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How do you get better ROI in manufacturing? The answer may surprise you—using used equipment. A steady stream of used equipment could be the secret to boosting your return on investment (ROI) in the manufacturing industry and helping your company grow faster than the competition! Here are 5 benefits of using used manufacturing equipment that can help you make smart investments and business decisions now and in the future. 1) Better ROI Whether you’re interested in a new business venture or simply want to reduce your manufacturing costs, taking advantage of used equipment is a smart move. While used machinery does come with a less-attractive price tag than newer models, it usually provides an even better ROI. Depending on your needs and goals, buying used manufacturing equipment could have many benefits for both your company and its bottom line. 2) Less Risk When you buy used, there’s less risk involved. Since you don’t need to spend as much, there’s no real downside if things don’t work out. It also saves you money on costly repairs because you can thoroughly check before you buyit. This can save you thousands of dollars over a new machine that might only have a minor problem. Better ROI: There are plenty of benefits to buying used machinery and equipment over brand new machinery. 3) Lower Cost One obvious benefit of used equipment is that it is generally cheaper than new machines. This is because companies, often industrial giants like General Electric or Caterpillar, design and build a machine with several years’ worth of production in mind. When demand for those machines drops off, there’s usually some extra units that haven’t been sold yet—which are snapped up by manufacturers looking to save money on pricey new tools. 4) Innovative processes, solutions, products and services More than half of manufacturers say innovative processes, solutions, products and services are one of their top three drivers for growth—but often, these companies don’t have a strategy in place to make innovation part of their business day-to-day. Think about all your processes—how can you innovate them to improve efficiencies? How can you develop better products that will set you apart from competitors? What new markets or sectors could you explore? These are questions that every manufacturing company should be asking itself. 5) Growth Hack To give your business a competitive edge, you should always be looking for ways to improve productivity. The most popular route is to invest in new equipment, which will boost output and lower production costs. However, there’s another way to achieve growth: acquiring used or recycled equipment. This approach can offer similar benefits—but at a lower cost and risk level.