A good option to lighten the cost implications of construction equipment is to buy used—however this needs to be done pretty methodically. The steps in a well-thought used equipment purchasing decision typically include shopping around a few options, carrying out inspections, testing the machines, negotiating agreement terms, and arranging proper transport of the equipment. Fortunately, there are some comprehensive pre-owned buying programs out there that have impressive warranty inclusions and include rigorous criteria that all products have met.
In the decision-making process, the following are desirable in any certified pre-owned program’s offering
- Low Hours: similar to a car’s mileage, a machine with lower service hours represents a higher value. Recent model years along with service hours are important areas to be mindful of. A model year shouldn’t exceed 5 years old, and service hours should be shopped around comparatively for equipment bearing the lowest.
- Maintenance Documentation: Many dealers can provide proof of all maintenance performed on a machine to date, as in many cases, the dealers are responsible for service under the previous owner. These maintenance and repair records provide a clear view of what an investment will entail and can provide a bit more confidence in a buying decision.
- 100+ Point Inspections: The buyer’s inspection is a good initial glance at quality, however with a construction equipment expert technician also providing an in-depth look, there is an extra layer of protection added.
- OEM Parts: It should be included in your program that suppliers replace worn parts with OEM (original equipment manufacturer) products, and not aftermarket components that can have inferior quality.
- Warranty Inclusions: As a risk reduction measure, a manufacturer’s warranty is a huge value-add, along with extended protection plans for different additions and components.
- Telematics: Vehicle monitoring systems that record and map where a piece of equipment is located and how it is behaving are good sources of data that can help optimize performance. With an equipment purchase, there is usually a free data subscription included that allows this feature to function.
- Financing: There are sometimes reasonable offers available for attractive rates and payment terms that add additional allure to a saavy firm.
- Manuals: If manufacturer-issued manuals are included with your purchase, this is a valuable offering, as manufacturers can charge considerable fees when these are requested.
According to For Construction Pros blog, “The savings you’ll incur when buying a certified used machine extend beyond the purchase price and include things like lower taxes, insurance premiums and interest charges on financed purchases. Plus, you may be able to afford newer features and technologies that deliver productivity gains, fuel savings and other benefits.”