6 WAYS TO BOOST THE VALUE OF YOUR EQUIPMENT INVESTMENT—RIGHT FROM THE START
You’re in the market for a new machine. You look at the options, study the specs, talk to dealers, arrange a demo or two. Sounds like good due diligence, doesn’t it? Well that depends. If you’re serious about making the best decision, it pays to spend a little more time upfront thinking about other factors that affect investment value.
There are many ways to up the value of your investment—especially if you take action right from the start. Here are six possibilities.
1. Add productivity technologies. Can the machine you’re considering be equipped with automated grade control, compaction control, payload monitoring or some other productivity technology? Systems like these help you finish jobs faster with less fuel, rework and materials. Imagine the gains you could make by raising productivity and lowering costs over the whole life cycle.
2. Consider a quick coupler or extra work tools. Making a new product even more versatile could give you the flexibility to compete for more business. It could also improve utilization. So take a good look at your dealer’s selection of couplers and work tools. You might benefit from a strategic investment.
3. Get your site evaluated. Even the newest, most technologically advanced iron won’t pay off like it could if it isn’t applied properly. Before you put new equipment to work, have a site efficiency expert check out your operation. A few key changes to system matches, job setup, workflow or operator technique could affect productivity by as much as 20 percent.
4. Improve maintenance discipline. Good maintenance practices increase uptime, reduce unplanned failures and keep repair costs down. They also extend component life and enhance resale value. Before you log a single hour on a new machine, it pays to have a maintenance plan in place. That could mean buying Preventive Maintenance kits in advance and doing the work yourself at regular intervals. Or maybe you’d be better off enrolling in a dealer-delivered equipment management service. Whatever your preference, create a plan and stick to it to bring home the benefits.
5. Explore financing or extended protection plans. Before you buy, look for a lender who understands your business. Don’t just borrow money; seek out a professional who will meet your objectives—whether that means improving cash flow, conserving capital, controlling costs, reducing risk or maximizing financial flexibility.
6. Think safety. Bringing a new machine into a business is a good time to evaluate your safety culture. Do you have a process in place to identify and support distracted operators? Is your safety training relevant and engaging? Are there technologies or processes you could be using to boost safety and efficiency?
Clearly, there’s a lot to think about as you prepare to invest in a new machine. The iron is paramount, but other factors are important too. Ask your dealer how you can boost equipment value—right from the start.