Buying used or new heavy equipment comes down to your company’s needs and best interests. There are short-term and long term inventory requirements. The good news is you are not alone in making this decision. There are benefits to buying new and used heavy equipment. The hard part is deciding which is best for your project. Stone Equipment is here to help you understand the benefits of buying new versus used heavy equipment.
Benefits of Buying New Heavy Equipment
When deciding what kind of equipment to buy, sometimes new equipment draws you in more. New equipment can make your company look more professional because you are operating a new and shiny machine. Newer equipment may have up-to-date technology that used equipment may not have. There are many more advantages to buying new heavy equipment:
Newer machines are less likely to give you any operating trouble because they are more up-to-date than used ones. New equipment still needs routine maintenance as a part of taking proper care of your equipment. Buying new could mean fewer costs during routine maintenance. There should be less breakdown due to the machine being a new one.
All new equipment will be covered with a warranty. Therefore, buying new equipment is less risky should damage or malfunctions happen.
Over time with any new technology advancements, there will be improvements and changes. Buying new equipment will give you the latest improvements and features for your equipment that used machines might not have.
When purchasing new heavy equipment, you can pick out exactly what you want. You will have free range to select specific models with specific technology advancements whereas, for used equipment, there is no guarantee that your model or technologies will be available.
Buying new equipment is considered an investment. Therefore, the equipment becomes a company asset and would be eligible for tax privileges. The IRS could allow you to write off certain taxes due to the machinery being a company asset.
Benefits of Buying Used Heavy Equipment
While you might prefer to purchase new machinery, there are some benefits to buying used equipment. Reasons for buying used heavy machinery include:
Buying used heavy equipment is ultimately going to cost less if you are debating between buying used or new. If you are trying to save money to improve other aspects of your business, buying used heavy equipment would be the more cost-efficient option. Because of the cost advantage of used machines, you could get multiple perfectly functioning used machines for the price of one new machine. Buying from a trusted heavy equipment dealer like Stone Equipment will ensure you get the best deals and benefits from used equipment.
Avoid Depreciation & Maintain Value:
Similar to buying a car, when you buy used heavy equipment, whoever has bought the machinery new has suffered from the initial depreciation hit. If you take care of your equipment properly, the value will not depreciate as quickly as new machines. Therefore, used machinery holds its value longer than new equipment. When you are looking to sell your used equipment, you are more likely to get closer to what you paid for than if you bought new.
When buying used machinery, there is more of an inventory for used equipment than new equipment. There are thousands of machines available whether it's older equipment that can do the basics or last year's model that is still as good as new, but a fraction of the cost. Another benefit to buying used heavy equipment is that you will not have to wait for it to be built. Get the equipment sooner and for a lower cost than new equipment.
Lower Insurance Costs:
Because the price of used equipment will be lower, insurance rates will be lower as well. When buying new equipment, insurance is more expensive because it will assess the possibility of needing to replace a brand new machine.
How We Can Help!
At Stone Equipment, we want to make sure we are providing you with the perfect equipment for the job you need to get done. Whether it's providing you with brand-new equipment to withstand your project or providing you with used equipment to be cost-efficient for your business, we can help you. Contact us today to browse our heavy equipment selection.