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New or used equipment: What’s your best option?

When deciding to purchase equipment, you will need to decide whether you are looking to buy new or used. Doing your research can help you work out which machine meets your needs in the long run.

When it comes to buying equipment, it’s easy to get excited at the thought of owning the latest model with the ‘latest and greatest’ features. However, if you are considering an older model then a used machine might work for you.

Here are some tips to help you decide:

Buying New

There’s nothing quite like the feeling of owning a brand new piece of equipment  – not to mention the new smell.
With new equipment, you can choose a model with the most suitable and latest features, obtain a new manufacturer warranty that typically lasts between 3-5 years and, depending on the dealer or manufacturer, you could benefit from included servicing. You also get to choose which optional features you want on your equipment. In short, you can get the features you want, and the new warranty can also provide you peace of mind.

New equipment also tends to break down less than used equipment. If serviced according to the manufacturer’s requirements, they could remain mechanically sound for the first few years with very few problems, especially while under warranty. The downside is that brand new machines can quickly lose significant value due to depreciation within the first few years. Depreciation rates can vary depending on the make and model of the equipment.

Buying Used

As long as a machine has been looked after and regularly serviced, you might also consider buying secondhand equipment.
If the machine is only a couple of years old, it might still have a valid new manufacturer warranty.

A downside of buying used equipment is that you’ll generally have to take the unit ‘as is’. There are usually many used machines available in the market, so take your time looking and you’re likely to find one that meets your needs.

You can choose to purchase a used machine from a licensed dealer, through private sale or via an auction.

Private seller

Buying from a private seller may carry certain risks. Here are some things you can consider:

  • Review the logbook and certificate (if applicable)
  • Review the current certificate of registration (if applicable)
  • Arrange for a mechanic to inspect the equipment and prepare a report
  • Confirm that the person selling the equipment is the owner
  • Test the machine at fast and slow speeds/operational standards
  • Check if money is owed on the equipment or if it has been written off or stolen by doing a PPSR check.

If you’re considering buying used equipment at an auction, it is important to note that the equipment is not usually covered by a dealer guarantee and normally you can’t take it for a ‘test drive’. So it may be a good idea to arrange for an independent inspection prior to the day of auction.

Many factors can influence your buying decision, and while each make and model can appeal differently, knowing what you need the most is key in helping you decide whether to buy brand new or secondhand.

Source: Pepper

 

Contact us if you are looking at purchasing equipment for your business and we can help explain all of the options that are relevant to you.

Phone:  07 4639 1011 or submit an enquiry

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