Are you ready to add some new equipment to your business? Making the decision to buy new or used equipment can take a lot of thought. You don’t want to waste your money, but you also may want to work within a budget.
Luckily, there are some reasons that buying used equipment can be advantageous for your company. We’ve outlined the chief benefits so that you can make an informed decision.
Here are our top five advantages to buying used industrial equipment.
1. Immediate Satisfaction
Often with a piece of new equipment, you have to order it custom from the factory. At the very least, you’ll have to wait for delivery, and often have to wait for it to be built or completed.
With used industrial trucks or other equipment, it’s usually available right away. The seller wants to clear out space for new equipment, and they don’t want delays in completing the sale any more than you do.
2. Rule Out Lemons
Buying a piece of used industrial equipment can give you a little more peace of mind that you’re not buying a lemon. While there’s still a small chance, most likely the person you’re buying from has been using the equipment and has already found that it works well.
If you do your due diligence and have the equipment inspected and tested, you can confirm those suspicions. Be sure to ask good questions about how the equipment has been used, why they’re selling (if a private party sale rather than a dealer), and any repairs that have been done.
3. Used Industrial Equipment Prices
If you’re worried about tying up cash flow with new equipment, then buying used industrial trucks could be the way to go. You don’t have to worry as much about the cost when you’re buying something that has been previously owned.
Savvy decisions are important, whether you started your company from scratch, inherited it from the family, or purchased it outright. When you’re saving thousands, you can put that money into another investment for your business, or buy more of the equipment you need.
4. Compare Brands
Often a dealer for new industrial equipment will only work with a few brands. Much like a car dealership, they work exclusively with specific makes and can only get what you want if it’s in their realm of expertise.
However, when you buy used industrial equipment, you can usually select from a wide variety of brands. For example, if you’re shopping for used forklifts or used forklift equipment, you might like a Moffett forklift or a Piggyback. Yet the same dealer will carry other brands for you to consider, like Princeton, Navigator, Manitou, Palfinger, or Sellick.
5. Value and Depreciation
When you buy new equipment, the initial depreciation is huge. The first year you use it, you lose tons of value because it’s no longer a new piece of machinery. If you buy used equipment, you don’t have that problem.
The initial depreciation is over, and whatever value remains will likely remain for a long time. Properly maintaining your equipment is essential, but if you keep up with routine checks, the value on a used truck should hold.
The Smart Choice
From immediate delivery to value retention, the advantages above are great reasons to choose used industrial equipment. As you make important decisions for your company, keep these reasons in mind. Did you find this article helpful? Check out the rest of our website for more information!