The decision to bring manufacturing operations in house is a critical one complicated by myriad potential risks. However, acquiring the optimal manufacturing equipment can result in streamlined, efficient, successful production that can translate into substantial profit. Once the decision to acquire equipment is made, the question of whether to buy new or used equipment arises.
Since the cost of new equipment can be prohibitive for some companies, the most compelling reason to buy used rather than new equipment is the lower costat least initially. However, used equipment lacks the valuable warranties, support personnel, and tailored specifications of new equipment purchased directly from its manufacturer. Such resources make the purchasing and implementation experience less harrowing and offer safety nets if problems arise.
Companies willing to hazard the potentially serious risks of in-house manufacturing in pursuit of its potentially valuable rewards must therefore carefully weigh the pros and cons of buying new versus used equipment.
Read the full article in INSIDER's Equipment Digital Pulse.