Buying New Equipment, FAQ’s
These FAQs cover a large area of specialised, technical areas of Buying Equipment. As no two situations are the same, only the basic position is outlined. The answers do not provide a complete or authoritative statement of the law, nor do they constitute legal advice by the author. The information provided is only a snapshot: it does not create a contractual relationship nor does it form part of any other advice, whether paid or free.
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Q. Should I always buy new equipment?
A. If you are new to the business, never buy new equipment until you are absolutely certain that it will do the job for you. Having in my early days been told that a certain piece of equipment was all singing and dancing, and the answer to all our problems by the salesman. I bought it, to find that it failed at every crisis point and eventually ended up in the store room, along with several not so expensive other pieces of equipment. Everyone that comes to your backdoor is out to sell you something, especially if you have a lot of old or well used equipment. Be careful.
Q. How do I find out about new and latest equipment?
A. Check our list of equipment suppliers and others to see the latest developments. If you do buy ensure you have a warranty and if it requires installation a possible trial period. There are many things that can go wrong, like water and gas pressure, low electricity power, it may require a three phase electricity and it has been converted to single phase and blows all your fuses.
Q. If I buy new equipment will I get a warranty?
A. You should get a Warranty, if it is only 28 days shop around for a better deal, they all need to sell equipment, don’t let a discount reduce the warranty.
Buying USED Equipment.
Q. Why should I need used equipment?
A. Used Equipment can save you a considerable amount of valuable capital, especially if you are undecided about which type of equipment you actually need to do a job. If it is in reasonable order, you can then buy the latest version and know that it will do the job, you can either part exchange the used one or sell it on.
Hired or Leased Equipment
Q. Why should I hire or lease equipment?
A. If you are unsure, whether you need a specific piece of equipment, it gives you aq chance to try and use it over an extended period, you might also take an option to purchase at beneficial terms. Leasing equipment saves your capital and can be tax beneficial, since leasing is allowable against tax, but check with your accountant before you decide. There is absolutely no point in taking a tax beneficial system if you are not paying sufficient tax to qualify. Your accountant should advise you on your capital expenditure or any leasing agreement.
These FAQ’s are for your guidance, more complex or specific issues, you may or will need to consult a specialist.
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