This is the third and final installment in what was originally a 2-part tip on how to avoid losing money and help set you up for trade-in success.
The first two tips in this series highlighted the benefits of first establishing the price of new equipment without any trade-in factored in, and then secondly, separately determining the market value of equipment you are considering trading-in. This is the best way to make the most informed decision and avoid losing money by trading in equipment for less than it is worth.
In the end, after taking these steps, you may decide the best option is to not trade in your equipment. However, if your approved budget for the new equipment purchase assumes the trade-in value is factored in, you may face the roadblock of having to request additional funds before going ahead with the purchase.
Request funding for the full cost of new equipment without a trade-in. This will give you the most flexibility to decide whether to trade in equipment when you are ready to make the decision. If you don’t end up opting for the trade-in, you’ll then have enough money approved to complete the purchase even if you decide to sell or keep the old equipment.
Most hospital CFOs won’t be upset if you end up spending less than the approved budget. Build in the flexibility you need to make the best decision, and budget for no trade-in to increase your flexibility. More savings, less hassle.
If your hospital already subscribes to EVMS, you have access to the best information available to benchmark and verify the value of your trade-in.
If you’ve never used our Equipment Value Management System (EVMS), we would love the opportunity to show you how to know with certainty you’re getting the best price and maximize savings for your hospital. You’ll quickly understand what makes our data and technology better, and how EVMS can find you more savings than any other solution available.