What You Should Need To Know About Selling And Buying Used Restaurant Equipment

Have you been considering buying or selling used restaurant equipment?

Well, there are several things that you need to know before you do either of those, and luckily, you’re in the right place to learn.

In this guide, we’ll cover things to keep in mind, what to look out for and what you can expect when you sell or buy. However, before we do anything else, we should discuss why you’d ever want to buy or sell used restaurant equipment.

There Are Quite A Few Benefits

Among the many advantages, there’s one that will catch everyone's eye, and that’s the financial gain. Whether you have new or old commercial grade equipment is always worth something. Now, that being the case, there’s a large market out there for such items.

The profit you make from selling the equipment doesn’t have to sit in your pocket. You can also use it to invest in other equipment or business-related needs!

If you want to learn more about the benefits, learn more  here.

What To Know About Buying

If you see a deal that seems too good to be sure, then that could be the case, so you should proceed with a certain degree of caution.

Collect information and try to assess whether there’s a good reason for the low price point. If you can’t find anything, you should use your gut. That should tell you if it’s a good idea.

Other than deals that seem too good, you always need to be aware of any dummy bidders and scammers. If you don’t know, dummy bidders are people that will use fake bids to increase the amount of interest around their product. Both dummy bidders and scammers can “rob” you of money without you realizing it until it’s too late.

You can read more about dummy bidders and scammers  here.

What To Know About Selling

There are basically two different ways that you could attempt to sell your unwanted equipment. The first one is doing it yourself. What does that mean? You would target your preferred market and pitch the product to make the sale. For example, an ice cream shop may not have a need for a deep fryer, but if you have a freezer, then you may have a deal. You could also attempt to sell it online.

Now, the second method is to sell your equipment to a dealer. That means it’ll most likely be off your hands quicker, but you may get a lower price for it. With that said, if you need space or money fast, they might be your best bet unless you already have someone in mind.

Note: You want to do three things regardless of whether you pick selling to a dealer or another restaurant.

  1. Locate the warranties and manuals. Some of the warranties could be transferable to the new owner, and having the original copies in good condition only increases the value of the unit.
  2. Clean the equipment. When you’re trying to sell something, you want to present it in a condition that is as close to new as possible.
  3. Do your market research. You don’t want to be underpaid, and the buyer isn’t going to pay an outrageous price. With that said, you need to research your product and find a fair price for the market.

Be Cautious And Do Your Research

This is the final thing we’ll say. You need to do your research and remain cautious. The last thing we want is for you to be scammed and scared off the market for a while. So as you’re on the market as a seller or buyer, take your time and trust your gut