{"id":42729,"date":"2024-10-07T11:19:33","date_gmt":"2024-10-07T06:19:33","guid":{"rendered":"https:\/\/www.my-equipment.com\/blog\/?p=42729"},"modified":"2024-10-09T11:29:47","modified_gmt":"2024-10-09T06:29:47","slug":"how-to-find-the-true-cost-of-heavy-equipment","status":"publish","type":"post","link":"https:\/\/www.my-equipment.com\/blog\/2024\/10\/how-to-find-the-true-cost-of-heavy-equipment\/","title":{"rendered":"How To Find The True Cost Of Heavy Equipment?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Automobiles and heavy equipment continue to eat up a significant portion of most contractors&#8217; profit and loss statements. Construction equipment, like personnel and supplies, has seen its price tag affected by inflation and ongoing issues in the supply chain.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the Marcum <\/span><b>National Construction Survey for 2023<\/b><span style=\"font-weight: 400;\">, 37% of construction companies are considering delaying equipment purchases due to concerns about loan rates. Not only are new equipment purchases fraught with sticker shock and lengthy wait times, but secondhand equipment costs are soaring and availability is problematic, to say the least.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just looking at the purchase price isn&#8217;t enough to calculate the real cost of an item of equipment and its impact on the business. There are many other factors to consider as well. For accurate cash flow projections and operational budgeting in subsequent years, it is crucial to know how to determine the entire price for each piece of heavy equipment.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are a lot of variables beyond the purchase price that go into determining the real price of a piece of heavy equipment and its influence on the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Understanding how to calculate the total cost of every piece of <\/span><b>heavy machinery for sale<\/b><span style=\"font-weight: 400;\"> is essential for precise cash flow forecasts and practical budgeting in the years to come.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.my-equipment.com\/blog\/2024\/10\/how-to-find-the-true-cost-of-heavy-equipment\/#Knowing_The_Ownership_Costs\" >Knowing The Ownership Costs\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.my-equipment.com\/blog\/2024\/10\/how-to-find-the-true-cost-of-heavy-equipment\/#Evaluating_The_Operating_Costs\" >Evaluating The Operating Costs\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.my-equipment.com\/blog\/2024\/10\/how-to-find-the-true-cost-of-heavy-equipment\/#How_To_Estimate_Heavy_Equipment_Price_As_A_Contractor\" >How To Estimate Heavy Equipment Price As A Contractor?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.my-equipment.com\/blog\/2024\/10\/how-to-find-the-true-cost-of-heavy-equipment\/#The_Bottom_Line\" >The Bottom Line<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.my-equipment.com\/blog\/2024\/10\/how-to-find-the-true-cost-of-heavy-equipment\/#Dont_forget_to_subscribe_to_our_YouTube_channel_for_more_equipment_offers_and_insights_into_the_industry\" >Don\u2019t forget to subscribe to our YouTube channel for more equipment offers and insights into the industry.\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Knowing_The_Ownership_Costs\"><\/span><span style=\"font-weight: 400;\">Knowing The Ownership Costs\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The original investment and ongoing maintenance of a piece of equipment are the two main components that make up its ownership costs. The majority of ownership expenses are easy to see, but occasionally you could miss those that aren&#8217;t on the invoice of sale.\u00a0<\/span><\/p>\n<blockquote><p><b>The following are examples of typical ownership expenses:\u00a0<\/b><\/p><\/blockquote>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Cost of acquisition<\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Municipal and state sales taxes<\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Payment processing fees\u00a0<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Adding GPS systems, attachments, corporate paint and branding, etc., to the equipment is another way to make it operational.\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These are the expenses that come with acquiring the equipment. The initial cost of equipment ownership doesn&#8217;t always factor in additional expenses associated with it.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Health insurance premiums\u00a0<\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Expenditures for real estate each year\u00a0<\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Cost of an extended warranty\u00a0<\/strong><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Evaluating_The_Operating_Costs\"><\/span><span style=\"font-weight: 400;\">Evaluating The Operating Costs\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The true cost of an item of machinery includes not only the purchase price but also its operating expenses. Some examples of these are:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Operating expenses (hourly salary, perks, equivalent contributions, union dues, employer payroll taxes, etc.)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The expense of fuel, including both the price per gallon and the quantity consumed per hour of operation.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">Include daily, weekly, monthly, and yearly repairs in routine maintenance expenditures, encompassing both internal and external expenses.<\/span><\/p><\/blockquote>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Price of lubrication<\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Large sums for repairs<\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Storage and transportation expenses<\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Oil, fluids, worn parts, and other consumables used throughout the year<\/strong><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_To_Estimate_Heavy_Equipment_Price_As_A_Contractor\"><\/span><span style=\"font-weight: 400;\">How To Estimate Heavy Equipment Price As A Contractor?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Once the contractor knows the equipment&#8217;s ownership and running costs, they may estimate the true cost to use it by answering a few more questions.\u00a0<\/span><\/p>\n<blockquote><p><b>Here are the questions:<\/b><\/p><\/blockquote>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>How many years does the company&#8217;s equipment typically last?<\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>What is the expected annual usage time for the equipment?<\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>How much will the machinery be worth when it has served its purpose for the business?\u00a0<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With this data in hand, a contractor may determine the &#8220;rate&#8221; for operating a piece of heavy equipment and utilize it for things like project costing, forecasting, and bidding.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From a financial and planning perspective, it is better to regard each piece of <\/span><b>heavy equipment<\/b><span style=\"font-weight: 400;\"> as an employee when considering equipment utilization reports. Consider equipment similarly to employees, who allocate into contracts at a regular hourly rate, to collect all costs.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Bottom_Line\"><\/span><span style=\"font-weight: 400;\">The Bottom Line<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When trying to get a better grasp on how much equipment costs, it&#8217;s important to keep in mind the things mentioned above, which provide an executive summary of some typical ownership and running costs.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The type of equipment and its intended application, however, will have a significant impact on these expenses. Always take inflation into account at all times.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A heavy equipment business should, at the very least, budget for and anticipate increases in the prices of labor, fuel, and attachments during the equipment&#8217;s useful life.\u00a0\u00a0<\/span><\/p>\n<h3 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Dont_forget_to_subscribe_to_our_YouTube_channel_for_more_equipment_offers_and_insights_into_the_industry\"><\/span><strong>Don\u2019t forget to subscribe to our YouTube channel for more equipment offers and insights into the industry.\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><center><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/Nni3IEZSDA8?si=CS9_zGu-m450s0I5\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Automobiles and heavy equipment continue to eat up a significant portion of most contractors&#8217; profit &hellip; <a href=\"https:\/\/www.my-equipment.com\/blog\/2024\/10\/how-to-find-the-true-cost-of-heavy-equipment\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;How To Find The True Cost Of Heavy Equipment?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":42730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[1488],"class_list":["post-42729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-heavy-construction-equipment","tag-national-construction-survey"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How To Find The True Cost Of Heavy Equipment? 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