5 Tips for Acquiring New Equipment
If the time has come and you have to bid your favorite vacuum truck or piece of equipment farewell, and you have to start the process of finding something new to replace it, there are certainly some tips to keep in mind that can help make your decision a little easier.
We know that purchasing a vacuum truck is an investment, and it will literally be the lifeblood of your business. With a purchase of this magnitude and ticket price, it is all the more important to do proper research and shop around rather than just opting for the first item you see.
Tip #1: Review the financial impact
When it comes to acquiring equipment, you have three major options: buy, rent, or lease. So which one is right for you? Of course, this boils down to what kind of risks you are willing to take. This is more than just choosing brand ‘A’ versus brand ‘B’. There is a bigger picture at play here, and that’s being financially conscious.
Consider what the end game for your equipment is. Do you just need it for a job every once in a blue moon? If so, consider renting. However, if it is going to be a tool you will need day in and day out, then you should consider buying or leasing.
Also, keep the technology component in mind. Is this a piece of equipment that is a revolving door and always changing? If so, it might be best to lease for the time being and wait to purchase until the newest model is released.
Tip #2: Take a step back from your emotions
It can be easy to get sentimental about a piece of equipment that breaks down for good, or even loyal to a specific brand of chassis. However, when it comes to business, it’s best to keep our emotions in check, especially for the sake of our finances.
If this can be a challenge for you, take a look at data and analytics. While you may feel an attachment to an outdated piece of equipment, it could be hemorrhaging money if you are constantly having to stop in the middle of a job and repair something or drop it by the shop every other week.
Acquiring new equipment can be a balancing act. You need to ensure three primary things: that you have the right tool for your job, that it has the proper financial impact on your business, and that you have good support from your dealer.
Tip #3: Communicate with your partners
When you are meeting with a dealer, communicate what your needs are. Talking through those pain points is the quickest way to make sure that you have everything you want and need about your next piece of equipment. After all, a huge rookie mistake is buying too much or too little machine for your business.
When you see the words ‘vacuum trucks for sale’, know that they are not all created equal. They are available in various chassis, tank sizes, add-ons, and so much more.. Don’t settle for equipment you don’t want – utilize your resources!
Also, be sure to talk with others within your office. Equipment managers need to have conversations with other employees as well. Include any finance managers or repair technicians in the discussions. After all, they’re going to have some highly valuable input that may sway what final decision you make.
Tip #4: Look at the long-term
When it comes to capital expenditures, you have to keep the long-term in mind. Planning for purchases such as these helps to alleviate the urgency when they do crop up. When we’re in a hurry, we tend to panic or buy the first thing we see in order to fill in a gap.
Of course, unexpected breakdowns or accidents can occur, however, it is best practice to monitor various components of your equipment. Routine checks can help give you an idea of just how your vacuum truck is running, but also maintain an eye on other elements, such as mileage and oil changes.
Barring an accident or some other unavoidable incident, the lifespan of a piece of equipment is relatively predictable, and having a plan in place will be instrumental in minimizing debt and better monitoring cash flow.
Tip #5: Review the warranty
Just like with a computer or appliance, having a good warranty for your equipment is very important. Undoubtedly, issues will occur after the first year, and you need to be aware of what all is covered beyond that point.
It might seem minor your you may brush it off as a future concern. However, warranties need to be reviewed at the time of purchase. This is the best practice to make sure that you are getting everything you need and want out of a warranty. After all, the more technology on a piece of equipment, the more electrical issues that are bound to occur.
Make Your Next Purchase at Flowmark
When you’re ready to add the newest addition to your fleet, make sure it’s an an American-made, high-quality vacuum truck from Flowmark. When you operate a piece of our equipment, your business becomes a part of our business. When we put our name on a product and you purchase it, that means something to us.
That is also why we want to provide continued support even long after you’ve driven off of our lot. Since everything is made in-house at our Kansas City location, we know our trucks inside and out. If you need a replacement part, we have a comprehensive and easy-to-use parts store that makes it simple and quick for you to get what you need and back on the road in no time at all.
Contact us today for a free quote! Because we know that time is money and it’s important to get things done as quickly and effectively as possible, we guarantee an estimate delivered to your email even before you’re off the phone.