When it comes to choosing the right construction equipment, there are a number of important considerations that need to be taken into account. Of course, the purchase cost is of primary importance. However, there are many other things to consider before making your final decision.
In this article, we’ll go over the top ten factors to consider when choosing construction equipment. So that you can make the right choice for you, your company, and your finances. We’ll also explain how you can quickly and easily finance or lease the purchase of both new and used construction equipment.
Top Ten Things to Consider When Choosing Construction Equipment
Keep in mind that these are by no means the only factors to consider when choosing the right construction equipment for your business. However, by taking into account each one of these considerations, you’ll be able to make a purchase that you’ll be happy with, and that will serve you well for years to come.
1. Project Scope
First and foremost, you should consider the overall scope of the project. If you are constructing a skyscraper, then purchasing a crane may well be worth it. However, if you are only building a house or doing road work, then probably not. This is an extreme example, but by considering the scope of your project, you’ll be able to narrow down a list of the equipment you absolutely need to buy and the things that you would be better off renting.
2. Equipment Size
Next, you should consider the size of the equipment you plan to purchase. Depending on the project, you may need a 20-ton excavator. Or a 12-ton excavator may be perfectly sufficient, in which case you would be wasting your money buying larger equipment. This is true for all forms of heavy equipment. Whether we’re talking about front end loaders, excavators, backhoe or yellow iron equipment.
3. Attachments Required
Something else to factor into your decision when choosing the right construction equipment is the cost of the attachements. If it turns out that you do need an attachment, then look into how much that will cost. Be sure to factor it into your budget. Otherwise, you could end up with a piece of equipment that isn’t doing anything to help the job along, which would be a shame and a waste of money. There are many attachments when it comes to construction equipment that can be fitted on excavators, skid steers and more.
4. Resale Value
Whenever you purchase anything, you should consider that equipment’s resale value. This is especially true of large ticket purchases such as construction equipment. If you only need the equipment for a few projects, then you may be able to resell the equipment. Then recuperate a large percentage of the purchase price. But, if you plan to use the equipment for many years to come, then it’s likely that the resale value will diminish significantly.
5. Maintenance Costs
Construction equipment tends to have a lot of moving parts. As such, is subject to wear and tear that will eventually require maintenance. Therefore, it’s a good idea to find out what sorts of issues crop up with that particular equipment. So you can know how much it costs for maintenance and repairs. As these costs can eat into your budget and affect your overall profitability if not accounted for ahead of time.
6. Availability of Parts
When your construction equipment needs repairs, the cost for parts can sometimes be higher than expected. Especially if the parts aren’t readily available. So, whenever you purchase a new piece of construction equipment, consider what parts you may need to replace. Also, when they’ll need replacing, how easy it is to replace them, and how much that’s likely to cost.
Some equipment can be used for years, whereas other things are only good for a few projects before needing to be replaced. All machines break down eventually. However, if you’re going to invest a lot of money into buying new equipment, then consider whether or not you’ll be able to re-use that equipment in the future. As this is one of the main factors determining the overall value for money on your investment.
8. The Warranty
Most reputable construction equipment companies (CAT / Hitachi / Volvo / John Deere, etc.) will include a comprehensive warranty with their industrial products. Which can add significant value and make your purchase much more worthwhile. So, before making any large purchases, be sure to ask how long the warranty lasts and what it covers.
9. Training Required
Generally speaking, most qualified construction workers know how to operate the vehicles and power tools required to get the job done. But, from time to time, you may encounter a task that doesn’t pop up every day. These one-off tasks often require special equipment that your employees may be unfamiliar with. As such, you may need to set aside some time and money to train your workers on operating this equipment.
10. Overall Cost
Of course, one of the largest considerations is the purchase price of the equipment. Depending on the size of your budget, this may or may not be a huge factor. Either way, you’ll need to factor the cost of purchasing your equipment both into the quote you provide your client and your overall budget for the job.
How To Finance or Lease Construction Equipment
Let’s face it – construction equipment is expensive especially when your trying to choose the right one. Paying for it all upfront out of your own pocket isn’t always feasible. Fortunately, there are financing options available. A Capital Lease can allow you to quickly and easily purchase the equipment you need and pay for it over time.
Equipment Finance Canada is a company that helps businesses with both construction equipment financing and construction equipment leasing.
So, if you need to purchase construction equipment for an upcoming project but don’t have all the money upfront, then be sure to get in touch with EFC today. The application process is easy. The rates are highly competitive, and best of all, you may be able to get the construction equipment you need right away.