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Paul Hendrix, equipment pricing analyst for IronPlant, provides these eight tips that could save you from a lemon. If you don’t know what to look for, you may end up bringing home a machine that costs you more than if you bought a new one, Hendrix says. You either need to hire someone to inspect a vehicle or train yourself in how to assess the equipment.
8. Deal killers
“There are certain things that should make you back away from any used machine,” Hendrix says. “One is if you notice a problem with a major component. For example, if the engine smokes or is hard to start, or if the third gear in the transmission doesn’t operate, those are major problems, unlike a power-steering pump, which is a minor problem.”
Structural problems, like cracks in the frame or plated areas, should be avoided. Corrosion can also lead to consequences like rusted, brittle bolt heads or electrical malfunctions.
Hendrix says the competition for used equipment is high right now, due to economic uncertainty. Manufacturers reduce production to forgo possible losses if the economy suffers another downturn. Limited supply inflates the price of new equipment, causing buyers to buy used until the economy strengthens.