The decision to finance equipment must address one key decision: new or used?
Every business owner evaluates the pros and cons of new versus used equipment. But, every business owner isn’t an equipment financing expert.
To help in making the decision of whether to buy new or used equipment, we turned to other business owners and equipment financing experts for guidance.
Here’s what they had to say about new vs. used business equipment financing.
Low Financing vs. Overall Less Expensive
This is up to the business owner. Sometimes if you purchase new equipment, the manufacturer will offer 0% down or very low financing. The benefit is new equipment at a very low financing cost. Used equipment has its own benefits as well. It’s likely going to be much cheaper than new equipment and even though the financing cost will likely be higher, the savings between buying new vs. buying used could outweigh the financing cost.