When it comes to your business, would you prefer to buy everything brand new? Most of us would, but it’s not in the budget for a lot of us. In reality, we usually end up purchasing a mix of used and new items. What’s best bought new or used depends on your industry, but there are pros and cons to each. Here are just a few.
New: Pros and Cons
We upgrade our smartphones regularly because we’re attracted to the new features. New computers are also almost always faster than old ones. This is the biggest pro to buying new: chances are, that item will work incredibly well.
New items also usually have warranties that can cut the cost of repair and maintenance. That’s in addition to the implied success and professionalism new equipment communicates to customers, established or prospective. Equipment that’s free of wear and totally up to date makes the best impression.
However, buying new isn’t all roses. You’ll pay more, and once it’s yours, it’s really yours. If you see the same thing for thousands less than you paid a year or two from now, it might sting. There’s no swapping up when you own outright; you’ll have to be able to resell it for a decent price.
Moreover, there are fewer new things than used things in this world. Dealers and sellers near you might not have the equipment or vehicle with all of the features you want in stock, making the perfect piece a little harder to find.
Used: Pros and Cons
Perusing a used trucks inventory can reveal great bargains, and this is far and away the biggest benefit to buying used. You’ll pay less than you would for something new; a price difference of half or more when compared to fresh from the factory.
This is important when you have to scale up quickly. If work orders have increased a great deal, you might not have the luxury of saving up or examining your options for a suitable period of time. Used equipment is easier to get and therefore faster to put to work.
You also have hindsight, or the knowledge of how well a past release performs or holds up. As we all know, especially when it comes to vehicles, sometimes a brand can release a model from a certain year that’s just better than anything they’ve released more recently. Research on newer models won’t yield as much, since it hasn’t been around as long.
Still, you have to be very careful. It’s not uncommon to buy something used that the reseller says is in good condition, when it really isn’t. Buy used from places that can provide background on the item and offer some form of guarantee that it will work as they have claimed. Don’t forget to ask for a detailed maintenance history, too.
New and used – one isn’t inherently better than the other. It often comes down to how much you can spend, and how quickly you need it. Look at your unique situation, and ask yourself how having a brand-new piece of equipment has more benefits than buying a gently used version.