Heavy equipment is a big investment. That’s why many construction companies continue to run their equipment until it dies and take great pride in knowing their maintenance teams are keeping old equipment running, at times past their life expectancy. However, operating old equipment isn’t always as cost-effective as you’d think. There’s a lot more to consider than the upfront cost of machinery in the decision whether it’s time to purchase or lease newer fleet assets.
It’s no secret newer equipment is more fuel efficient. Less fuel consumption equates to bottom-line savings and better profit margins. But there are other considerations that should be part of the decision to upgrade, and ways to extend the life of older equipment while maintaining efficiency.
Equipment eventually reaches a point where it frequently begins failing unexpectedly. Companies need to understand the cost of unplanned downtime and whether they can afford it. Not only do you have to pay to repair whatever is wrong, which gets pricey quickly. Missing a piece of critical equipment also puts your production and project timeline at risk, delaying other tasks and leaving entire site teams waiting around.