When a vital component breaks down the question arises that inevitably arises is how you should replace it. Repair, buy new or go for a remanufactured part? To make the right decision for your business it’s vital to understand how three options seek to solve the same problem.
Buying a new part could be your first instinct when something breaks down; after all you want something that works, has a warranty, and is guaranteed to fit your truck. A new part will also come with the latest technology, have the longest life expectation and work efficiently. But it will also mean a higher price tag and you will have to evaluate how this will impact your operating costs and total cost of ownership of your truck.
When you repair a part, the malfunctioning or worn component gets replaced while the rest stays the same. And if the part is beyond repair, your workshop will use parts from another vehicle to replace the component. While repairing can save you money it’s good to be aware that this means part of your equipment will be fixed while the rest remains the same. While whatever is still functioning might look good it could still have problems not visible to the eye causing the equipment to break down later. Repairing also almost always comes with certain downtime as the truck will have to be in the workshop for a while.
Then there is remanufacturing. Before considering whether this is a right option for you it’s important to distinguish remanufacturing from rebuilding a piece of equipment. Remanufacturing is a standardized industrial process in which worn-out parts are returned to a condition that is as good as new in technical specifications and performance. When we remanufacture parts at Volvo Trucks this process includes dismantling, cleaning, re-machining, assembling and testing the equipment. The process is much like the original manufacturing process, except that some of the components have had a previous life.
There are a few reasons why a remanufactured part might be the right investment if you are facing the breakdown of a critical component. The most obvious is of course the lower cost compared to a new part. When you buy a reman unit, all parts will be updated with the latest technology, as opposed to purchasing a new transmission that may have been sitting on a shelf for months.
Quality is another plus as remanufactured parts meet OEM standards for performance and always comes with a warranty. Last but not least, a remanufactured part also has much lower impact on the environment as a lot less raw material, energy and water is used in the production process.
At the end of the day what purchase strategy you decide on will depend on the specific needs of your business. If remanufacturing is indeed something you are considering, feel free to download my guide that covers: