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Business Guide to Heavy Equipment Components

Heavy equipment components can help extend the life of your company’s major assets. Large equipment is expensive, and repurchasing costs can be prohibitive or inconvenient. Components can be used to replace just the defective part of the equipment, making it a more cost-effective solution than replacing the entire machine. You can buy new or used heavy equipment components. New components often come with their own warranties, giving you added protection in case of problems. Used components are a cheaper option than buying new, but you often must take used parts as-is and risk wasting money on components that have little useful life left.

Benefits

Heavy equipment components are types of construction equipment and supplies. These parts are important to the U.S. construction industry, which is made up of around 700 companies, according to FirstResearch.com. This industry brings in approximately $25 billion in revenue per year. Heavy equipment components are beneficial for a number of reasons. If a part breaks, you’ll be able to replace it without having to buy a whole new piece of equipment. The components also have a large impact on how long your equipment lasts. New components generally have warranties, making them easy to replace if they are damaged. Last, some components may be interchangeable.

Replacements

Replacing a piece of your equipment can be expensive, but it is much less likely to cost what it would to buy a whole new machine. Replacement parts are created so you can easily repair the broken machine and continue your work. In some vehicles, like excavators, replacements or extra parts can include different types of buckets. This lets you easily switch the type of work the vehicle is capable of completing.

Maintenance

Because component parts are so important, having proper maintenance can actually improve the life of your machine. For instance, if you maintain your tractor regularly, parts may break down around 11,550 hours. However, if you do not maintain the machine regularly, 7,130 hours may be the average life of the machine. Keeping the parts in working order and being able to replace them when needed can help prevent overheating and other malfunctions that may cause you to have to purchase a whole new machine.

Buying new saves money

Buying new components can save you money. New parts will generally have a warranty that covers damage within a certain time or number of miles. Even if you have a used machine, if the component part was bought new, you’ll be able to prevent having to buy the part again during the warranty.

Interchangeability

The profitability of your company may be determined by the ability to complete different tasks. Some heavy equipment components are interchangeable. This allows you to change the part in order to complete a new job. For instance, a hoist may be able to have different types of hooks attached to support different levels of tension. Likewise, trenchers can have attachments included, such as saws, reel carriers, and others.

Pitfalls

Heavy equipment components, along with construction equipment and supplies, have a variety of pitfalls that you should consider when you are ready to purchase. The high price of new equipment, cost of repairs, dangers of using used equipment and other issues are all potentially harmful to your business.

Pricing of new equipment

New equipment can easily take a chunk of your budget to purchase. For example, a new piece of equipment may cost $2,000 more than a used item. However, you need to consider how this item has been used in the past. If it was not properly maintained, the life of the machine may be considerably less than a used item, which will cost you more in repairs and in new equipment if it malfunctions or breaks. Major components of these machines can have their lives extended by improving the maintenance practices. So, this is an important item to speak about with the equipment owner.

Costly repairs

When equipment needs replaced or repaired it is expensive. Repairs are usually charged by the hour, and can cost anywhere from $50 an hour or more. You also will have to purchase the new parts you need, which ranges in price significantly, depending on the area that has broken. For example, the wheel of a machine might cost $150 to replace, but the engine could be thousands.

Dangerous malfunctions

If a machine was not taken care of properly, the dangers of using the machine increase exponentially. Having a pedal malfunction when you are driving could cause an accident. If the gear shaft locks up while you’re moving, you may cause the engine to overheat. If you are working around clients or employees, this could potentially cause injury or damage to the construction area.

Rental issues

If you decide not to purchase a new piece of equipment and instead decide to lease or rent, you should be prepared with a schedule of how long you need the item. If you use more gas or need the equipment for longer than you told the rental company, you can end up paying a significantly larger amount of money. Fees such as insurance costs also have to be factored into a rental situation.

Pricing

The price of heavy equipment components varies according to the component’s type, quality, compatibility with popular machines, and manufacturer. Large machines usually have more expensive parts than small machines. A 2007 report by the Edison Foundation found that some types of heavy equipment components had risen in price by 25 percent or more in the prior three years.

Purchasing in bulk may help you save money on some types of heavy equipment components. Items that are under $100, like belts or small machinery parts, may be cheaper when bought in large quantities. Large components, such as modifications or attachments for cranes and trucks, can be tens of thousands of dollars.

Conclusion

Heavy equipment is often used extensively in the construction and manufacturing industries. If your company invests in these sorts of assets, you should be aware that using heavy equipment components can extend the useful life of these major purchases. Machinery can break down at any time, and the cost to replace critical equipment can sometimes be beyond your means. Even the option of renting equipment can negatively impact your bottom line. Used or new heavy equipment components can swap out the defective part of the machinery, usually at a much lower cost than a complete replacement. You should carefully weigh the pros and cons of using used or new components. New components often offer a warranty, and used components are often sold without any guarantees.