Thursday 8 November 2012
THE National Plant and Equipment Register (TER) has created a new valuations database to help us identify the right price for any item of plant or farm equipment.
The database has been made in partnership with Lectura and is now ready for use by insurers, loss adjusters, financiers and dealers.
TER says the new tool – which needs a paid subscription - is designed to be the answer to our ‘equipment valuation nightmares’.
It uses retail data from manufacturers and sales data from markets across Europe and it’s the only product needed to value plant and farm equipment.
It lets us understand the value of what we are buying, selling, insuring, financing or adjusting.
Free 14 day trials are available now simply by emailing firstname.lastname@example.org or calling on 01225 464599.
So what exactly does it do?
Let’s say we want to value a 2007 JCB 3CX backhoe loader which is piped for breaking with two buckets and tyres at 50%.
First, we type in the model which generates a list of 3CX's of various years and specifications. Once we have selected the year (2007 in this case) we will see an image and a more detailed specification.
Next, a valuation form comes up and lets us enter the year, condition and date of first use (there is also a valuation form for fleets to make entering a large number of items simple and quick).
The advanced section then lets us add any extras with the equipment. So in the example above, we would select that it is piped for breaking, has two buckets and the tyres are 50% worn. We can see at a glance how these additional factors will influence the price.
We then receive a sales price value and a purchase price value in a printable format which includes an image and the specification for our records.
The advanced system shows us a price based against the current used sale prices as well as market depreciation over previous years.
We can also look through actual sales data of the equipment in question and see statistical overviews – and all for different countries too.
We can also see the market-leading manufacturer in each category of equipment (in this instance, backhoe loaders) and filter that down into specific models and countries.
Finally, we can compare a number of items based on specification.
TER will also be bringing out a solution for those of us just looking for a one-off single valuation or a valuation every now and again.
By Daniel Tye