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Part 3: Financing and Warranty Considerations

Choosing the right financing

LaserTrade is able to advise on financing options that are available through our relationships with various financing companies. In general terms though, there are usually three ways to pay.

  1. Cash: The ability to buy quickly in cash can give you extra leverage when negotiating a discount.
  2. Credit card/PayPal: These afford the protection of being able to dispute transactions.
  3. Leasing: Leasing often means lower upfront costs but usually also means higher rates of interest. You will usually also need to personally guarantee the purchase which basically means you are in fact buying. You usually also can’t break the lease without penalty. If you choose this option, make sure to review the lease agreement closely for pay-off terms. There are usually tax breaks available through leasing but discuss these with your accountant. Leasing also gives you the opportunity to test run different devices or new procedures in your practice. But take care not to collect leases which don’t deliver ROI for the term of the lease.

Warranty considerations

Unlike new machines, used laser devices no longer come with a manufacturer’s warranty and are usually sold “as is”. However, you should be able to negotiate a short warranty (up to three months) with your seller.

When your device needs repair, every day it is out of action represents lost business, so you want to get it repaired asap. But warranty premiums can be very high and sometimes, you’re simply better off buying a used machine and paying the expenses of maintenance yourself, rather than buying brand new and having the luxury of a manufacturer’s warranty. Some experts even suggest that buying an inexpensive backup system is an even better way to go than buying new with warranty.

Finding a third party service company

LaserTrade can also help you source a good repair company well before your device needs repairs. You likely won’t be able to rely on the manufacturer to repair it – they usually only conduct repairs on those who have purchased brand new. When you buy new, the manufacturer usually provides a repair plan in the form of an annual service contract which can be costly. But buying refurbished means you generally need to rely on a third party service company for any repairs (once any short term warranty expires). The good news is they usually don’t require the same kinds of contracts as manufacturers. Instead, they charge when you need them to perform repairs on an as-need basis.

To source a reputable third party repair company:

  • Identify 3 or 4 companies specialised in repairing your device.
  • Can they provide you with 5 or 6 recent customer references?
  • Are the service company’s repair technicians manufacturer-certified?
  • What laser devices and models can they repair?
  • Can they source parts for your machine or are they kept in stock? It can be extremely difficult to obtain parts like laser fibres and dye kits – which are usually unique to each device.
  • Do they have diagnostic software from the manufacturer for troubleshooting purposes?
  • What are the most common repairs the device requires?
  • What is the ball park cost of fixing most common issues?
  • Can the company offer a third party extended warranty on the laser? How much does it cost and what does it cover?
  • Can they do afterhours or weekend repairs?
  • How many trained technicians does the company have?
  • Is there a 24 hour contact number?
  • How long does it take on average from time of complaint until repair completion?

These machines are complex. Sometimes finding the right parts or undertaking repairs can take longer than expected, so it makes sense to ensure you have sourced a reliable local company. Your seller may be able to advise you on the best repair company or specific technicians who are experienced in repairing your laser.

 

Next: Choosing the right used laser for your practice

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