5 Benefits of Buying Used Heavy Equipment18 September 2023
The heavy equipment industry is projected to generate approximately $5 trillion annually in the coming years. This means you have a fair chance to excel as a construction company owner in this industry. Still, buying a new machine can be a real challenge for a construction company due to its cost. You can’t buy new heavy equipment like anything; you have to do your research first and then come up with a calculated decision on which heavy equipment to buy. One smart move can be buying a used maintained machine instead of a new one. This can help you get your job done while saving money.
5 Advantages Why You Should Buy a Used Machine
There are several advantages to buying a second-hand machine for your construction business. You can conveniently buy a well-maintained used machine from a recommended heavy equipment trader. This blog will share 5 key benefits of why you should buy used heavy equipment instead of a new one.
You can a lot of your money by buying used heavy equipment. The primary reason is these machines are cost-effective. Just to let you know that the buying prices of new heavy equipment have increased drastically in the last decade. That’s why it is always a wise decision to buy a used machine rather than a new one if the machine is well-maintained and can get your job done. With preventive maintenance, you can even reduce your fuel consumption by 10% saving a few more dollars. Also, the depreciation cost doesn’t fall significantly for used heavy equipment and you can sell your machine with the lower difference in cost whenever you want, once your construction work is completed.
Time and money play an important role in any sector. Buying a new machine will demand extra time and cost that can hurt your construction project timeline. You will have the advantage of on-time delivery and low cost in buying used heavy equipment. The Second-hand well-maintained heavy equipment can help you do your site work timely, complete that project within the timeframe, and look for more construction projects.
Low Ownership Cost
Used heavy equipment doesn’t lose its value after an initial 12 months of use, therefore it is always a smart decision to choose a used machine. You can buy a used machine and complete your tasks timely. Later you can sell it for a good price in the market if you have achieved all the results that you need. You can rent out any of your used equipment from your fleet for a limited period of time to a small construction company and generate some dollars.
Enhancement or a speed shift in your construction business is possible if you complete your ongoing projects on time. You can bid on new projects and improve the pace of your work, allowing it to make more money. This way you can gain good experience by managing many projects in a short period of time. The manpower that works for you will also have hands-on experience in operating different heavy equipment. Completing loads of construction projects in less time will help you get selected for projects to come.
Low Insurance Premiums
One more advantage of buying used heavy equipment is saving money on insurance. The insurance cost for a second-hand machine is lower compared to a new one. Insurance companies deduct more premiums for new equipment and less premiums for used equipment. Insurance companies’ majority policy can hardly get you a limited amount in case of any damage to your heavy equipment. You must understand the terms and conditions of different insurance policies before finalizing and signing one.
Selecting a used heavy equipment can have many advantages apart from money. Having a fleet of used heavy equipment will allow you to improve your work efficiency. This blog covers all those key reasons why it is a better option to buy used heavy equipment instead of new equipment.