Are you considering selling unneeded lab equipment? Before you put your used lab equipment on the market, we’ll explain a few vital factors you should consider first.
Suitability for Resale
While most lab equipment is perfectly suitable to go through multiple owners, it’s not something all lab managers should assume about their specific equipment. Naturally, any equipment that has regulatory restrictions or has been in contact with hazardous or radioactive materials may not be safe to pass on to another owner.
Lab managers also shouldn’t assume that all the equipment has clear ownership. It may seem unlikely, but it’s not uncommon for a lab to attempt to sell equipment before realizing it wasn’t owned outright by the lab in the first place.
Condition of Equipment
Of course, the condition of the lab equipment is a serious matter to consider before selling. The state of the equipment will not only determine whether the equipment is fit to be sold, but also the value it offers on the market.
If the equipment is in rough condition and seemingly on its last legs, it could be more beneficial for the owner to sell used lab equipment to a supplier specializing in refurbishment. Even equipment in poor condition has value to a supplier refurbishes lab equipment because they can still renovate the equipment to a better state and sell it for a higher price.
Pro Tip: Be as accurate and specific as possible with the specifications, details, and history of the lab equipment you’re selling—you don’t want your buyer to have remorse after the sale.
Age of Equipment
The age of the lab equipment was also a crucial consideration when selling used equipment. While it may seem the same as the condition of the equipment, it’s not uncommon for old but hardly used equipment to have more value than newer equipment that’s been used often.
The age of the equipment can also determine how valuable it is and whether it’s too outdated for modern laboratories anymore. Lab technology moves fast, and even equipment that’s only a few years old can quickly be regulated to unusable with a few industry advancements.
Market Demand
Last but certainly not least, a seller needs to consider the market demand for the equipment they sell. In how many industries and settings is the equipment valuable? Is it an essential piece of equipment in these labs, or is it more of a luxury item? Is there a shortage or surplus of equipment on the market today? Selling unneeded lab equipment can provide value to other labs, as well as convert unused assets to cash for you.
Naturally, the answers to all these questions will determine how many potential buyers the equipment can attract and what a fair market value is.
