According to a recent report by Daily Telegraph, Australia has surpassed United States as the country with the highest rate of cosmetic surgeries per capita, with an incredible 500,000 cosmetic procedures performed in 2017.
With demand for aesthetic treatments at an all-time high, and a seemingly endless catalogue of treatment options for consumers to choose from, it’s no wonder providers are constantly seeking out the latest and greatest aesthetic technology to accommodate new markets and growing population. Before you venture into the brave world of aesthetic technology, we’ve compiled a comprehensive guide to buying pre-owned devices to help you achieve the best possible ROI for your practice.
While it is tempting to rush out and buy the latest technology to get a jump on your competitors and be first to offer new treatments to clients, don’t blindly buy into the hype. Buying brand new may prove to be a bad business decision. More often than not, practitioners pay a premium for the privilege of having the latest aesthetic technology, only to discover that the market was not as large as anticipated for that treatment, or the system does not live up to the hype presented by the salesperson. Furthermore, manufacturers often rush new systems to the market before being properly tested. This is why many systems available on the market may often vary significantly in quality and receive very mixed reviews. Moreover, given the rapidly evolving nature of the industry, being an early adopter isn’t necessarily a good thing.
Why buy near-new instead of brand new?
In this industry, it makes much more financial sense to buy near-new or pre-owned technology since systems massively depreciates as soon as they leave the manufacturer. Buying pre-owned means you avoid the costs of depreciation while being able to cost-effectively test how the technology works in your practice. If you find the technology not suited to your practice, at least repayments owed on the device are much cheaper than a brand new one.
Best practice in staying abreast of advances in technology is waiting 18 months to 2 years to purchase a new machine after it is first introduced to the market. Some industry experts even suggest that lasers that are not yet a year old can provide cost savings of 40-50% when compared to brand new devices.