Strategies For Buying and Selling Used Equipment with Ryan Wiegel

Buying used equipment might sound like a bad idea. Purchasing brand new brings about a sense of excitement and confidence. However, in the manufacturing world, buying new equipment can be incredibly expensive. This week on MakingChips, find out how buying and selling used equipment can be a great option for your company. While it may seem risky, buying used can keep you on the cutting edge of technology without breaking the bank. Listen as Jim and Jason talk with Ryan Wiegel, Vice President of Operations and Co-owner of Wiegel Tool Works about his strategies for buying and selling used equipment.

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Why you should buy used equipment

Ryan Wiegel has had great success in buying and selling previously owned equipment. He has a unique ability to identify a good piece of used equipment on the secondary market and purchase it for an excellent price. During his conversation with Jim, Ryan explains why buying used might be a good strategy for manufacturers. Even though buying new ensures top operating condition while including a factory warranty, he says you don’t have to sacrifice quality when purchasing used equipment. Listen as Ryan Wiegel explains why you should consider buying used equipment for your company.

Guidelines for buying previously owned equipment

In order to ensure that you get the best deal on a great piece of used equipment, Ryan Wiegel suggests that you follow certain guidelines. He identifies several factors to consider which will give you confidence about the condition of the piece of equipment and will help you identify the true value of the machine. The key, he says, is to do your homework. Researching the cost, testing out the used machine, and talking with the manufacturer are just a few of the steps Ryan mentions. Hear more about the guidelines for buying previously owned equipment as you listen to this episode of MakingChips.

Staying on the cutting edge of technology while saving money

One of the concerns when buying used equipment is staying current. As technology continues to evolve, manufacturing companies can’t afford to be behind the technological curve. Ryan Wiegel addresses this concern by suggesting a balanced approach to buying machinery. There are some pieces of equipment that have to be purchased new. However other machines can be retrofitted to make them current. You could pay half the price of a new piece, spend a marginal amount to retrofit the used machine, and still save money while adding a great piece to your shop. Hear more of Ryan’s advice on this week’s podcast.

Strategies for Selling Used Equipment

Not only can a manufacturer employ a strategy to buy used, they can also sell their used equipment. Internet and social network channels have opened a world of opportunities for selling equipment to customers around the globe. Utilizing those free marketing channels can help you move older pieces of equipment at a fair price. Even if a piece is in need of repair, there is a market of buyers willing to purchase and refurbish used machinery. Listen as Ryan explains his selling strategy while sharing stories of his successes and failures on this episode of MakingChips.

Here’s The Good Stuff!

[3:58] Manufacturing News: Advocating for more manufacturing jobs in Washington
[7:50] Jim and Jason discuss their experience with buying used items
[10:11] Jim introduces Ryan Wiegel, Vice President of Operations and Co-Owner of Wiegel Tool Works
[12:16] Ryan Wiegel details the history, niche and future of Wiegel Tool Works
[18:03] How Ryan Wiegel started buying used equipment
[20:03] The guidelines for buying used machinery
[26:20] Staying on the cutting edge of technology while buying used equipment
[32:09] The sequence of finding and procuring a used machine
[37:40] How to get the right price on used equipment
[41:55] Ryan Wiegel shares stories of success and failures in buying used equipment
[47:50] Strategies to sell used equipment on the open market
[51:23] Three tips for manufacturers when buying a used piece of equipment