This week I was engaged by a client to value a bulldozer that they were wanting to purchase and finance. Nothing much unusual there.
When inspecting the asset, as an expert valuer there were several things that caught the trained eye.
A new paint job can often be done to hide things, so extra scrutiny follows. I was advised the engine had been rebuilt, but oddly the hour meter was replaced. Alarm bells ring, as this is the pedigree for the machine, much like a speedo on a car. The serial number had literally been written on the machine, and no supporting evidence of the rebuild was provided.
My expert valuer research uncovered the machine was some 11 years older than was being claimed (and advertised) by the vendor. This of course had a deleterious impact on the value of the machine.
The end result was the client did not proceed with the acquisition. Our fee was paid, and in this instance, far from being a waste of money, we all agreed that the small cost of their expert valuer saved them a fortune!
