As a contractor or a business owner, your machinery is one of the most crucial assets you have at your disposal. And there will come a time when you would need to decide if your construction equipment is still worthy of a repair or if it is about time to purchase a new and better one.
When your construction equipment experiences a breakdown, everything in your project: from your timeline, productivity, and the overall bottom line gets affected. During this situation, contractors and business owners are left with the choice of either repairing the broken equipment or replacing it with a new one.
Purchasing new equipment can be expensive and a long-term investment, which is why many choose repair as a more economical option. However, there is the risk of it breaking down repeatedly and therefore will cost significantly higher than actually buying a new one.
So, is repairing your construction machinery actually worth it? Our experts from MMT let us in on a few points to keep in mind when deciding whether to get your equipment repaired or replaced.
Think Of the Long Term
Is this the first time your equipment experienced a breakdown? Or is this a frequent occurrence? You have to weigh in and analyze your costs. Does your maintenance cost for that equipment outweigh the cost of replacing it- considering the equipment’s service life as well? Will it be beneficial to just replace the equipment with a better, newer one?
With such questions, the best way to make decisions is to look at the numbers. Making impulsive decisions based on feelings will never work, especially when it comes to matters that involve capital investment. Data-driven decisions work best in these situations.
Consider Possible Downtime
Thinking ahead also means being insightful about the implications when you choose to repair your construction equipment. Consider the downtime your team may experience. How long will repairing take and how far will your team be behind the set schedule? The answers to these questions should influence your decision making.
At times, repairing your equipment can even prove faster than replacing it. The replacement may not even be available at the time of need. This would mean waiting for it to be shipped or become available after a certain time period. This situation can be challenging, especially if you are on a tight timeline.
Finally, Consider Your Worker’s Safety
Your workers’ safety should be a priority at all times. If the equipment has no guarantee of safety, even if repairs are done, it is time to get a replacement. Compromising on safety will not be beneficial in the long run. Inspect your machinery and make sure it still meets all the safety standards.
Over time, pieces of construction equipment wear down. Even with regular maintenance, it will eventually reach its capacity. For this reason, having it replaced will make it safe for everyone and improve your efficiency as well.
Whether you choose to repair or replace, our experts at MMT will assist you in making a decision: from inspecting your equipment, repairing it, or helping you find a replacement. At the end of the day, to answer the question if repairing your equipment is actually worth it, it depends on your case. Speak to our experts today to help you make the right choice with your construction machinery.