Is used equipment worth it?

Is used equipment worth it?

Large construction equipment is vital to any industry that requires complex tasks to be carried out with precision and accuracy. Unfortunately, purchasing heavy equipment, especially large equipment, is quite expensive, and most businesses, whether large or small, can't afford to spend money on such equipment.

While you may have the option of leasing your heavy equipment, many construction site managers opt to buy used equipment. However, it's vital to understand the benefits and disadvantages that used equipment offers before purchasing them. This will help you make an informed decision that keeps your company's interest as a top priority.

Ask yourself these three questions before buying used large construction equipment.

1. How often do you use the equipment?

If your business relies on specific heavy equipment to operate and generate profit, it's a better idea to purchase it rather than renting it. This provides you with easy access to the equipment at all times.

2. Do you have resources to maintain it?

Owning large construction equipment comes with the responsibility of regular maintenance and care to ensure it lasts long and is durable. For example, you need to have ample space to store it and enough money to train your employee's safety precautions and effective use of the equipment.

3. Can you afford it?

The main advantage of buying used heavy equipment is its low upfront cost. You are better off spending less on your equipment to invest in other aspects of the business that guarantees returns. However, used heavy equipment may require more money to maintain, especially if it is old.

Fixing and replacing the broken parts may cost you more money in the long run, making it quite expensive than buying new heavy equipment. Therefore, ensure you thoroughly inspect your used heavy equipment before purchase, to ensure it's in mint condition.

Benefits of purchasing from an auction

Before you make any purchases, you want to be sure that you do the research! It is imperative to know what you want and what your budget is to prevent any overspending. Auctions have a variety of brands to choose from. 

Another benefit is that it is cheaper than new equipment! The moment you drive your car off the lot, the car loses value, but used equipment holds value and will not depreciate as much as one that is brand new! 

Another benefit is that you can get your equipment right away. If you buy brand new equipment, it might take some time to get it in your possession but at an auction, it is all yours from the moment you buy it. 

Be sure to buy your used heavy equipment from a reputable and authorized auctioneer to get quality equipment. Lyon Auction has used equipment auctions that you can attend to find the best fit for your business. Contact us today for any heavy equipment for sale.

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