Nothing kills profits and brings production to a screeching halt like unplanned downtime. The longer the equipment is down, the more money you lose. When it comes to buying machinery, a critical part of your purchasing decision is whether to purchase new or used.
You may have been relying on your older and outdated manufacturing equipment instead of upgrade to newer equipment because you want to save money. That old machinery may have been costing you more money in maintenance costs than you’ve saved. Would you rather spend thousand of dollars to maintain outdated machinery or spend that money on a piece of newer equipment that will help you make more money?
Maintaining and repairing outdated equipment tends to cost more than newer machinery. There are a few reasons for this. Production of parts for older equipment has sometimes ceased. Finding the part to fit your machine may take more time and effort and the parts may actually cost more. If you are constantly performing maintenance and repairs on your older equipment, you’ll lose money on the downtime while the machinery is not usable.
When making your decision to purchase new or used machinery, keep in mind that even purchasing used machinery that is technically newer than what you may have in your factory is still a smart buy. Replacing a machine that is 35 years old with one that is only 5 years old will probably save you money in maintenance and repairs.