By Davies Hood, Induron Executive VP
When you shop for something, whether it’s peanut butter or a Porsche, you want to know what it costs, right? In today’s uncertain economic times, price points and cost are becoming more and more important in everyone’s purchasing decisions.
Valve Magazine recently published an article entitled “Back to Basics: Life-Cycle Costing,” that gave an interesting angle on tools used to assist this process. This article astutely points out that there is more to the true cost of an item than just its sales price. Other factors that affect the total cost are the cost to install, maintain and repair and sometimes even dispose of the product.
Since Induron makes our living selling industrial coatings that ALL have to be applied and have 15+ year life expectancy, a true life-cycle cost is important for our customers to understand. Although there are some variables that eventually creep into all life cycle cost calculations, its validity as a decision-making tool is much closer to evaluating the true cost of a product than initial cost alone.
So take a look at an item’s true cost when making any purchasing decision. You may find that an item is much more expensive – or even much less expensive – than you originally thought.