I have an opportunity to buy a fairly new skidsteer in great shape with low hours.
I don't really need it but the guy selling it is hurting for money and he is asking for about half of what it is worth. I don't know the guy but he is the friend of a business aquaintence.
My concern is that it may have been stolen or he is trying to sell it and stiff the bank on money owing on it.
Other than him showing me a bill of sale from when he bought it, is there any way for me to check and see if there is a lien on it, or run the serial number somewhere to see if it is stolen?
This is in TX if it matters.
Where would I find this PIN / product ID number on the machine?
He sent me a photo of it and there is a number above the Cat/Holt sticker that starts with ZZY
Would that be it?
Both of those are good ideas, if it is stolen the local dealer will likely have it flagged. We have a system where if someone calls for parts they must provide a PIN (product ID Number, same idea as VIN) if it's stolen it flags on the computer.
Skid steers are very handy to have, do what you need so you can still enjoy looking in a mirror.
Where would I find this PIN / product ID number on the machine?
He sent me a photo of it and there is a number above the Cat/Holt sticker that starts with ZZY
Would that be it?
If it is a Cat, then call Holt Tractor and talk to them about it.
I don't see any skidsteers that start with the serial #ZZY. It will be a 3 digit prefix and then 5 numbers. Some machines use numbers and letters as a prefix.
Feel free to message me the Serial # and I can have the guys at work look into it as well.
Thanks for all the info so far.
I haven't had a chance to go look at it yet as I'm kind of swamped with trying to get another project done by the weekend.
Here is a photo of it that he sent me, has 250 hrs on it. Does anyone have any experience with one like this?
Good, bad, anything special to look for?
I'm not sure on the year but a quick look on equipment for sale sites, put the value anywhere between 27,000 and 50,000 depending on the year and hours.
Coming from an Operator with numerous years of experience on these and many other machines, CAT makes a really nice skid steer, and this is definitely a good piece of iron. At 250 hours it's already due for a service.. if it hasn't yet had one. Make sure to take a good look at the tracks, bogies, final drives, hydraulic quick connect, make sure there is full joystick response in the hydraulic functions, no leaks, electrical issues and track adjusters along with the undercarriage, This CAT model should be full steel and good to go unlike it's ASV counterpart which is full of plastic... and nightmares!. Not sure what you might get into with the machine, but try and avoid zero turning and clean out the tracks good before you put her away or fire up for the day. Most of the issues found on these track type machines are a cause of the undercarriage being packed with dirt and rocks forcing them through your bogies and idlers, not good!. If you make sure this machine is serviced when needed, and follow the above advice regarding the track system you'll be extremely happy... Not taking the time to care for the track system will possibly have you paying out the nose in parts!. Definitely get the VIN's checked out, I'd hate to see someone get screwed over with a stolen machine etc... aside from that I see there's a CAT mechanic here, definitely the Go-To guy regarding service, questions etc!.
How well do you know your business acquaintance? And is that guy "vouching" for the seller?
By the way, all great points. Maintenance can be a killer and may be the reason he is offering a reduced sale price. Definitely have it checked over by a qualified dealer.
Also, a good idea to lay YOUR eyes on the VIN and verify against police records to ensure it's not stolen. We had some equipment stolen a few years back, but luckily after filing a report we got it back within a week or two later. Most the time, stolen equipment goes across the border to Mexico.
When you look the machine over and get the VIN number, start a conversation about where the guy bought the machine, who did the financing, etc. After he divulges some info, be honest and let him know you'd like to meet at said dealer/bank to get a written lien release.
A few years back, I was selling a car and did something similar for the buyer. We met at the bank and he issued a cashiers check directly to my bank. The bank issued a lien release on the spot, and cut me a check back for the difference owed vs sold amount. Only painful part was we started at a "satellite branch" but had to go to the main branch where they kept the original paper work since the buyer wanted it on the spot.
Unless things have changed since I bought my bobcat, there are no titles on machinery like that. So if there is a loan on it, he could sell it with a bill of sale. BUT, he or his business is still responsible for paying the amount due.
He could be trying to beat the bill collectors before going bankrupt?
Ha, responsible?!
He sells it to you with a bill of sale, he doesn't pay the finance company, the finance company comes and gets their machine, you're out your money, and you can wipe your... with the bill of sale. Or write a check to the finance company for the balanced owed. What if he financed the machine in Arkansas?
Doing a lien search can be rather impossible, depending on the honesty of the seller, because you essentially do it on his name or business identity name, not the machine / serial number. So, under what name was the machine financed? Debtor name searches on the UCC database are not very 'fuzzy' The Cat dealer should be able to tell you if Cat finance has financed the machine.
