A Budget Guide To Buying Business Equipment
Want to reduce business equipment costs? Whether you need to buy office furniture or heavy machinery, the following the tips can help you to make buying business equipment more affordable.
Used machinery is likely to be much cheaper than new machinery. The internet is a good place to look for this machinery. You’ll find everything online from used computers to used cranes for sale. Obviously, you need to be wary of the condition before you buy – if possible always inspect the equipment in person. If this isn’t possible, make sure that enough photos are supplied by the seller and don’t hesitate ask about the condition if the photos don’t make things clear. Try to keep an eye out for company closures as this can be a great of getting used equipment for cheap.
Hit the sales
If you’d prefer to buy equipment brand new, you may still be able to save money by taking advantage of sales. The January Sales and Black Friday are two great times to save money on business equipment. Meanwhile, there could be sales on specific equipment throughout the year. For example, computers tend to be on sale in August whilst outdoor power tools are cheaper in winter. Sales usually only contain discounts on previous models and not the newest model – that said last year’s model could still be just as efficient.
Consider financing options
If you don’t mind getting into debt, it’s always possible to buy equipment on a loan. You will end up paying more in the long run due to interest charges, however you could pay less upfront. Many companies buy computers and industrial machinery on finance simply because it’s often very expensive to buy this equipment upfront in cash. Make sure to compare financing options in order to get the best deal – interest rates and instalment amounts may all vary. You’ll likely need a good credit score to buy equipment on finance, especially if you want to get the lowest interest rates.
Look into leasing
You may not need to own machinery at all – leasing could allow you to simply rent the machinery out on a monthly basis. This could be useful when it comes to expensive machinery, although you will have to ensure that it’s kept in good quality until the end of its lease. You can often end up spending more in the long run to lease machinery so bear this in mind.
Hire equipment short-term
There may be equipment out there that you can simply hire for a couple days. This could be a sensible option when it comes to equipment that you may only get a single use out of such as specific tools or business events equipment. Going through a hire company could give you access to equipment that you might not otherwise be able to afford were you to buy it – many hire companies stock only top quality equipment.