As a small business owner, you likely have two objectives when it comes to your office technology. You want to save as much as possible on any technology you invest in, but you want to optimize your ROI.
So, why then, is there such a stigma when it comes to purchasing refurbished or remanufactured technology?
With long contract lengths, the current hardware shortages due to chip supply issues and a significant inflation in prices since the beginning of the pandemic, refurbished technology is now more attractive to companies than ever before.
In this blog, we take a look at the pros and cons of buying refurbished technology.
What are the benefits of buying refurbished tech?
Your business will save money: Organizations can save significant amounts of money by simply buying refurbished technologies instead of new hardware. In fact, brand-new equipment can be two to three times more expensive than refurbished. This is likely even higher now with inflationary prices being significantly more dramatic on new machines than remanufactured equipment.
A longer lifecycle: New technology is, well… new. In theory, that means it should have a longer lifespan than refurbished tech.While this isn’t always the case, it’s more likely that a piece of brand-new technology will last longer than refurbished equipment. Although, saying that, refurbished technology is pretty much brought back to a like-new condition, and how long both new or refurbished tech will last pretty much comes down to how well it is looked after.
No long-term contract commitments: With the added pressure of COVID-19, many businesses are unsure of what the future will look like. As a result, the majority of organizations today aren’t looking to get into long-term commitments on their technology purchases. The lower prices on refurbished equipment comes with shorter contract terms that fit better within a company’s budget.
What are the cons of buying refurbished tech?
There are no regulated standards: There are no regulations when it comes to refurbished technology, which does indeed scare away a lot of organizations who might otherwise make the most of this opportunity for cost savings. Regulations come in the form of self-imposed standards, and every seller is different. For example, here at OT Group we have the OT Plus guarantee in which we offer quality assurance over the term of the payment.
What you need isn’t always available: Traditionally, this is a downside of refurbished tech as unlike new hardware you can’t always tailor the specifications to your exact needs or preferences. You may have to wait for the company to get the exact equipment you want before you can buy it. However, saying that, with the IT supply shortages that have impacted the industry this is now the same for new technologies, with wait times and supply shortages often leaving companies having to wait longer for the exact new technologies that they want.
What to consider when buying refurbished tech
Buying refurbished equipment is a great way to reduce business costs and improve your ROI, but at the same time it’s crucial to be mindful of whom you are buying from. It’s important to do your research on the type of quality checks they do on their equipment and the warranties they offer.
Buying refurbished can offer your business huge benefits, but make sure you invest your money in an IT partner that you truly trust.
Do you want to invest in refurbished technology to augment your IT strategy and better achieve your business goals? Contact OT Group today. Our team of Ontario-based IT experts would love to help you do just that.