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3 Options for Labs to Acquire New Technology without Breaking their Budget

Suzanne M. on February 10,2020

Laboratories are constantly evolving and developing new projects that require new technology and equipment. How do small labs and start-ups handle the ever changing needs of their organization for advanced technology if they are unable to acquire additional funding? Alternative purchasing options now available to labs allow for flexible strategies that keep labs solvent and running efficiently in the long term.

 

  1. Rent Used Lab Equipment

While buying new equipment can offer the latest technology available, high quality analysis is often still achievable with older models. Renting used lab equipment saves labs from the liability of instrument break downs and presents a significant cost savings in the event of repairs.

This option also ensures consistent productivity as the organization can constantly be refreshed with new equipment if the rental requires repairs.

  1. Financing Laboratory Equipment

Financing your new or used equipment allows your lab to own the equipment at the end of the loan term. This option gives the organization equity in the instrumentation and works well for labs with verifiable income and labs who will be using the same piece of equipment for many years.

Other benefits of financing to own include getting a tax deduction on annual depreciation as well as tax incentives.

  1. Purchase Refurbished Lab Equipment

Buying refurbished lab equipment offers a significant cost savings often without compromising performance. GenTech certified lab equipment is meticulously refurbished by trained service engineers to perform at or exceed OEM specifications.

However, when purchasing refurbished, it’s also important to ensure that your vendor will be with you at every step. Choose a partner who offers a warranty package, service and support, should you need any service after the sale. Service products to look for include:

  • Service agreements
  • On-site repairs
  • Depot repairs
  • Preventative maintenance
  • Warranty coverages
  • Installation & training support

For more information or to discuss the needs of your lab with a lab solutions specialist, contact us today.