It’s not always easy to decide when it’s time to upgrade your construction equipment. After all, repairs can be expensive, and you don’t want to spend more money than you have to. However, there are a few factors you should consider when making this decision. In this blog post, we will discuss the benefits of upgrading your construction equipment and how to know when the time is right. We’ll also take a look at some of the most important factors to consider when leasing or purchasing new equipment.
Is Your Older Equipment Still Safe To Operate?
This should be your first consideration when determining if it’s time to put your heavy construction equipment out to pasture and acquire new machines. If your existing equipment is no longer safe to operate, it’s time for an upgrade – plain and simple. Safety should always be your number one priority, both for you and your employees. The concern may be safety systems failure, sudden loss of power/control input, or mechanical failure due to material fatigue. While regular maintenance does reduce the level of wear-and-tear on equipment, it will reach a point where costly components begin to fail due to stress and hours of use. Whether it’s your hydraulic system on your aging excavator or driveline fatigue on your skid steer.
Is Your Equipment Costing You More In Maintenance Than It Should?
If you’re constantly paying for repairs on your construction equipment, it might be time to start looking for new machines. Not only can this be costly, but it can also cause delays in your projects, impacting the cash flow of your business. Newer equipment is usually more reliable and requires less maintenance, which means fewer incidents taking the equipment offline and slowing or even halting project progress.
Is Your Equipment Slowing Down Your Projects?
Older construction equipment can often be slower and less efficient than newer models. If your equipment is slowing down your projects and impacting your bottom line, it’s time to consider an upgrade. Newer construction equipment is designed to be more productive, and more precise, helping you move the project faster, or stick to a more stringent project timeline.
Concerns About Upgrading
The top concern for delaying construction equipment upgrades we hear all too often is cost. With prices for recently-new to brand-new units ranging from tens of thousands to over half a million, payment anxiety in challenging economic times. But consider for a moment the cost in time, productivity, and lost opportunity when older equipment is down for maintenance or out of commission altogether. With a newer piece of equipment, maintenance would be lower, and higher availability, increasing your capacity to take on and complete new projects. Furthermore, financing opportunities from leases through financing the purchase of equipment are available with flexible payment terms to ensure your equipment purchase and payment schedule meet the needs of your business.
Deciding to upgrade your construction equipment can be difficult, but it’s important to consider all of the factors involved, including financing the lease or purchase. The Construction Equipment team at ENGS Commercial Finance offers flexible and attractive construction equipment lease and purchase options and has helped countless customers acquire the equipment they need with a payment structure that fits their business. Call ENGS today for more information on our construction equipment loans.