Equipment Appraisal Blog | Understanding Machinery Appraisals

Handling Department Upgrades through Testing Equipment Appraisal

Posted by Equipment Appraisal Services on Tue, Oct 11, 2016 @ 11:30 AM

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When you work in academia, you often have a lot of older laboratory and testing equipment taking up space in your facility while having to scrimp and save for that great updated equipment that your department really needs. How do you free up space while raising the money for upgrades without leaving money on the table because you're not sure of your equipment's value? The answer: a testing equipment appraisal.

How a testing equipment appraisal helps when handling department upgrades

  • It tells you the current value of the equipment. Sure, that spectrometer was a serious investment in the 1970s, but does it still have any real value? Our equipment appraisers know what your equipment is worth now, so you can make smart decisions about what equipment should remain in use and which pieces should be retired. A piece of equipment that still provides significant use to your department that has retained a higher resale value would be a better option to hold onto than piece of equipment that has been dormant and has very little resale value, which can be sold without fear of having made a poor decision.
  • It helps you set a fair price for the testing equipment you need to sell. Without a good equipment appraisal, it can be very difficult to determine exactly what value fits the equipment you're considering selling. Are you asking for too high or too low of a price? If you let this interested buyer walk away because you think they may be offering too little? When you're in negotiations on a piece of equipment, being able to pull out a machine appraisal that backs up your asking price helps ensure you're on solid ground for the negotiating phase of the sale and that the interested buyer is more likely to come around to your figure.
  • It can help you determine when lab machinery needs to be replaced. One area of an equipment appraiser's report that is commonly overlooked is the estimated remaining lifespan. Because a well-qualified appraiser who specializes in machinery and equipment works with those types of machines on a regular basis, they can often make a good general estimate of remaining useful life on your lab testing equipment based on history of very similar machinery, wear and tear, signs of abuse, the conditions it's being kept in and many more factors that come into play. This is especially important as it allows you to plan ahead for estimated replacement dates. Though the dates are not set in stone, they can act as a handy reference point to plan around, especially for expensive equipment.
  • It provides solid proof of equipment values beyond simple conjecture by people in your department. When you need to justify getting rid of older equipment, having equipment appraisals that hold up to strong scrutiny in legal, insurance and financial sectors can mean the difference between a simple piece of paperwork and an academic department politics falling out of epic proportions with long-lasting repercussions long into the future.

By having a quality testing equipment appraisal performed on your older equipment, you can best use your department's funds where it's most needed.

Tags: testing equipment appraisal