Heavy equipment is essential to any construction site as it performs complex tasks that humans can't execute. The equipment increases production and yields accurate results, which is why you should always keep it in the best shape possible.
Eventually, due to wear and tear your equipment will become less effective and productive. This can be a sign that you need new equipment. If you want to make sure your equipment lasts as long as possible, then regular maintenance is required. Accidents and damages can sometimes occur to your equipment. If your equipment is damaged and no longer able to function properly you have to make the decision between repairing and replacing.
This decision directly affects the profitability of your job site and the durability of your equipment. Repairing may be relatively cheaper, but it can cost you a lot in the future if your equipment keeps breaking down.
Here are four factors to consider when making this decision.
1. New technology
Old equipment doesn't have the same advanced technology as new ones; thus, you may consider replacing to get better technology. With new technology, your business operations are more efficient.
2. Warranty terms
All heavy equipment comes with a warranty that covers the majority of your equipment's maintenance costs. Before replacing or repairing, check the status of your warranty to cut down on costs. However, if your warranty has expired, your supplier won't pay for any damages.
The cost of repairing or replacing your heavy equipment plays a vital role in what you will decide to do. If the value of repairing doesn't exceed the cost of replacement by half, it is wise to repair the machine. Unfortunately, maintaining old heavy equipment can be more expensive than buying a new one.
This factor relies on the cash flow status of your construction site. For instance, can your company cover the costs of taxes, fuel usage and maintenance of new heavy equipment?
Your heavy equipment may be slowing down your production rate leading to losses and setbacks in the business. Consider acquiring new equipment to speed up your production process as they are fast, efficient and operate smoothly
If you have decided to replace your equipment, be sure to check out options on where to buy your heavy equipment. Brand new equipment can be expensive, but there are cheaper alternatives on the market. Be sure to check out upcoming equipment auctions near me!
Are you thinking why would I buy used equipment when my old machine just broke down? The answer is simple, at upcoming equipment auctions near me they have a large variety of brands and some are new or gently used! The maintenance history is also available for you, this takes off all worries about wondering how well the equipment was maintained by past owners.
If you are looking for upcoming equipment auctions near me, be sure to check out Lyon Auctions’ auction calendar. We are reputable and pride ourselves on loyalty and honesty. Contact us today for more information!