There may come a point in your heavy equipment career where you feel that it’s time to own your own machinery. No matter what your reason for buying is, the process is more than just going out and buying the first piece of equipment you find.
Buying a new machine means that you have trouble-free operation right from the start. New machines are less likely to cause you trouble meaning more time on the job for you. While there will always be operational costs to owning heavy equipment, these stay lower for longer on a new machine.
Deciding to buy used means that you save money on the upfront costs right away. The amount you save can sometimes make up for maintenance costs that you may run into with used equipment. And lower costs can sometimes mean you don’t have to finance, saving you money in interest and fees.
With each new version of a machine that comes out, the technology inside is improved. The advanced features in safety and comfort that are in new machines are completely non-existent in older models, giving you the latest and greatest!
There’s an old saying that a vehicle loses value immediately after it’s sold and driven off the lot. The same can be said for heavy equipment. While machinery will continue to depreciate in value during its lifespan, the harshest decrease in value happen within the first few years, meaning that a used vehicle will maintain its value longer for you!
There are clear advantages and disadvantages to buying both used and new heavy equipment. At the end of the day, it’s best to sit down and look at all the options and speak with your business manager, or accountant to make sure you’re setting yourself up for success.
Do you have questions about heavy equipment? Or are you ready to get behind the wheel? We’d love to hear from you!