Finding the Best Products and Services: Helpful Ideas for Consumers

Posted on: 17 November 2021

Although shipping containers are primarily used in the transport sector, used containers can find alternative use as shelters, storage and retail spaces. Buying a used container can be a bit tricky. This article describes how you can buy a used container at an auction. 

Narrow Down On A Specific Container Or Container Grade

One of the challenges you will face when buying a used container at an auction is that you will likely be overwhelmed by the many containers on sale. Rather than choose a container based on its pricing, select a container based on your needs. For example, what size do you need? What features do you need in the container? What grade do you need? Used containers are typically categorised based on their condition. For example, you could go for a one-trip, grade A, wind and watertight option or one in as-is condition. The higher the container grade, the longer it will last. Low-grade containers are ideal for short term projects, while near-new containers are perfect for resale or long term projects. 

Appraise The Container

Appraise your preferred container(s) to ensure you have the upper hand during the bidding process. There are several ways to appraise the container. First, check the pricing of similar containers in the open market. Then, ask the auction company for the container's pre-inspection report. This report gives insights into the defects that the container could have. For example, it could have dysfunctional locks, water leakage or dents. Use these factors to determine the container's maximum price. Given that you are at an auction, the container should cost less than in the open market. 

Understand The Terms of Sale 

Do not enter the auction before understanding the terms first. Below are some things to look out for: 

• What is the reserve price of the containers you intend to buy?
• If you win the bid, what amount of cash are you required to pay?
• What are the terms of payment? If the auction is held online, you must have a reliable way to transmit funds to the auctioneers.
• How will you pick up the container? Typically, you should be given a few days to clear the outstanding balance.
• Do the auctioneers provide after-sales services? For example, they could organise transport and fabrication.
• Are there guarantees on the products sold? This helps ensure you get what you bid for. 

Bidding Tips

The secret to successful bidding is strategising before the auction. Remember, you will probably be dealing with seasoned bidders who may want to push the selling price for their own gains. The golden rule is that you should not exceed your maximum price. Besides, know your competition and try to push their limits to test how far they are willing to go. 

When buying a container at an auction, choose a specific grade, appraise the container, understand the terms of sale and follow the recommended bidding tips. Keep these tips in mind when looking to buy a shipping container near you.