Used Machinery Buying Guide

Used Machinery Buying Guide

By admin | March 12, 2020

Whether you’re starting a business from the ground up or expanding your existing enterprise, buying new machinery may not always be feasible.  The best middle way is to look for a used machine that suits your budget as well as necessity. But how do you make sure that you’re getting the best value for your money when purchasing used machinery?

The process of searching for used machinery is different than that for new purchases. Here are some points to remember if you intend to buy used machinery:

  1. Understand your exact requirements

Consider what type of machinery will aid your projects, increase efficiency, and fit with the dynamics of your existing machinery. Knowing the exact kind along with the attachments, capabilities, and size can help you make comparisons. You can then target the brand and model that fits best with your requirements. There might be more than one option that might suit your needs, so conduct a thorough research and then choose the type of machinery that suits your budget. Analyze your requirements carefully before finalizing your choice.

  1. Inspect machinery history

One critical thing to consider before buying used machinery is its history. Enquire about the company the machinery is bought from. Ensure that the necessary documentation is in place which proves there are no loans. Shop from a trustworthy seller or reliable online marketplace. Some online platforms have the facility of connecting directly with sellers which can help you to ensure the reliability of the machinery. Write down the machine’s serial number or PIN (product identification number) and check with a service dealing with the same.

  1. Thorough performance check

Analyzing the performance will help you understand the present condition of the machinery as well as how well it was maintained over time. Make sure that you do not opt for the machine if the earlier owner hasn’t kept up with the standard maintenance.

  1. Operating hours of machinery

While purchasing used machinery, always check how long the machinery was operated for. While it may not indicate the exact condition of the machinery, but it is a good place to start. It is important to stay away from machinery that is pushing its upper limits, but if you are still keen on buying it, then do a quick cost/benefit calculation as it will help in determining if the money you’re saving on an older machine is going to be worth the additional maintenance cost of taking care of something that may break down more often.Ensure that regular maintenance was being performed on the machinery. A machine that hasn’t been maintained well will breakdown more often and will cause more downtime resulting into a decrease in production speed.

  1. Signs of wear and tear

Used machinery will obviously have some signs of wear and tear but ensure that the damage isn’t anything major. Look out for hairline cracks, rust or damage that may lead to a major machinery breakdown in the future.If you have to repair the machinery, it will be expensive as well as there will be a risk of experiencing increased downtime.If the machine is old, make sure you get as many manuals as possible (parts, maintenance, programming, electrical) so that it is easier to maintain and repair if needed.

  1. Accuracy of machinery

The accuracy and precision of the technology, attachments, and general operation of the industrial equipment should be checked beforehand. If it is compromised, it can lead to errors that impact the project and your business. Operating inaccurate machinery can put your workers’ safety at risk.

Electronica Finance Ltd can help you to see more clearly when it comes to used machinery purchase.EFL Connections is an online platform created by EFL which ensures reliable buying and selling of used or new machinery. This marketplace offers certified used machinery that can maximize your profits as well as make your production more efficient and agile.You can search for machines of your choice from a large variety of machinery in different categories like Machine Tools, Printing, Textile etc. EFL Connections will make sure that you find the right seller and connect with them without any intervention.Register yourself, create an account on this platform for free and find the machinery of your choice.

EFL also offers machine loans on new or used machinery without collaterals through easy and quick process. This loan can fund your need of purchasing machines like VMC, CNC, blow molding, injection molding, embroidery machines, printing and wood cutting machines.

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Electronica Finance
Electronica Finance

We at Electronica Finance are on a mission to simplify the Finance for MSME businesses & to be a Globally Trusted Financial Partner for MSMEs, with a DNA of 'Customer First Approach'.

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