What's really fun is when guys rent machines then sell them to some sucker.
BTW, Cat crawler skidloaders are not universally loved. Price a track or idler wheels. Skidloader tires are about $150 each.
And, if stolen... you get 'splain yourself to the cops. Better have someone to point to. Skidloaders have a nasty habit of wandering off in the middle of the night. Our podunk town had one hitch a ride and jump on a trailer the day or so before Christmas. Bye Bye new $75k skidloader.
Coming from an Operator with numerous years of experience on these and many other machines, CAT makes a really nice skid steer, and this is definitely a good piece of iron. At 250 hours it's already due for a service..
At 250 hours, you’re talking two or three months of operation. Yes, there is daily/weekly/monthly service, but if you’re saying “overhaul” that thing must have been abused.
Not surprised that it came back questionable. As I say, a couple months of operation and he’s willing to take half price? I know that depreciation hits you the moment you take anything off the dealer’s lot, but that’s ridiculous.
I’d be wary of your “business acquaintance” too after this.
Any ideal what the police did next? A guy I know has a mini he bought from a friend. It was stolen and the guy purchased a new one. About 3 years later he got a call they found the old one trashed. Friend ended up buying it.
The police called me a couple of times wanting to know more info about the person that showed it to me, how I knew him, how to get in contact with him, and where the machine was.
They went and picked it up the next day. I assume they returned it to the company that owned it.
The machine he showed me was also not the the one he sent me a photo of that I posted earlier, it was a different model and had about 6 times as many hours on it.
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Assessing Your Needs: What Equipment Do You Require?
Before diving into the world of heavy machinery, start by defining your requirements. Analyze your upcoming construction projects to determine the specific types of heavy equipment needed. From a versatile compact track loader for agility on rough terrain to a heavy-duty dump truck for hauling materials, tailor your choices of heavy construction equipment to suit the demands of each construction site. Carry deck cranes offer exceptional lifting in tight spaces. By understanding your needs, you'll pave the way for successful equipment acquisitions and efficient construction operations.
Research and Selection
Explore various types of heavy equipment available. Investigate the benefits each machine offers for your projects. Dive into details about machinery like the carry deck crane and its capabilities. Analyze machines and their features, performance, cost, and compatibility with your job site's conditions.
New vs. Used: Weighing the Pros and Cons
Delve into the advantages and disadvantages of purchasing new or used heavy machinery. New equipment assures modern features and reliability, for example, while used options might save costs. Factor in your budget, the longevity needed, and the cost and availability of maintenance services. Your choice depends on the balance between initial investment and long-term benefits.
Inspecting for Quality: Essential Checks Before Purchase
Before diving into the world of heavy equipment, it's crucial to ensure you're getting quality. Start by examining the hydraulic lift system, a pivotal component. Check for leaks and smooth operation, ensuring seamless lifting of heavy worksite materials. Scrutinize the motor grader's condition, especially if it will tackle farming and landscaping projects. Don't overlook loose materials – ensure there's no residue, indicating efficient past use.
Pricing and Financing
Understanding pricing dynamics is key. Research the construction industry's market rates for equipment like boom lifts and asphalt pavers. Compare prices based on factors like model year and usage. As you finalize, consider financing options. Opt for the finance plans with interest rates that align with your budget, providing flexibility as you venture into projects that demand an asphalt paver to lay asphalt or a digging bucket to dig.
Selling Your Equipment
When the time comes to part ways with your heavy equipment, smart selling strategies are vital. Showcase the well-maintained hydraulic lift system and the machine's track record in managing heavy worksite materials. Highlight its role in construction, farming, and landscaping projects. Emphasize its value in enhancing efficiency, whether it's a motor grader or a boom lift. Utilize online platforms and industry connections for additional information and a seamless selling experience.
Maximizing Value: Maintenance and Upkeep for Resale
When it comes to heavy equipment, one of the most significant considerations is its resale value. Proper maintenance and upkeep play a crucial role in determining how much value your equipment retains when it's time to sell. Investing time, money, and resources in maintaining your equipment can significantly impact your ability to command a higher selling price when you decide to part ways with it. Here's how to maximize the value of your heavy equipment for resale:
1. Regular Maintenance
Efficient heavy equipment operation starts with regular maintenance. Prioritize scheduled upkeep to ensure smooth functionality. Keep motor graders, smooth rollers, and more in top shape. Regular servicing prolongs equipment life and minimizes unexpected downtime.
2. Record Keeping
Maintaining meticulous records is key. Document maintenance schedules, repairs, and part replacements. Accurate service records aid the dealer in assessing equipment performance, making informed decisions, closing costs, and demonstrating value when selling.
