The Advantages And Disadvantages Of Buying Used Equipment

buying used equipment
The price of everything has been raising. This has made it difficult to upgrade the business and keep it up with the competition. However, buying used equipment can serve both purposes.

Certainly, the advantages of purchasing used construction equipment over new ones are many.

With the increasing living cost, the used market has growingly popular in recent years. The scenario is the same in the business world.

Obviously, purchasing used construction equipment saves a lot of money. However, other advantages make the deal much greater.

Yes, the drawbacks of buying a used construction machine can downside the advantages, when you undermine some aspects.

Before, we deal with them; let’s look at the major Advantages and Disadvantages of Buying Used Equipment. Later on, go through the key measures while buying used construction equipment.


Advantages of Buying Used Construction Equipment

Oftentimes the benefits of a used machine are limited to the price saving. However, several other Advantages of Buying Used Industrial Equipment makes it a better deal.


#1: Least Buying Cost

Purchasing used construction equipment is by far less expensive than a new machine. Typically, the price difference between a new and new machine can be around 30-70%. However, the cost difference entirely depends on the quality and condition of the used machinery. Nonetheless, if you are buying lesser-used equipment at a lesser price than the cost of the new one, it’s the best deal indeed.

#2: Nominal Lead Times

Buying New Vs Used Equipment lead times matter. Usually, going for a new machine will make you face a long lead-time. Many reasons lie behind it. Sometimes unavailability of parts, shipping delay, or lack of staff can lead to extensive postponements.

In contrast, used Material Handling Equipment is available immediately. From buying to installation, the lead-time is just two to three weeks. On the other hand, the lead-time of new equipment can expand to six months.

#3: Prevent Initial Depreciation

New heavy machines are not at all different from new cars. Once you drive them off the store, their value depreciates by almost 20-40% in the first years. However, when you purchase used construction equipment the initial depreciation doesn’t matter.

#4: Used Machine Holds Its Value

Used machine value has descended already. Still, when well maintained, they can hold their value. In fact, reselling them can get you somewhat closer to your initial value. However, such rates are available only in markets with a high demand for the equipment. So, employ a regular maintenance schedule for this Advantages Of Buying Equipment.

#5: More Flexibility

Purchasing a used machine offer higher flexibility to your company. In fact, for short term projects requiring specific machine going to for used equipment is best. Undoubtedly, buying it is easier and you can sell it once the work complete, with little value depreciation. Contrarily, buying new equipment leads to a longer waiting time. Moreover, the value depreciation is very higher when you sell it.

This is Why Buy Used Construction Equipment is beneficial. From all around the corner, getting a deal on such a machine is best for business with constraining finance.

Moreover, Disadvantages of Buying New Equipment like extensive cost depreciation, buying used equipment seems better.

However, with many benefits, few Disadvantages Of Buying Used Equipment also exist. Only after looking at the Advantages and Disadvantages of Purchasing Construction Equipment used or new, make your final decision.


Disadvantages Of Buying Used Equipment

The advantages of buying used equipment undermine the downside it has. However, whichever machine you buy, looking at both sides should be the key rule.

Next, go through the main Disadvantages Of Buying Used Equipment:

#1: Longevity Matters

Certainly, a new machine lasts longer than a used one. In case you have long-term use of the machine, hold your deal and wait for a while. In fact, for short-term usages Construction Equipment Rental services are good. These are available at a reasonable price and don’t put stress on the expenses of your projects.

#2: Selection and Options

Buying new equipment offers you huge flexibility. You have choices of style, color, model, interior, exterior, and the list goes on. On the contrary, buying a used machine will not get you such a wide range of options. You have to buy whatever color, model, and style, it is available. It is common with industrial warehouses or construction machines.

#3: It’s Tough

Buying a new machine is easier, you have to go through the specification and buy one. On the other hand, buying an old machine is a challenging task. Well, you have to search the market, inspect, and compare. Moreover, you’ve to check if it’s in condition or not. Besides, other factors are needed to be looked at closely.

There were the Advantages and Disadvantages of Buying Used Equipment. Certainly, the advantages of buying used equipment undermine the downside. However, that’s only possible when you purchase the right used equipment.


3 Considerations for Buying Used Construction Equipment

A little mishap while buying used machines can ruin the entire investment. Thus, when purchasing such equipment, looking at some key aspects is crucial to avoid such fatal scenarios.

#1: Is the Seller Reputed?

Research about the reseller of the used equipment. In short, go for a reputed seller dealing with such equipment. One of the easiest ways to do so is by reading online reviews. What’s the opinion of previous clients? Are the reviews positive? How many clients have complaints? What’s the reason behind negative feedback? Only after having satisfying answers break the deal.

#2: Is the Equipment In Condition

It’s the most crucial factor when buying a piece of used machinery. Ensure it’s as per the details were in the advertisement. Also, ensure it works or not, its performance and overall condition of the equipment. The best way to do so is to take your operator for an examination. Certainly, he will offer you the truest opinion about the equipment rather than the seller. Moreover, going through service records can get you a clearer idea of how old it is and how much it can perform.

#3: Additional Expenses

  • Are There Any Additional Removal & Shipping Charges?: where you by the used machine may apply removal or shipping charges? This cost would vary from trader to trader and the buying method. For instance, purchasing it in an action may apply an additional removal fee to ship it from the original owner to your space.
  • Ensure Maintenance & Repair: Used construction equipment would require regular maintenance and service like new equipment. Obviously, for keeping it in condition, it’s mandatory.
  • Check if Any Buyer’s Premium: If you have bought the machinery in liquidation or industrial auction, a buyer’s premium may pertain. Typically denoted as a BP, it’s a supplementary cost on winning bid must be compensated by the winner. For instance, BP can range up to 10% depending on the final bidding cost.

Whether used or new, Buying Equipment Advantages are many. Still, for restraining budget, used construction equipment serves better.

After the closer inspection of the Advantages and Disadvantages of Buying Used Equipment, you might have satisfied in this term.


High Performing Used Construction Equipment in Best Condition

Do you want to upgrade your service range?

Your budget is constraining your wish. Well, purchasing used construction equipment can serve your purpose. While upgrading your fleet of equipment, doesn’t put a financial strain.

Torcan lift, the mega lift dealer Toronto, offers the best deals on the conditioned and high performing used construction machinery.

A new used lift can revive your business by increasing your service line. Besides, it offers unmatchable productivity at project size.

We, with our excellent range of used lifts, attain your entire requirement. From short-term requirements to larger-scale usages, our services meet every kind of demand.

Moreover, we offer new lifts of different models of different ranges. Along with that, our specialized training programs enable operation for the productive and safe operation of both used and new equipment.

Contact us for

  • New or Used Forklift,
  • Scissor lift, and
  • Boom lift

Advantages And Disadvantages Of Buying Used Equipment make it the best deal for a limited budget. Still, purchasing such a machine can be complicated for every business owner.

Consult with our representative to clear out your doubts about handling and buying Heavy Equipment. Reach us @ 416-743-2500 for more.