In today's modern-day economy, starting your own dental practice can be expensive. It entails a lot of material investments, most of which go to the equipment – and can even cost your business up to thousands of dollars annually. Being able to cut costs occasionally in the right areas while saving is crucial. Besides, most of this equipment, whether operational or not, can be sold to other practices to recoup costs, which will help purchase new equipment and renew valuable office space. That is why most dental practices prefer selling used dental equipment.
Simply disposing of or ignoring used dental equipment can be disadvantageous for your practice in terms of storage costs, depreciation, administrative frustration, etc. If you haven't considered selling your used dental equipment, you're overlooking some vital benefits. Keep reading to learn the benefits of selling dental equipment rather than disposing of it:
1. Saves Money
New dental equipment is not cheap, and not every practitioner can afford investment. Even if you consider the option for small business loans, you'll still be at risk of problems arising with loan repayment. But selling used dental equipment will undoubtedly save you money.
These savings will also help you buy more advanced equipment that you may need or use in other areas of your practice. Any equipment that no longer serves its purpose should be sold to save you time and money.
2. Reduces Waste
Besides saving you money and the chance to buy more advanced equipment to build your practice, it can reduce waste. After all, where else will that equipment go if you don't sell it to other dental practitioners? And keeping it in storage will undoubtedly cost you.
Rather than storing it and waiting to be scrapped, you could just sell it to other practitioners. Not only will the used equipment serve more people, but it reduces waste. So, it's basically a win-win situation, for every party, including the environment.
3. Tax Write-Off
One of the most significant benefits of selling used equipment is the tax deduction. When claiming a deduction, the IRS (Internal revenue Service) allows a deduction of the original receipt, purchase, or lease for the equipment when you purchase rather than depreciating with time. However, it must be in line with the limits listed under Section 179. Plus, you must start using the equipment in the tax year you took the deduction. The tax write-off is both applicable for new and used dental equipment.
4. Renewed Space in the Office
Dental equipment loses over 10% of its value after 6 months of its initial depreciation from retail. Plus, considering costs for storage and space, it's more of a liability than it is an asset. The earlier you sell your used equipment, the sooner your practice will renew more space for better equipment.
Key Takeaway
Selling used dental equipment is not only important for your daily operations, but it also provides flexibility, consistency, and reliability to your practice, as well as protects the environment. It's also important to ensure you have quality equipment at your disposal to enhance client satisfaction and your reputation. Besides, there's a high demand for refurbished equipment, so you should find someone to buy it.
However, selling dental equipment can be a challenge; there are various issues that arise when offices handle their unwanted equipment. These can include pricing, sourcing customers, and handling sales. It can be exhausting and may add to the practitioner's commitment and busy schedule. In such instances, partnering with a reputable sales company like Tacoma Quick Sale is the wisest option.
Our aim is to provide a fast and seamless process for busy dental professionals looking for solutions for their used dental equipment. So, if you're ready to learn more or sell your used dental equipment, feel free to call us or visit our website.