The decision to buy new or used construction equipment is a serious one. Not only are you making a major financial decision, you’re engaging in a long-term investment for your company.
The market can be a little bit tricky, though. Prices can fluctuate based on a variety of factors, and the equipment on the market may not necessarily be the best for your needs. However, there are certain factors to keep an eye out for when looking for the best heavy equipment.
Supply and Demand
Like any other industry in the world, the construction equipment market relies heavily on supply and demand to determine prices. As demand goes up or supply goes down, prices rise as businesses compete for available machines. Conversely, if the market is saturated with a particular type of equipment, buyers have the advantage. As a buyer, you can avoid breaking the bank by purchasing equipment for sale from saturated areas.
Manufacturer
There are countless heavy equipment manufacturers out in the world, but a few names tend to dominate the market. People are often willing to pay more for a name-brand, but in some cases, a name doesn’t necessarily guarantee high quality and long lifespan. In some cases, lesser-known and possibly even less expensive brands may do the job just as well. Having access to detailed information and being able to compare models is essential to understanding the complete value of one versus another.
Age
Depending on its physical condition, an older piece of equipment may cost less than a newer one. Generally, equipment breaks down as it ages, and if it’s showing signs of wear and tear, it may require more repair and maintenance on your part. In other instances, it may be simply outdated with the emergence of newer, more efficient technology. Two identical pieces of equipment of the same age can vary widely in price. They may be the same old age, but one that has been well-maintained or has low hours can be worth a considerably higher price.
Used construction equipment is an extremely important factor in the construction industry, especially if you run a small business. If you keep these three things in mind when purchasing used equipment, there should be no problem choosing a piece that will serve you well for years to come.