Upgrade, repair or keep running?
There is a point where the old machine costs more than the new one. Here is a way to find it.
Put the old equipment on the table
Add up what the equipment cost you over the last twelve months: repairs, servicing, downtime (hours lost times what an hour earns), fuel or power. Compare that with what a newer item would cost to run and to finance.
| Line | Keep the old | Replace |
|---|---|---|
| Repayments | Possibly none | New commitment |
| Repairs and servicing | Often rising | Often lower early on (check warranty) |
| Downtime | Unpredictable | Usually lower |
| Capability | What it does today | Jobs you can now take on |
| Sale value of old unit | Falls with age and hours | Offsets the cost |
Does the new gear earn more?
An upgrade is easier to justify when it opens up work you currently turn away or cuts a cost you can measure. It is harder to justify when the main driver is that the old one is boring.
Don’t forget the old gear
If you still owe money on it, you will need a payout figure first. Selling privately is one option; you can list used equipment on Anything Marketplace. A trade-in is another. Compare what each puts in your pocket after the loan is cleared.
Plan the funding
Work out what repayment the new item can carry from the work it brings in. To explore finance, start an enquiry. General information only; subject to lender criteria and approval.
Want to see what options might exist?
It is free to enquire and there is no obligation. Any finance is subject to lender criteria and approval.