Do you or your business own a commercial generator you no longer need? If so, you are probably wondering how to sell it in a way that will maximize your profits and minimize the hassle. Determining how to sell a used generator can be daunting, but with the right approach and knowledge, it can be a smooth and profitable experience.
In this blog, we'll cover everything you need to know about selling used power equipment, from determining the value of your generator to finding the right marketplace, the right buyer, and negotiating a fair price. Whether you're looking to sell your generator quickly or are willing to wait for the right buyer, this guide will provide the tips and tricks you need to ensure a successful sale in 2024.
Determining the Value of Your Generator
Before selling your used generator, you need to determine its value. The value of a generator is affected by several factors, including age, usage, condition, and brand. To determine the value of your generator, you can check online marketplaces, such as eBay or Craigslist, to see what similar generators are selling for. However, remember that final sale prices are usually at least 10-15% lower than listed prices. You can also consult with a generator expert or appraisal service to accurately assess your generator's value. Still, the cost of this assessment would only be worth it for very large equipment. By taking the time to research the value of your generator, you can confidently negotiate a fair price when selling it.
Selling Your Generator Yourself Online
Selling your generator yourself online can be a great option, but it has several pros and cons. The pros of selling online include reaching a larger audience and potentially getting a higher price for your generator. However, selling online can also be time-consuming, and there is a risk of scams or fraud. Whether you choose Kijiji, Facebook, or other online marketplaces, you must include clear photos, detailed specifications, and an honest description of the generator's condition.
When selling a generator yourself, taking the time to service the equipment, make any needed repairs, and thoroughly clean it is a good idea. To get top dollar, you will also be expected to provide documentation related to the generator, including maintenance records and warranty information.
Be open to offers but also be prepared to hold out for a fair price – no matter the condition of your equipment, you will be contacted by several lowballers. For this reason, selling your generator online is only a good idea if you don't mind putting a bit of work into it and being patient until the right buyer comes along.
Selling your used generator through an auction
Another option for selling your used generator is through an auction. Auctions can be a great way to reach a large audience of knowledgeable buyers and can sometimes result in a higher sale price than selling the generator yourself. Additionally, auctions can be a convenient option as the auction house will handle all aspects of the sale, including transportation and logistics.
To sell your generator through an auction, you will need to find a reputable auction house specializing in used power equipment. You can do this by conducting research, reading reviews, and asking for referrals from other businesses or industry experts. Once you have found an auction house, you will need to provide them with detailed information about your generator, including its make and model, age, usage history, and condition.
The auction house will then determine a reserve price for your generator, which is the minimum price at which the generator can be sold. The auction house will then advertise the auction to potential buyers and conduct the auction on a specified date and time. Potential buyers will bid on your generator during the auction, and the highest bidder will win the auction. If your generator sells, the auction house will take a commission, typically a percentage of the final sale price. The remainder of the sale price will be paid to you, minus any transportation or logistics costs.
Selling your generator through an auction can be a great option if you are looking for a convenient and reliable way to sell your generator. However, choosing a reputable auction house and having realistic expectations about the final sale price is essential. There is some risk when selling your equipment through auction – if there are not many interested buyers, you could end up with much less than you hoped. In fact, many of the larger auction houses do not allow a reserve price which increases the risk of your equipment selling below market value. Additionally, you should be prepared to pay the auction house's commission and any transportation or logistics costs associated with the sale.
Selling to a Generator Company or Dealer
Selling your generator to a generator company or dealer can be a convenient and reliable option. Generator companies are more likely to buy your generator than individual buyers. Unlike auction houses, a generator company will guarantee a fair and accurate price upfront.
Additionally, selling to a generator company can be less hassle and less time-consuming than selling it yourself online. A reputable generator company will buy your equipment 'as-is' and pick it up wherever it is. No need to service or detail the unit and the cost of transportation will be included in your offer.
If you want to upgrade to a new generator, selling to a generator company is also a good idea. You can get great value on trade-ins and benefit from the convenience of completing both the selling of your old equipment and buying your new equipment in a single transaction.
You can conduct research, read reviews, and ask for referrals from other businesses or industry experts to find reputable generator companies. When negotiating with generator companies, be prepared to provide detailed information about your generator's condition and usage history. Additionally, be open to reasonable offers and negotiate with the understanding that the generator company will still need to invest in refurbishing your generator before resale.
Conclusion
Selling a used generator can be challenging, but with the right approach and knowledge, it can be a smooth and profitable experience. Before you sell your generator, take the time to determine its value and consider all your options. If you have plenty of time and patience, selling your generator yourself online could get you the highest price. If you want to get cash for your generator faster and without the hassle, selling to a reputable generator company could be your best option.
If you choose to sell to a generator company, research and negotiate to ensure you get the best possible price for your generator. With these tips and tricks, you can sell your used generator with confidence and ease in 2024.
Ready to sell your generator?