The construction equipment market is valued at a whopping $56.2 billion, a number that will continue to grow. What that means for you is that you’ll also be looking at higher costs for your equipment.
Thankfully we’ve got a solution. Used construction equipment could save your bank balance. Read on to find out why it’s so much better than buying new and why it doesn’t lower your standards or the quality of your work.
1. Less Initial Capital Required
First and foremost, you’ll need a lot less cash upfront. We all know how expensive construction equipment is, but there are substantial price discounts for used equipment. It isn’t even riskier than purchasing new, as many companies will offer equipment warranties.
You can look here to see some examples of how much cheaper used heavy machinery can be while still being as effective as newer items.
2. The Declining Value of Equipment
If there was ever an investment that deteriorated quicker than heavy machinery, we don’t know what it is. The nature of the heavy-lifting and intensive work that this equipment has to do means that it will suffer from wear and tear very quickly.
One of the benefits of used equipment is that it not only lasts for as long as newer equipment but also won’t take such a dramatic nosedive in value.
3. Insurance Isn’t as Expensive
As you can imagine, it costs a lot more to insure that shiny new heavy machinery. That’s because if anything untoward happens, the insurance company will have to replace it with brand new replacements.
The worst part is that these premiums aren’t going down that far over the equipment’s lifespan. This means you’ll be racking up a huge insurance bill that you might never even see the use of.
4. Far More Options
If there are specific pieces of machinery that you require, you aren’t going to be restrained by the limits of whatever is available. You’ll have a whole world of used equipment available to you. The money you’ll have saved by buying used also means you’ll have more purchasing power for this more comprehensive selection.
5. Buy Used Construction Equipment to Suit the Job
With that broader selection comes another benefit. You’ll also be able to buy specific pieces of equipment for specialized jobs. If you had bought new, you might have forced yourself into a narrower set of work.
The best part? You can even sell it once you finish whatever job you need it for. Since you bought it used, the value won’t have diminished dramatically between the work’s beginning and conclusion.
Making Smart Purchasing Decisions
We tend to feel a temptation that lures us toward the newest and shiniest things. More often than not, though, it’s unnecessary when viable alternative options are also far cheaper. Once you see no difference in productivity when you purchased used construction equipment, that’s when it all clicks.
If you’d like some more tips about how to save money without sacrificing quality or productivity, then read more of our blog!