As your company continues to grow and achieve new milestones, new and bigger opportunities will present themselves. As you likely already know, the construction equipment you have access to plays a big role in your success and the kinds of projects you can take on.
Although factors like your training, the skill of your workers, and the values you uphold all help determine how well your projects go, the truth is that much can’t be done without the right heavy equipment. Whether you’re working on a big site or a small one, your short and long-term tools are going to have quite a big say in terms of your work quality and client satisfaction.
With more projects on your plate and the money rolling in, you may be thinking about upgrading your equipment and expanding your range. A more extensive inventory would allow you to take on more projects with ease and at a higher level of quality.
Once you compile your list of items and determine your budget, you will at some point ponder the question – should I buy new or used construction equipment?
Benefits of Buying vs. Used Construction Equipment
Thanks to America’s heavy equipment market rise, construction firms now have many options to keep themselves equipped with the right tools. In addition, with the level of production among companies rising over the years, purchasing managers and decision-makers now have two purchasing routes that they can use to fulfill their needs depending upon their budget. So which is the correct route for you?
To answer that question and help you set your sights on the right purchasing option according to your needs and preferences, let’s go over the advantages of buying new and buying used in further detail:
Buying New Equipment
The advantages of buying new construction equipment usually speak for themselves because it’s what most construction companies are accustomed to. So let’s look at some of the most distinct advantages of purchasing new equipment:
- Extended warranty policies: The one thing that makes new machines so attractive is that they have warranty coverage. However, be mindful that not all manufacturers offer the complete and comprehensive warranty package that most firms consider the “best.”
- Trouble-free operation experiences: With new machines, you are far less likely to experience operating troubles because you’re getting equipment straight from the factory. Once you start working with new equipment, you won’t need to worry about longevity because running routine maintenance will help you avoid potential breakdowns and costly repairs!
- Numerous tax advantages: Thanks to initiatives set out by the American government, buying new machinery is now considered a capital asset investment. By purchasing a new excavator or forklift from Groff Tractor, you’ll save money because doing so will allow you to deduct or write off certain amounts related to your new equipment purchase price!
Buying Used Equipment
The used sector of the multi-billion-dollar American construction equipment market has grown rapidly, thanks to its ability to provide bargain deals with an extraordinary level of convenience. So if you’re thinking about purchasing used construction equipment for your company’s next set of upgrades, here are some reasons to support that approach:
- Avoiding the implications of depreciation: Considering that new equipment depreciation can be a real hit, you might like the idea of avoiding that. With a piece of used equipment, you won’t have to worry about considerable depreciation because your equipment will return the same work revenue at a fraction of the new equipment cost!
- Lower insurance costs: Speaking of savings, another advantage of buying used construction equipment is that it allows you to enjoy significantly lower insurance costs. This advantage exists because a heavy equipment’s value in the eyes of companies will be lower with a used machine—allowing you to pay lower insurance premiums.
Buying New vs. Used Heavy Equipment: What’s the Verdict?
When it comes to purchasing construction equipment for your firm, both have their respective advantages. What it comes down to is which option best suits your preferences or the particular needs of your business.
Groff Tractor is a top supplier of construction machinery and compact utility equipment in Pennsylvania. If you intend to invest in new or used pieces of equipment, check out our online listings and get in touch with us today to see how we can help!