David Morey 
Every business owner wants to save money, and that’s especially true for large purchases, like equipment and machinery that can set you back hundreds or thousands of dollars. Not every product will turn out to be as advertised, and if you’re not careful, you could waste a lot of money. Making smart decisions about large equipment purchases is the best way to get what you need for a good price, without breaking the bank.
Here’s how to do that.
Research The Manufacturer
Saving money on expensive equipment requires more than just finding a good deal. You also need to know that whatever you buy is going to last for as long as possible and not break down right away. Although some companies offer warranties, don’t let that fool you into thinking that’s all you need. Many products are known to start breaking down just after the warranty expires.
Research the manufacturer of any piece of equipment you’re thinking of buying, and find out how often their products fail for reasons outside of a customer’s control. If you look hard enough, you’ll find some real gems. For example, ELSCO Transformers has been making dry-type transformers since 1988, and they’ve never had a warranty issue or failure caused by issues related to workmanship, quality, or materials. Their electrical transformers also have a useful lifespan that’s around double the industry average.
Shop Around
Check as many sources as possible to see what options are available. Even if you’re set on buying from a particular manufacturer because they were recommended by a friend, or you were given some kind of exclusive deal, always look around. You might find a better sale on an upgraded version of what you need, or a better piece of equipment overall.
Don’t Be Swayed By The Lowest Price
While the goal is to save money, don’t automatically assume that something priced the lowest will be the best choice. Many companies price their equipment low to attract more customers, but it can also be a sign of a poorly made product. In fact, you may have noticed that goods are not as high-quality as they used to be even a decade ago. There are far more low-quality products out there, and you’ll need to search to find something good.
Don’t Be Swayed By The Highest Price
Just like a low price tag, a high price tag doesn’t equate to more value or a better piece of equipment.
Manufacturers often price equipment arbitrarily, and to compete in the market, they’ll set their prices in line with reputable companies and drop it just a little. This creates the illusion that their products are comparable to the industry favorites, but when priced just a little lower, it seems like an unbeatable deal.
Don’t fall for this marketing tactic. Price points are easy to manipulate and don’t accurately reflect the quality of the product you’re buying. Always do your research to find out as much as you can about the equipment and the manufacturer before making a purchase.
Always get a warranty
Although having a warranty won’t guarantee your equipment will be any good, you should never make a large purchase without getting one. If the manufacturer doesn’t offer a warranty, that’s a bad sign. If they only offer a short warranty, that’s also a bad sign. You probably won’t get super long warranties, but for a high ticket item, it should be at least six months if not a year or two.
Ask Others For Recommendations
If you can get in touch with other people in your industry, ask them what they use and how much they paid. Most of the time, this is all it takes to get a good deal because reputable companies that produce great equipment offer quality for competitive prices. They can’t overcharge because they wouldn’t make any money. They also can’t get away with making poor-quality equipment because then they’d go out of business.
Be Selective
Purchasing large equipment without overpaying requires research, good timing, and strategy. Taking a methodical approach to these purchases can bring you substantial savings without having to sacrifice quality or function.
Remember that the lowest price isn’t always the best deal. Often, the best deal costs a little more up front because the piece of equipment is easier to maintain and operate, is built to last, and has a higher potential resale value. Ultimately, the more time you invest in researching your options, the more likely you are to find those good deals.
