If you’ve ever been to any equipment auctions in Toronto, you know that they are a huge deal! People come from miles and miles away just to snatch up bargains on equipment from all industries, including restaurants, heavy construction, manufacturing, farming, fleet vehicles, energy, oil, landscaping, retail, supermarkets and more. But how will you know that you’ve left an equipment auction without paying too much?

There are a few tricks that you can use to help avoid overspending at equipment auctions:

Know retail prices of the items on which you want to bid. If you don’t know the general retail price of a piece of equipment, how can you evaluate its worth? Most auctions tell you what kind of equipment will be sold ahead of time, so spend an hour or two and do your homework.

Know your current budget and stick to it. Equipment auctions can promote fast and furious bidding. Before you start raising your bidding paddle, remind yourself that you have to set a top dollar budget for either the whole equipment auction or each item you’re interested in buying. Don’t go above your number unless you can be sure you are still getting a bargain.