What to consider before buying new equipment

The thumbnail version:

  • The prospect of buying a new piece of equipment is always exciting
  • Excitement should not overshadow planning

The full version:

Governments are bending over backwards to encourage a post-pandemic economic recovery. Regardless of the politics and where you might stand on this, the fact is that the pandemic and the recent supply chain disruption is bound to have created a pent-up demand for all kinds of stuff. And that demand may encourage you to acquire new equipment for the shop.

That being said, it’s well worth re-visiting some of the planning points you should consider in depth before buying into the hype of the equipment manufacturer. Stanley’s encourages you to consider these points because the last thing they want is for you to end up with buyer’s remorse.

So here are your homework questions:

  1. Who will operate the machine?
  2. Will you have to hire more people and will there be a cost of training involved?
  3. What about maintenance costs?
  4. What does upkeep involve (regular services etc.)?
  5. Do you have enough power to run the equipment?
  6. What additional equipment will you need to make the new item run?
  7. Are you going to run into safety issues?
  8. Do you have the space for the new equipment?
  9. What is the depreciating factor? Will you be able to recover your money if you sell it?

Okay, now call Stanley’s.