When it comes to purchasing heavy equipment, many business owners and contractors are faced with the decision of buying new or used. While new equipment may seem like the obvious choice, there are many benefits to buying used heavy equipment that should not be overlooked. In this blog post, we will explore the value of buying used heavy equipment and why it can be a smart investment for your business. So, if you’re in the market for heavy equipment, keep reading to learn more about the advantages of buying used.
Cost Savings
One of the most significant advantages of buying used heavy equipment is the cost savings. New equipment can come with a hefty price tag, which may not be feasible for small businesses or those on a tight budget. On the other hand, used equipment is often significantly cheaper, allowing businesses to save a considerable amount of money. In fact, according to a study by the Association of Equipment Manufacturers, businesses can save up to 40% by purchasing used equipment instead of new.
Depreciation
Another aspect to consider when it comes to cost savings is depreciation. New equipment starts to depreciate as soon as it is purchased and driven off the lot. In the first year alone, new equipment can lose up to 20% of its value. This means that if you were to sell the equipment after a year, you would only get 80% of what you paid for it. However, with used equipment, the majority of the depreciation has already occurred, meaning you won’t lose as much money if you decide to sell it in the future.
Lower Insurance and Taxes
In addition to the initial cost savings, buying used heavy equipment can also result in lower insurance and tax costs. As the value of the equipment is lower than that of a new one, the insurance premiums and taxes will also be lower. This can result in significant long-term savings for your business.
Quality and Reliability
One common misconception about buying used heavy equipment is that it may not be as reliable or of good quality as new equipment. However, this is not always the case. Many used equipment dealers thoroughly inspect and refurbish their equipment before selling it, ensuring that it is in good working condition. Additionally, used equipment has a proven track record, and you can research its performance and reliability before making a purchase. This can give you peace of mind knowing that the equipment has been tested and has a successful history of use.
Warranties and Maintenance
Another advantage of buying used heavy equipment is that some dealers offer warranties and maintenance plans. These plans can provide added protection and peace of mind, as any necessary repairs or maintenance will be covered. This can be especially beneficial for businesses that may not have the resources to cover unexpected equipment repairs.
Availability
Buying used heavy equipment also offers a wider range of options and availability. When purchasing new equipment, you are limited to the current models and inventory of the manufacturer. However, with used equipment, you have access to a variety of models and brands, allowing you to find the best fit for your business needs and budget. Additionally, used equipment dealers often have a larger inventory, making it easier to find the specific equipment you need.
Quick Delivery
In addition to a wider selection, used equipment is readily available for immediate delivery. This can be beneficial for businesses that need equipment quickly to complete a project. With new equipment, there may be a waiting period for delivery, which can delay projects and cause inconvenience.
Environmental Impact
Buying used heavy equipment is not only a smart financial decision but also an environmentally friendly one. By purchasing used equipment, you are reducing the demand for new equipment, which requires the use of more resources and energy to manufacture. This helps to minimize the carbon footprint and conserve natural resources.
Extended Life Cycle
Lastly, buying used heavy equipment extends its life cycle, reducing the need for new equipment to be produced. This contributes to a more sustainable and eco-friendly approach to equipment use.
Contact ProQuip
The value of buying used heavy equipment cannot be underestimated. From cost savings to availability and environmental impact, there are many benefits to purchasing used equipment for your business. If you are in the market for heavy equipment, consider buying used from a reputable dealer like ProQuip. With over 29 years of experience, ProQuip offers a wide range of high-quality used heavy equipment at competitive prices. Contact ProQuip today at 954-367-3867 to learn more and make a smart investment for your business.
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