Whenever a company or business experiences an equipment malfunction, they face a difficult dilemma: Should they repair or replace the machinery? Both actions have their own sets of pros and cons, and industry owners should give careful consideration before making a decision. Let’s take a closer look at several of the key factors that go into making an informed decision.
Analyze Repair and Replacement Costs
Naturally, cost factors heavily into the repair-or-replace dilemma. At first glance, replacing a piece of equipment seems far more expensive than repairing it. However, before companies choose to make repairs, they should determine their expected repair costs. If their equipment requires extensive upkeep, then the repair fees may actually outweigh the replacement fees. Acquiring a new piece of machinery may initially appear more costly, but it could actually be the least expensive option in the long run.
Repair the New, Replace the Old
Age also plays an important role in an industry’s decision to repair or replace their equipment. As machinery grows older, it requires more extensive repairs and costs more to maintain. In most cases routine maintenance and repairs, while certainly very important, can only extend the lifespan of heavy equipment for a limited period of time. After a certain point, the equipment ceases to function, and repairs do nothing more than accrue expenses. When the piece of malfunctioning equipment is relatively new, it may be advisable to simply pay for the repairs since the equipment likely has many years of serviceable life left. With older machinery, however, it may be time to consider switching to a newer model. This is particularly true if there have been technological advancements that offer desirable new features or better efficiency.
Replacing Equipment Often Improves Safety
Safety becomes a crucial point of consideration when dealing with older equipment. No matter how many repairs are made to a piece of equipment, it continues to age and wear down. In addition to being more prone to breakdowns, older machinery is more likely to malfunction and cause injury to workers. Before deciding to repair or replace equipment, industry owners are advised to have their machinery thoroughly inspected. When equipment is deemed potentially hazardous, Polaris can assist industries in acquiring replacements.
Repairing Typically Takes Less Time Than Replacing
Some pieces of equipment are so crucial to business operations that industries cannot afford to wait for their replacements to arrive. When industries are under severe time constraints, they may be advised to secure repairs rather than replacements. There are often no guarantees that a shipment of new equipment will arrive on time or that it won’t take considerable time and effort to install, or even learn to operate. Any of these delays could spell disaster for industry productivity if there was already a limited time line. Equipment repairs are often the best mode of action when the repair can be done quickly and efficiently and industries need to avoid the possibility of delays.
Replacing Can Improve Industry Efficiency
Industry equipment becomes outmoded after a relatively short time, and sometimes a total system replacement is the best way to improve industry efficiency and productivity. Before replacing a piece of machinery, industry owners should determine whether a replacement would be better for business in the long run. While a few simple repairs may seem the less costly approach, an equipment replacement could actually be more beneficial if the new equipment uses less fuel, suffers fewer breakdowns, or offers new features that enhance productivity.
Deciding whether to repair or replace heavy equipment requires more than just light consideration. Many factors affect such a decision, and industry owners should conduct thorough research before choosing an option. Polaris is always on hand to assist our clients by consulting on the best option for their particular situation and also be providing maintenance and repair services for existing equipment or fabrication services for new equipment.