Choosing Construction Equipment: Should You Buy Used or New?

Choosing Construction Equipment: Should You Buy Used or New?

Buying construction equipment is a major expense and you may be wondering if it’s worth the cost savings to buy it used. New equipment has the latest safety features and technology, but it comes with a big price tag. It helps to look at the pros and cons of both, before making a decision.

Pros of buying new construction equipment

Warranty
All new equipment comes with warranty coverage. When you are looking to buy used, you will need to look into getting an extended warranty.Technology. Technology is advancing all of the time. When you buy new, you can be sure you are getting equipment with the latest features. Tax Advantages. You may be able to write-off some of your purchase price on new equipment.

Cons of buying new construction equipment

Price
The initial cost of new equipment can be high. If you need financing to make the purchase, you will end up paying even more in interest charges.Depreciation. New construction equipment is going to depreciate much faster than used.

Pros of buying used construction equipment

Lower cost
Used equipment will cost less and save you money. Retains value. Used equipment does not have the sharp depreciation that you see with new. When you’re ready to upgrade, you will get more back selling your equipment than if you had bought it brand new.Availability. There can be a wait for new equipment you see listed in a sales brochure.

Cons of buying used construction equipment

Safety
If you buy used equipment, you want to look for authorized dealers with a reputation for selling high-quality products.Bad condition. You want to be sure your equipment is in top condition. You will either need to have a mechanic look at it, or be sure you are buying from a reputable dealer.

You have a lot of choices when you are buying construction equipment. It pays to do your research and be sure you are getting exactly what you need for your unique needs. If you buy used, look for reputable dealers with the experience and knowledge to help you make the right decision.

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