first figure out how important your business is to the seller. If you are simply one of many potential buyers you are unlikely to be able to make demands, but if you are the only person interested in a hard-to-move piece of machinery than the seller may be more willing to take a loss or offer you certain protections in order to close the sale.
  2. Buy from trusted sources
    Like with any business, you're likely to have more success if you're working with a known, reputable company. Check the company's online reviews to see if previous buyers have had trouble in returning defective products, or if the company already has refund policies in place. Knowing who you're dealing with before making any purchases will ensure an easy process.
  3. Be prepared to walk away
    In any negotiation, it is essential to be ready to walk away if you are not able to come to an agreement that satisfies your requirements. Be wary of pressure negotiation techniques like "urgent deadlines" and "conferring" with another person who is not part of the negotiation. Do not allow yourself to be pressured into accepting a deal before you have had a chance to consider all aspects of it.