10 Essential Factors to Consider Before Purchasing Heavy Equipment
When it comes to making a large investment in equipment, people are motivated by a variety of factors. For some, it’s the prestige of owning a well-regarded brand. For others, it’s the perceived value of additional features included with the purchase. And for some, the only thing that matters is the selling price. But is holding out for the lowest price really the best strategy when purchasing costly, essential equipment?
From years of experience, we’ve learned three things:
- Nothing is free.
- Everything has a cost.
- The cost of everything is built into the price.
No business is in the game to give things away, so if a price seems too good to be true, it’s worth asking what you might be sacrificing to get that low price. Are you giving up on product quality or aftermarket support to save a few dollars upfront? If so, that low price may cost you more in the long run. Here are ten critical factors to evaluate before selecting a supplier or manufacturer for your equipment.
1. Product Quality
Is the equipment well-made and durable enough to withstand your working conditions? Research the brand and investigate its reputation. Look at how well it performs under real-world conditions, and consider how it will serve you in the future. Today’s requirements may evolve, so plan ahead.
2. Warranty and Support
Most equipment comes with a warranty, but how reliable is the manufacturer when it comes to honoring it? Check the company’s track record for responding to warranty claims. What’s the response time? Do they have a reputation for not honoring their warranty? Look into online reviews and ask around on social media to get a sense of the support you’ll receive.
3. Accessibility of Service Locations
If your equipment breaks down, accessibility to service can be crucial. How close is the nearest service center? Do they have enough facilities to meet your needs, or will you need to wait for parts to be shipped from far away? Proximity to service centers can mean the difference between minimal downtime and extended loss of productivity.
4. Availability of Parts
Does the supplier stock the parts you’ll need, or will you have to special-order them? Are the parts used in the equipment readily available from multiple sources, or are they exclusive to the supplier? Access to parts is critical to minimizing downtime and ensuring you can keep your equipment running smoothly.
5. Company Experience
Is the manufacturer well-established, or are they new to the market? Longevity and experience often correlate with reliability. Companies that have been around for years have dealt with a wide range of issues and often have the expertise needed to resolve problems quickly. A company with a proven track record has likely encountered—and solved—the issues you may face.
6. Quality of the Service Workforce
When service is required, does the technician arrive in a properly equipped service truck, or are they under-equipped? Are the service technicians factory-trained specialists in the type of equipment you’re using, or are they generalists who may lack the necessary expertise? Professional, well-equipped technicians can make a world of difference in service quality and response time.
7. Durability and Resale Value
A piece of equipment might look good on the lot, but how durable is it in practice? Consider the equipment’s size, weight, and construction. Look at resale prices on auction sites like Ritchie Bros.—these can reveal a lot about durability and brand reputation. Equipment that holds its value is often more durable and reliable.
8. 24/7/365 Service Availability
Emergencies don’t follow a schedule. Will your supplier be available to help at any hour? In situations where immediate assistance is necessary, having access to 24/7 support can be invaluable to prevent prolonged downtime.
9. Design Quality
Is the equipment design refined and optimized, or is it just “good enough”? High-quality designs tend to result from years of evolution and improvement. This is often reflected in higher resale values for certain brands, as well as improved performance and reliability.
10. Industry Expertise
Does the manufacturer employ experts who understand your industry? When challenges arise, having access to a knowledgeable support team can be the key to finding effective solutions. Expertise is invaluable when it comes to keeping your operations running smoothly.
Final Thoughts
When purchasing heavy equipment, cost is only one part of the equation. While a low price may be tempting, it’s important to consider the potential sacrifices. Don’t let the decision to buy the cheapest option turn out to be the most expensive mistake you’ve ever made. The old adage remains true: “You can pay a little now, or a whole lot later.”