Originally posted by Mark Gulbrandsen
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Yes, there is the cost of parts and supplies plus tools and equipment. You also have to consider the dollar value of a person's time to do the work. I agree that, in some situations, it might not be worth it from a monetary point of view, especially if you believe that improvements might be small.
If you are running a business strictly from a financial perspective, especially a corporate one, it might not be worth it. You could probably buy a new piece of equipment, instead. If you look at your business as a service where you are providing something for the community in return for being paid a fair price, you might go the other way.
Look at it this way... Are you the kind of person who fixes up his old car and takes pride in taking care of it instead of buying a new car?
I would rather be the guy who drives a classic Corvette that he has restored himself. It brings a sense of ownership and pride that you can't get when you buy a new car.
I'm not saying that I wouldn't consider which path to take. Depending on the situation, I might not do the work.
I'm only saying that there's more to the decision that just bean counting.
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