From replacing broken machines to expanding your business, there are many reasons why you may look to purchase equipment. At Equipment Trader, we always want to help our customers find the very best equipment for their lives and work! Our site carries both new and used machinery. For some buyers, shiny new products will be tempting, but for many, the best option will be used equipment. Why’s that? Glad you asked; we created this article specially to share the many benefits of used equipment! To make it memorable, we thought of a mnemonic device based on a certain letter… So keep reading to discover 4 Big-As-F Reasons to Buy Used Equipment!
Frugal: As perhaps the biggest incentive, buying used equipment is much cheaper up-front to buying a new machine. A machine typically decreases in value between 20 and 40% in its first 12 months, making its resale value dramatically lower than it’s initial sale value, which is great for used equipment buyers!! Plus, depreciation is very slow after that initial first year drop. This means that if you buy used equipment and later decide to flip it, you can sell it close to the same price you bought it for and make most of your money back, in addition to whatever profits that machine helped you earn. These big savings are especially helpful for new and growing companies looking to buy more machinery for less, land more jobs, and make more money!
Bonus Points: Most dealers offer decent warranties, service agreements, and maintenance plans for used equipment. You can also get lower premiums from insurance companies, as well as better deals from lenders and financiers, all of whom consider such machines to be less valuable (we know used equipment can be just as valuable, but we won’t tell them!).
Flexible: Used equipment also gives your business flexibility, as used equipment is readily available and offers a wide range of choices. When buying new machines, you’re limited to current models and manufacturing lead times that can last months. With used equipment, you can choose between any model manufactured in the past few years or more! You also have flexibility in repairing an older machine, as brand-name equipment parts will be readily available from shops, individual sellers, or, if the machine isn’t too outdated, straight from the manufacturer.
Bonus Points: Cheap, used equipment can be useful as simple backup machines as well, giving you flexibility when an unexpected breakdown happens during a job that just can’t wait.
Familiar: Used equipment generally comes with known performance capabilities and a dependable life-cycle. Especially if you can get your hands on the machine’s telematics (digital information on engine hours, idle time, amount of fuel used, alerts, etc.) or records of maintenance, you should be able to approximate how well the equipment will work and for how long. Knowing you can rely on your used machines gives you confidence in planning and executing your work – and may even make you more productive! New equipment can slow down work with technological and operational learning curves and worries about even slightly dinging the new machine; with reliable used equipment you can get right to work!!
Bonus Points: Reputable dealers can give you even more certainty when buying used equipment, and can be held more accountable if they don’t deliver. Qualified dealers, and even online auctioneers like IronPlanet, will conduct extensive and largely independent inspections. Sellers should also allow for a trial run of the machine.
Eco-Friendly (Yes, we had to stretch on the alliteration for this one!): Younger generations of workers increasingly care about how their work affects the environment, making sustainability a growing benefit of used equipment. It may seem counter-intuitive that older, less fuel-efficient machines could be eco-friendly, but the adoption of used equipment helps to cut down on the need for newer machines. Because manufacturing requires a great deal of electricity, raw materials, etc., buying used equipment actually helps to reign in excessive machine production and minimize the industry’s overall carbon footprint.
Whether you want a piece of equipment right away or just want to prepare for future needs, it’s important to be aware of the numerous benefits of buying used equipment. From low prices and wide availability to predictable performance and eco-friendliness, older machines can be a great option for all kinds of jobs. And of course, you can find many great pieces of equipment over at Equipment Trader!!
Leave us a comment – what benefits make you more likely to buy used equipment??