News of heavy machinery companies feeling the burden of the pandemic dominate headlines. As more manufacturers lose profit in the current climate, those costs are often passed down to companies who need heavy equipment to run their operations. Before buying, selling, or deciding to maintain your equipment, know what factors impact your heavy equipment costs and what to consider.
Supply and Demand
Like any industry, supply and demand dictate your heavy machinery costs. However, some used heavy machinery markets are more consumer-friendly than others. You may be able to find pre-owned and refurbished options that prove cheaper than newer models. Leasing heavy machinery is also an option, provided the costs make financial sense over the long term. The pandemic has also created supply chain interruptions, making it challenging to know where the supply and demand stand and how long conditions will last. The current climate could make some options, like leasing, more attractive than the usual industry standards.
Manufacturer and Model
Not all heavy equipment machinery is created the same, and some manufacturers and models are well worth the cost. A reputable product that’s more expensive than others makes sense if the likelihood is high that it will last longer. Just like cars, some mid-range models deliver in terms of both reliability and cost-effectiveness. It’s important to research both the manufacturer and model of your heavy machinery to find an option that aligns with your budget and industry needs. Industrial Engine Co. works with quality heavy machinery suppliers and offers repair and maintenance to meet your needs. Contact us for more information and guidance on how to choose your equipment.
Have you ever bought an inexpensive car only to realize parts were difficult, if not impossible, to come by? Heavy machinery costs are only worth your investment if you can also maintain and repair them. You need access to quality parts and trained technicians to handle your equipment without the sky-high repair costs. Before buying heavy machinery, do some research on what type of repairs your equipment will likely need if there are technicians in your area who can service your business and what kind of ongoing costs to expect.
Every business wants reliable machinery, but there are other factors to consider. Heavy machinery should offer a track record for ongoing, consistent use without issue. However, it’s possible to maintain reliability with the help of a backup generator. Heavy equipment prone to power problems could need a plan B to ensure that it works when you need it most. A generator is also a wise investment in your business to maintain all of your equipment and keep running when your competitors are struggling to recover from a power outage.
Ongoing Maintenance and Testing Needs
Many companies are required to undergo ongoing maintenance and testing to stay compliant with manufacturing warranties or industry standards. Understanding how each piece of heavy machinery and generators impact those costs is essential. You may discover a specific piece of machinery is cheaper to buy upfront but is more expensive to maintain on a regular basis.
We’ve all struggled with fuel prices over the past few years, which can dramatically impact our ability to purchase and maintain heavy machinery costs. There’s nothing you can do about fuel prices; however, you can assess how fuel-friendly each piece of machinery you use is and adjust accordingly. You may need to retire equipment with expensive heavy machinery costs or find an alternative fuel source that’s still safe and effective for your purposes.
Before finalizing your heavy machinery costs, consider your associated labor. How expensive is it to find contractors and staff to handle those machines, and how difficult are they to hire? In today’s labor shortage, you want to ensure it’s possible to find the right people to run your heavy equipment without breaking your budget.
Are you interested in getting feedback, maintenance, or repair to help streamline your heavy equipment costs? Learn more about our services, backup generators, and how we can help your company work as profitably and efficiently as possible. Contact us today.