Purchasing a new piece of construction equipment is no small task. To make the best decision for your business. It includes evaluating the cost of ownership versus renting. This infographic helps assess whether renting or buying is right for your business.
Know Your Needs
When evaluating whether renting or buying is the right choice for your company, there are many factors to consider. For instance, purchasing may make more sense than renting if you will be using your equipment for most working days in the foreseeable future and have sufficient storage space to keep it in good condition.
Consider the typical job site conditions where you would be operating your equipment. For example, if the environment is cold or wet, you will likely want to purchase equipment with an enclosed cab. The terrain type will also determine whether you need tracks or wheels on your machines.
When inspecting a piece of equipment, look for the operating hours on its engine. The lower the number of operating hours, the better. Additionally, pay attention to the machine’s exhaust. Blue, black, or white smoke could indicate the engine overheating. It is a sign that the equipment needs servicing or replacement parts.
Know Your Budget
It’s important to comprehend the costs of renting and buying construction equipment for sale Bronx NY, regardless of your decision. It comprises the initial purchase cost, the financing terms, maintenance and repairs, shipping, insurance, etc.
It’s also important to know that reputable used equipment dealers l offer warranties and preventative maintenance plans for their machines. It gives you peace of mind that the used construction equipment you’re purchasing is in good condition.
In addition, buying used equipment saves time because training is less difficult and more efficient when your staff already knows how to operate the machine. It is a big advantage over new equipment, which requires extensive training for each operator. Finally, buying used equipment helps you avoid significant depreciation within the first year of ownership.
Know Your Options
When companies decide to buy construction equipment, they must make many decisions. One of the most important is whether to purchase new or used machinery. Another is what financing options are available, which can significantly impact the cost of buying a piece of equipment.
Buyers should pay close attention to how the equipment starts and operates during an inspection. Any blue, black, or white smoke from the engine could indicate problems with cooling systems, filtration, or fuel systems.
A company should also take the time to assess the total costs of renting or owning a piece of equipment. It includes the upfront price, maintenance and repairs, insurance, transportation, and storage. By carefully analyzing each option, a company can determine whether buying or renting is the best choice for their business. It will help them make an informed decision that will save them money in the long run.
Make Your Decision
Once you know your options and have a good idea of what you need from a piece of equipment, you can decide. It is when the process of buying construction equipment starts getting fun. You can apply your evaluation criteria to a shortlist of available machines, and you may want to weigh them according to what is most important to your business (e.g., brand reputation, North American manufacturing, or price). Then, you can head to the dealer to try out your potential new machinery. Typically, dealers will set up areas for testing and bring in equipment operators to give you a real-world feel of how the equipment works. Then you can make your final decision, and if everything looks good, you can sign the deal. Some dealers will let you do this in person, while others, like Finning, have sales specialists happy to finalize over text.