Before buying new equipment for your fleet
, assess the condition of your existing machines. For example, if your equipment is outdated or no longer performing to its original specifications, you may need to prioritize replacing these machines.
Look for newer models of your existing hardware and ensure they fulfill the same work needs as your old machines while also offering extra features and updates.
Once you have assessed your existing fleet capabilities, review your jobs and worksites to find areas where you can improve productivity and workflow efficiency.
For instance, if you frequently need to rent specific machines, like an excavator, to complete projects, consider investing in that piece of equipment. Depending on the type and model, renting a single piece of equipment can cost thousands of dollars per day. If you regularly hire specific machines, purchasing the equipment outright may be more cost-effective.
Selling your used equipment can help offset some of the cost of purchasing new machinery. Research the used construction equipment market for your machines’ value, then factor the resale value into your budget for new equipment.