Buying New vs Refurbished Oilfield Equipment
Whenever you’re purchasing oilfield equipment, you want to get the best deal possible. But what does the best deal look like to you? Based on your purchasing criteria buying new or refurbished oilfield tools could be the right direction.
The Pros of New Oilfield Equipment
Purchasing new equipment means you are leveraging the best versions of their products the manufacturers believe they’ve come up with. Meaning you’re getting the most reliable and optimized tool in their line yet. Many of the improvements come via feedback from the field.
Some tools are also easier to service based on their design like the EZY Torque Hydraulic Cathead.
New equipment may also have a return policy if you decide you’re unsatisfied with the product. See our return policy here.
When you purchase new oil rig equipment, finding supporting accessories and tools can also be easier as you’re not dealing with legacy products.
The Pros of Refurbished Oilfield Equipment
Yes, cutting down on capital costs is an effective way to compete in the industry and even scale up your rig fleet. And beyond the lower upfront expense, most reputable refurbished sellers offer a warranty, so you are less likely to expose yourself to immediate risk.
If you have a specific tool you’ve used successfully on the field and just need to replace, refurbished can also help your budget based on the supplier’s refurbished piece. They might even let you rent their equipment.
Depending on how much use the equipment has gone through, you can luck out and acquire tools that are nearly new or very lightly used. Before buying, check with the supplier to see why the equipment was refurbished.
As you compare and shop new versus refurbished, map out a four square matrix. It can help to visualize your priorities and purchasing criteria.
Quadrant 1 is features or benefits that would be nice to have, but not completely necessary.
Quadrant 2 is your must-have criteria. If a piece of equipment aligns with everything here, it’s a much easier yes.
Quadrant 3 is your deal breakers/red flags and simply aren’t a good fit for you.
Quadrant 4 is something you know is necessary but not necessarily something top of mind when out on the field such as a product warranty.
Questions to Ask When Shopping New Versus Refurbished Oilfield Tools
When inquiring and shopping for comparisons on oilfield tools ask:
How does the warranty for refurbished equipment compare to new?
Why was this specific tool refurbished? Was it used for one project and then returned?
What does the refurbishing process look like for tools?