The idea of buying new equipment makes a lot of business owners cringe. After all, depending on the industry, costs for new equipment can run tens of thousands of dollars. Although used equipment is typically hundreds to thousands of dollars cheaper, used equipment poses greater long term repair risks and higher costs. New equipment offers many benefits and savings that offset the expensive initial investment:
Pay Less During Important Software Changes
Critical office, industry-specific and security software updates only work if you have compatible equipment. Over time, software developers refuse to provide updates for older machines. As a result, if you fail to have a new machine, you have to then buy new hardware to use the updates. As pointed out at Entrepreneur, you do not have to worry about this problem with new equipment.
Negotiate Better Trade-Ins, Upgrades and Sales
Since most technologies depreciate rapidly because of manufacturers regularly releasing new versions and styles, your ability to successfully negotiate a beneficial trade-in, discount upgrade or sale of your used equipment decreases as time passes. Unless an older piece of equipment is a rare or classic model or brand that someone collects, the value of the piece drops. Newer equipment is easier to trade-in, upgrade and sell with some exceptions: Computer printers, for example, lose value far more rapidly because of high costs associated with replacing printer ink and toner cartridges.
Use Warranties to Offset Emergency Repair Costs
When an old piece of equipment breaks down, you must pay the typically high-cost emergency repairs out of pocket. With new equipment, you can enjoy knowing that a manufacturer’s and/or extended warranty covers part or all of the costs. Consider a sudden emergency call for a heating problem like a boiler breakdown. Instead of spending hundreds of dollars in cash up front, you simply contact the applicable repair technician and schedule the repairs, and they then bill the third party that provides the warranty. To find the best warranties, you should always speak with an expert repair specialist for the specific type of equipment. For example, you would contact a boiler expert like those at Nationwide Boiler about boiler warranties.
Keep in mind that you can sometimes recoup monies spent on certain types of equipment like printers by donating these lower value pieces to a school, church or other charity and writing off the donation on your taxes. Consider these money-saving ideas the next time you need to buy or unload equipment.