Problem equipment, should you repair or trade-in?
Equipment and machinery are as important as the gears of a clock, everything can grind to a screeching halt when in need of repair. At such point, consider whether it makes sense to repair the piece of equipment or trade it for new or used versions. Amid rising prices, businesses are relying more on equipment financing to keep their equipment up to date.
The question of repair vs. trade in isn’t one that’s easily answered. Take the following factors into consideration.
- Age, hours, and condition of equipment. Old doesn’t mean bad, consider how likely that piece of equipment is to need costly repairs in the future. Equipment may not be able to be out of commission for extended periods of time if repairs are lengthy.
- Availability of new equipment. Buying new will vastly improve your operations over broken down equipment. New may be more efficient, have lower costs, and use new technology.
- Changes in your operation. If your operation has outgrown the need of repairs, buying new or used is better suited to handle increased workload. If your needs have decreased and not likely to increase; buying a smaller piece of equipment that costs less to operate is a better option.
- State of industry market. Every industry fluctuates affecting the cost and availability of equipment and the decision to buy new or replace.
You find it, we can fund it.
Ensuring your operations cash flow is essential to be able to take advantage of deals and opportunities when it comes to equipment and more. The used market is booming, even when it comes to older equipment. If you find it, we can fund it. We work with a variety of equipment suppliers including direct dealers and manufacturers, up for bid at an auction, or for sale with a private party, offering you flexible financing capabilities that adapt to your evolving needs. We will consider financing most assets, review our used equipment age guidelines. Reach out and we’ll provide the right lending solution to get you the best deal fast – new or used – before it’s gone.View All News & Views