The construction industry continues to grow, and while that means a need for labor and materials, it also means a need for more equipment. Between 2016 and 2026, the construction equipment industry is expected to grow by about 12%, with more than 800,000 pieces of equipment sold per year. While buying new equipment is often necessary, many construction company owners and managers would prefer to repair and reuse equipment for as long as they can. A new piece of construction equipment can easily cost hundreds of thousands of dollars, so repair is often much more cost efficient. Because of the increasing computerization of equipment, it’s often necessary to hire a company to do the repair for you, which is why the maintenance and repair industry for heavy equipment is worth $29 billion a year and is growing. Here are some things to keep in mind when you have to decide whether it is worth it to replace equipment.
One of the big considerations is being able to get the right parts. For example, if you need to replace a Caterpillar 304cr and 305cr and you can’t get a Caterpillar 304cr and 305cr, then you need to weigh whether off-market parts will work. The same goes for other parts, such as if you need a drive motor or a travel motor. If you can’t get genuine parts and aftermarket replacement parts won’t work, then it may make more sense to just buy a new piece of equipment.
Another consideration is the cost of the repair and the likely life of the equipment. If the repair is fairly inexpensive, then it obviously makes sense. Even a repair that has to be repeated can still be worth it if it’s relatively inexpensive. On the other hand, if you have to make an expensive repair to your Bobcat or other piece of machinery, it may just make more sense to buy a new one, especially if the equipment is old and may not have much life left in it.
Taking care of your equipment and keeping up with scheduled maintenance can help you cut down on your repair costs and also can make your equipment last longer, which staves off the need to buy new equipment. If a repair does become necessary, you need to weigh these and other factors to decide if it is the best choice or if you should just replace the equipment.