The Pros and Cons of Buying Used Machinery and Factory Equipment on the Internet
Let’s face it, machinery and factory equipment are not cheap. However, for certain industries, these tools are an absolute must. As they say, you have to spend money to make money, and surely, you have to start somewhere.
Although we’d all love to start out with unused equipment that we feel confident will last us a long time to come, when the money isn’t there, that obviously can’t be an option.The good news is, though, that by purchasing used machinery and factory equipment, you can get the tools you need without having to fork out as much money.
However, before you jump on the idea of opting for used industrial equipment, it’s vital that you scope the pros and cons of making such a decision.
Used Factory Equipment for Sale
Great for Short-Term Use
Especially if you only require certain equipment for a short period of time out of the year or will only need it on occasion here and there, opting for used machinery and equipment can help you potentially save hundreds or even thousands of dollars.
Although older equipment might not last as long or may not be quite as reliable as newer equipment, it wouldn’t be much of a deal breaker if you plan on using it infrequently.
Although one can always rent used machinery and factory equipment, being able to keep yours can be beneficial for any future use you might require and, not to mention, can give you the opportunity to sell it to someone else to get your money back if you wish to do so.
More Affordable Cost
One of the most common reasons people opt for older machinery and equipment is because it is more affordable. Not everyone has hundreds and hundreds of dollars they can fork out without a loan.
Not only can you pay less out of pocket for your equipment if you choose to go on the used route, but you will also have more money to put back into your business by avoiding the heftier costs of brand new equipment.
Higher Return on Investment (ROI)
Due to the more affordable cost of purchasing pre-owned machinery and factory tools, you can also benefit from a higher return on your investment considering that your investment will be more affordable than if you were to purchase brand new machinery or equipment.
Especially for startups, having the opportunity to buy used industrial goods is quite beneficial. It means a newer company has a greater shot at succeeding if they have what they need to get the job done.
Do the benefits of opting for used machinery and factory equipment online sound plentiful? Fortunately, there are several websites, including Equify Auctions that offer great deals on secondhand industrial equipment.
Risk of Buying Damaged or Defective Products
When purchasing new or old equipment and machinery, it’s always a possibility that what you buy is defective or even damaged when you go to use it for the very first time. However, this is even more so true with used equipment and machinery.
If there are flaws with the used equipment you purchase, and you bought it from a private seller, you may not be able to get a refund at all. In the event that this occurs, you will have to go back to the drawing board to search for adequate used equipment all over again.
Efficiency and Productivity May Be Reduced
Although you might be pleased with the type and quality of equipment or machinery you are purchasing, the truth is, if it’s been used frequently in the past, its efficiency and productivity might not be as great as that of newer industrial equipment.
In this case, efficiency refers to the reliability and work quality of machinery or equipment while productivity measures the amount of work that a machine or piece of equipment can produce within a certain period of time.
Without the latter two things, the work you are able to perform with the factory equipment or machinery you end up purchasing may not be as speedy or as consistent as you might like, thus affecting your business in the long-run. While this isn’t true in all cases, older machinery can certainly pose these potential problems.
Potentially Lower Lifespan
One of the most obvious concerns with opting for used machinery and equipment is the lower lifespan (PDF) that may come with it. Used equipment might already be anywhere from days to years old.
Logically speaking, the older and more frequently-used tools or machinery are, the lower the continued life expectancy for them might be. That said, you must consider whether you’re content with purchasing industrial equipment for cheaper but risking a shorter lifespan or would prefer paying more for a longer lifespan.
However, because some equipment and machinery can last over a decade in total lifespan, paying for used options may still be reliable industrial tools in the long-run.
Unless the equipment or machinery you are purchasing was only used for a very short period of time, there’s a good chance that the initial, transferable manufacturer’s warranty on what you’re purchasing will either be reduced or no longer active.
If you are purchasing your used equipment from a non-private seller, however, you may get a short, limited warranty, often covering workmanship errors, starting from the time you purchase the equipment. Because the equipment is used, and you’ll be paying less for it, it makes perfect sense why you’d receive a reduced warranty for used goods.
If our bank balance was unlimited, we’d always have a preference for brand new machinery and equipment over their used counterparts. However, especially in business where expenses are frequent, we have to cut costs somewhere.
On the bright side, buying pre-owned industrial equipment and machinery for a business can be reliable for short-term use, save you money, and can ensure you receive a higher return on your investment.
In all, one must be cautious with the quality of the equipment they are opting for in comparison to what they are paying for it. After all, used tools may be damaged or defective, might not be as efficient and productive to work with, and could potentially have a lower lifespan and a limited warranty.