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 Some risks include outdated technology, a lack of features, missing or ineffective safety equipment, increased likelihood of repairs and break downs, and expired warranties.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.
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.