Top 8 Hidden Costs of Owning Compact Construction Equipment
Category: Equipment and Solutions
Are you considering buying your own compact construction equipment to expand your worksite capabilities? Owning equipment comes with many perks, particularly if you plan to use the machine frequently. Beyond the price of the purchase, owning compact construction equipment can involve a variety of expenses you may not have factored into your budget. Before making a final purchase, take a closer look at any hidden costs to determine the bottom line.
1. Additional Features
Most pieces of equipment come with standard versions at an upfront cost. Adding extra features or custom adjustments can significantly affect the price tag. If you’re used to renting construction equipment that includes additional features at little or no extra cost, you may be surprised by how much owning specialty equipment can add up.
2. Fuel Usage
Depending on the frequency and function of your equipment usage, fuel can leave a dent in your budget. Beyond paying for the fuel itself, owning your gear means being responsible for regular engine oil changes and replacement fuel filters.
3. Tire Costs
Purchasing equipment comes with decisions, including choosing the right tires. Investing in specialty tires will cost extra upfront, but can reduce your risk of getting a flat and losing out on productivity down the road. If you opt to save money on tires at the time of purchase, you may encounter hidden costs later when it comes time to repair or replace worn tires.
4. Preventive Maintenance
No matter the type of compact construction equipment, smart owners will invest in regular preventive maintenance. This may include checking your gear for leaks, conducting regular cleanings, swapping out filters or calling in the professionals for scheduled inspections. Regular maintenance on equipment you own is highly recommended, but can affect your productivity and add up financially over time.
No matter how impressive the quality of your equipment, no tool is built to last forever. Your warranty may cover a wide range of issues for a substantial amount of time. However, if your warranty doesn’t cover the damage, you may end up paying a hefty repair bill or dealing with the drawbacks of a faulty machine.
Inevitable wear and tear may eventually require you to replace broken parts of your machinery. Replacement parts are difficult to predict or budget for, leaving many equipment owners having to handle unexpected costs.
Owning your own compact construction equipment requires finding the space to store it properly. Whether you’re stocking up on a fleet of machines or adding smaller gear, consider the added costs of proper storage space in your budget.
Investing in a comprehensive insurance policy is always a good idea to protect you from unexpected loss or damage. Depending on the value of your equipment and the specifics of your insurance policy, this hidden cost can add a significant amount to your monthly expenses.
Know Your Bill Upfront When You Rent Compact Construction Equipment
If you’ve done the math on these hidden expenses and decided that renting your equipment is a better option, NMC The Cat Rental Store is here to help. Our expansive selection of machinery and high-quality construction tools allow you to build out your fleet at a predictable, transparent price. Contact NMC The Cat Rental Store today to request a quote for our compact construction equipment.