3. Appearance Matters
Don't underestimate the impact of your house and presentation. Well-maintained equipment reflects professionalism. Whether it's a boom concrete pump, scissor lift, or others, a clean and cared-for appearance can enhance your house and resale value and attract potential buyers.
4. Address Wear and Tear
Just like any machinery, heavy equipment experiences wear and tear over time. Addressing minor wear promptly typically prevents it from worsening and becoming a significant issue that could affect the otherwise reliable heavy equipment part's value.
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5. Maintain Documentation
Alongside maintenance records, ensure you have all relevant documentation related to the purchase of the equipment, including ownership title, warranties, and user manuals. Having these documents readily available can streamline the resale home purchase process.
Negotiation and Closing the Deal: Tips for a Smooth Transaction
Negotiating and finalizing deals for heavy equipment demands finesse. Begin your search by understanding the market value of machines, motor graders, smooth rollers, and more. Communicate openly with sellers to align expectations and address concerns. As you delve into the specifics, keep in mind the operational history of the seller's agent and machinery, ensuring it's suitable for your construction project.
Transparently discuss maintenance records, and don't hesitate to inquire about any past issues of interest. Once you've ironed out the terms, emphasize the importance of a trial run. Witnessing the equipment in action assures that it can smoothly load materials and withstand the demands of the job. With thorough due diligence, price negotiation, and testing, both parties can confidently seal the deal on heavy equipment.
Ensuring a Legitimate Heavy Equipment Transaction
Completing a legitimate heavy equipment transaction requires attention to the legal and documentation aspects of the buying process. Ensuring that all necessary paperwork and home inspection are in order protects both the buyer and the seller. Here's what you need to consider a new home move:
Ownership Documentation
When engaging in heavy equipment loan transactions, begin the search process by meticulously reviewing ownership documentation. A clear paper trail, including titles and ownership history, is essential. This paperwork provides a foundation for a legitimate exchange of money, ensuring you're dealing with authorized parties and valid equipment.
Bill of Sale
Transitioning to the transaction stage, a complete and well-constructed bill of sale is paramount. This legally binding document outlines the terms, conditions, and specifics of the sale. It should cover the seller and equipment's make, model, serial number, and any included accessories. This ensures both parties are on the same page, minimizing misunderstandings.
Warranties and Disclosures
Don't underestimate the importance of warranties and disclosures. For smooth heavy equipment loan transactions, ensure you're informed about existing warranties if any, limited warranty only covering the equipment's functionality. Conversely, lenders should be forthcoming about any known issues or prior repairs. Transparency builds trust and safeguards against future disputes.
Local Regulations
Before diving into a heavy equipment transaction, familiarize yourself with local regulations. Different regions might have specific requirements for equipment operation and sales. Research permits, licenses, and compliance standards are necessary for the legal operation of equipment like skid steer loaders and tower cranes. Be aware of safety guidelines for construction sites, especially in the transport of heavy worksite materials and handling of demolition waste. Adhering to these regulations not only ensures legality but also prevents potential disruptions during projects on large-scale construction sites.
Third-Party Inspection
Opt for a third-party inspection to guarantee the equipment's authenticity and condition. Heavy equipment operators need reliable machinery, and this step provides an unbiased assessment. A qualified inspector examines vital components like hydraulic rams, multiple metal arms on tree-cutting heavy equipment, and even pile driving equipment. This inspection assesses if the machine meets industry standards, verifying the claims made by the seller's representative. Avoid potential issues by investing in a thorough third-party inspection, saving you from unforeseen expenses down the line.
Secure Payment
When it's time to seal the deal, prioritize secure payment methods. Whether it's a tower crane or heavy metal chains, substantial transactions demand caution. Choose options like escrow services or verified platforms' monthly payments that ensure transparency and protection for both buyer and seller. Beware of unconventional payment requests or rushed bank transactions. Secure payment not only solidifies the agreement but also minimizes risks associated with financial disputes. In the dynamic construction industry, a secure payment process is the bedrock of a legitimate heavy equipment transaction.
Conclusion
In the world of construction and industry, heavy equipment is the cornerstone of progress, enabling remarkable feats and driving productivity. This comprehensive guide has navigated the intricate landscape of heavy equipment acquisition, purchase price, and resale. From assessing project needs to selecting the right machinery, we've explored the nuances of choosing between new and used construction equipment only, inspecting for quality, and pricing considerations. Selling heavy equipment involves strategic planning and negotiation while ensuring a legitimate transaction demands meticulous attention to legal and documentation aspects. Armed with this guide, both buyers and sellers can navigate the heavy equipment journey with confidence, ensuring efficiency, profitability, and success at every turn of the sales process.
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