The 3rd Year – Questions to Ask
For Gym Operators
The 3rd Year – Questions to Ask
Typically the third year of ownership is the ideal time to ask some important questions about whether this is the year to upgrade to the latest models.
With more moving parts, higher use, and cyclical technology innovation, cardio equipment has a more frequent replacement schedule than strength equipment. Here are some questions to consider about your Precor cardio equipment:
My equipment looks fine; do I need new models?
Commercial cardio equipment typically lasts about three to five years, depending on usage, maintenance and service. Treadmills can endure up to 50,000 miles of running, and other cardio equipment up to 12,000 hours of use. Regular equipment rotation, diligent service, and maintenance may extend the life even further. However, if cardio is a popular choice among your exercisers, it may be time to consider a refresh.
If I traded in my equipment, would I get any money for it?
Precor trade-in values are among the best in the industry and are one of the most sought after product lines in the world on the used equipment market. The residual value of Precor cardio equipment is at its peak after three years. Depending on the condition of your equipment, you may see a high return.
Are the new models of Precor cardio equipment significantly better than my models?
Yes. Precor cardio equipment reflects innovation in several areas, including unique motions, ease of maintenance and service, and console technology. Likely the innovation that has occurred during the three years since your last purchase would benefit you in reaching your goals of attraction, retention, operational efficiency, and finding sources of additional revenue.
At this point, doing a market analysis of your competitors is a good idea. Newer models may tempt your members to make a switch to a different facility.
Should I purchase a service agreement on the equipment?
Yes. The standard warranty on your equipment covers two years on parts and one year on labor. An extended warranty covers both parts and labor warranty for three years. Deciding to extend the life of your equipment with a service agreement will mitigate your liability and out of pocket costs. Precor has a variety of service options that will help you keep your costs low if you decide to stay with your current equipment for a few more years. We suggest doing a financial analysis – what’s the ‘bigger bang for your buck,’ supplying new equipment to your exercisers or repairing 3-year old equipment?
Regardless of whether you decide to upgrade your equipment or not, Precor has resources available for you to get the most out of your investment. Talk to your sales representative or visit precor.com/education to see how we can help.
Ultimately, the three-year mark for cardio equipment is a crucial point in your business. Today is the day to evaluate what makes the most sense for your facility, your exercisers, and your bottom line.
Our experienced field team is able to provide additional information and insights if you have specific questions.
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