Purchasing used equipment is one of the most cost-effective ways of adding to your business’s resources. Granted, used equipment is readily available on the market. However, there are a number of important factors that you need to consider before making the purchase.
Research Required
The correct process of purchasing industrial surplus machinery can be quite involved and overwhelming. You need to put in a lot of effort to make sure that you eventually make the right purchasing decision. Besides finding the right machine for your business’ needs, you also need to do a thorough inspection of the equipment and find information about how and where it has been used, as well as how well it has been maintained.
Limited or No Warranty
If the particular machine you are interested in is a bit older, it may not come with a warranty. Warranties are important as they give you peace of mind knowing that you will be covered in case issues arise later on. Find out whether there are any warranty options available for purchase together with the equipment.
Higher Maintenance Requirements
Some of the cost savings gained from the purchase will be directed to maintenance. The older the machine is, the more maintenance it will require to keep it operational. And depending on the age and level of wear and tear on the machine, repairs and downtime are likely.
Older Technology
Technology in equipment is constantly changing and improving. Each year sees new features being added to improve safety, performance and efficiency. When you invest in used equipment, you can end up missing out on new and advanced technological features that can be instrumental in improving performance, extending the life of the equipment, as well as preventing downtime.
Safety & Liability Concerns
As a business owner, it is crucial that you safeguard your most important resource – your workers. It is thus crucial that you have the used equipment thoroughly inspected to ensure your safety as well as that of the workers who will be operating it.
Reduced Profit and/or Lost Business
Delays and downtime resulting from the condition of the machine can lead to missed project deadlines and delayed progress for clients. This can negatively affect the reputation of your business and ultimately your cash flow and bottom line.
