In the construction industry, heavy machinery is vital in carrying out everyday tasks and projects. Without heavy machinery, construction projects would lack accuracy and timeliness. Unfortunately, heavy equipment can be an expensive investment. From your initial purchase to maintenance and repairs, the costs associated with heavy equipment can add up fast.

Luckily, Lyon Auction offers used equipment auctions to allow construction companies and contractors to purchase heavy equipment at an affordable price! But is buying used equipment worth it? Below, we explain why purchasing used heavy machinery from equipment auctions is one of the best investments you can make!

Questions to ask yourself

If you are considering purchasing new or used equipment, ask yourself these questions to ensure you are making the right decision!

1. How often will you be using your equipment?

If you are looking to purchase a machine that you will be using on almost every project, it’s a smart idea to purchase rather than rent. Purchasing equipment allows you to consistently use it, which makes sense if you are planning on using it quite a bit.

1. Can you maintain your equipment

It’s important that if you purchase new or used equipment, you have the needed resources to take care of and maintain your machines!

1. 3. Can you afford it?

The main advantage of buying used heavy equipment is its low upfront cost. You are better off spending less on your equipment to invest in other aspects of the business that guarantees returns. However, used heavy equipment may require more money to maintain, especially if it is an older model.

Pros and cons of purchasing new equipment

Pros

• Newer technology and features
• Warranty options
• Tax advantages – capital asset investment

Cons

• Depreciation of value
• Upfront costs
• Can take time to actually obtain equipment

Pros and cons of purchasing used equipment

Pros

• Much lower upfront costs
• Hold its value – avoid depreciation
• Lower insurance costs
• Huge selection

Cons

• May not have the features you want
• Less warranty options
• Potentially higher maintenance costs

Why purchasing from an auction is beneficial

Now that you know the pros and cons of purchasing both new and used equipment let us explain the benefits of purchasing used equipment from an equipment auction!

Before you make any purchases, you want to be sure that you do the research! It is imperative to know what you want and what your budget is to prevent any overspending. Auctions have a variety of brands to choose from.

Another benefit is that it is cheaper than new equipment! The moment you drive your car off the lot, the car loses value, but used equipment holds value and will not depreciate as much as one that is brand new! Lastly, when purchasing from an auction, you can get your equipment right away. If you buy brand new equipment, it might take some time to get it in your possession but at an auction, it is all yours from the moment you buy it.

If you are in need of replacing your old construction equipment, it’s a smart idea to consider purchasing for a used equipment auction! Buying new equipment will save you money and offer many other benefits as well. Visit our website to check out our upcoming equipment auctions today!