Things to Consider Before Purchasing Used Equipment

Used equipment can be an excellent way to save a substantial amount of money. That said, it’s not the right fit for every institution.

Before you buy used, it’s important to ask yourself:

Can your financial institution afford to pay out-of-pocket for repairs not covered by warranty?
While most used equipment includes some kind of warranty, it typically will not match that of the OEM’s. Consider the potential expense of repairs, or even replacement, against the cost of a new item.

Will the equipment be used in view of customers?
Currency and coin counters are often “backroom” items and their visual appearance isn’t critical, while, for instance, ATMs are used by customers.

A well-functioning ATM that looks scuffed and worn sends the wrong message to your customers and shouldn’t be purchased.

Will this equipment get a high level of use?
Used equipment can be a great fit for low-volume or infrequent use. But for equipment that will get a lot of wear and tear, new might be a better choice: You don't want to spend the cost difference on frequent repairs.

What other equipment does the machine need to interface with?
Technology can have a short lifespan. If you need your equipment to interface with the latest technology in your institution, you're probably better off opting for new equipment.