Deciding between repairing or replacing industrial equipment is certainly not easy yet it is an inevitability. There is no clear answer as to whether replacing or repairing is prudent. The decision a particular business owner or manager makes will hinge on the unique circumstances of his operation as well as the equipment in question. There are distinct advantages and disadvantages to replacing as well as repairing. The decision to repair or replace should not be made in haste. Rather, this decision should be made after extensive research and consideration has been performed.
Consider the Costs
The most important factor in determining whether to repair or replace industrial equipment is cost. Perform an extensive, in-depth analysis of the costs of each option before making a decision. Though replacing equipment might seem egregiously expensive, a sequence of repairs could end up costing more in the long run. Some pieces of industrial equipment turn into money pits that require seemingly endless upkeep and costly repair fees. In the end, replacing a machine might prove to be the most economically efficient decision.
Replace the old, Repair the New
In general, it is prudent to repair newer pieces of industrial equipment and replace older pieces. The logic behind this statement is that older machines tend to require frequent repairs. It makes financial sense to repair newer machines as a substantial amount of money was recently spent on their purchase. It is more likely that several serviceable years can be provided by a newer machine than an old one. When in doubt, consider whether advancements in technology will provide improved efficiency or specific features that lead to cost savings. If new machines provide such benefits and it appears as though these improvements will make a positive impact on the business's bottom line, replacement is the best option.