Procurement decisions for inspection equipment are often made heavily based on the initial purchase price instead of the effects of inspection cost, equipment calibration and utilization over the lifetime. Cost of ownership(COO) models that take into account all of these cost factors together have been developed focusing on a single quality characteristic. In modern manufacturing environment, inspection equipment often can deal with more than one quality characteristic simultaneously. In this paper, we propose the revised COO model for the economic evaluation of the inspection equipment that can accommodate multiple quality characteristics. We also employ an engineering economy model to compare equipments with different life span. Software is developed for handy comparison of the COO of alternative equipments along with sensitivity analysis far the optimal procurement decision.