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No matter the size of your business, it's important to stick with your budget to grow and expand operations. Your budget is also an important resource when you need to acquire heavy equipment as it can help influence the purchase process and lead you to seek savings opportunities.
We're making it easy for you by breaking down different ways your business can save money on heavy equipment. From renting to financing, there are tips and tricks to get the most out of every dollar you spend on acquiring heavy equipment, financing a rebuild, buying parts or paying for service.
Keep reading to learn more about the many ways to save on heavy equipment.
Adding the biggest and most high-tech equipment to your business's lineup may be tempting. However, that's not always a good idea, and there are some important factors to consider before you buy.
A common mistake people make is acquiring the equipment they think they need rather than the equipment they actually need. It's best to evaluate your needs and conduct thorough research before purchasing equipment for your upcoming job. Be sure to review the following before committing to a piece of equipment:
When your needs change, your business can save by reselling your heavy equipment. Consider how the following contribute to the ownership costs of your current equipment:
To begin, evaluate your current equipment and consider machine usage compared with your volume of available work. If you don't use some equipment often, it might be best to sell it. Leasing and renting equipment are great alternatives to purchasing equipment if your needs call for a more temporary solution.
Purchasing equipment is a great long-term solution, but it's important to understand your options when you need equipment for a specific project or single use. Renting equipment is significantly cheaper than purchasing it and you don't have to worry about the ownership and preventative maintenance costs. Plus, renting equipment is a great way to test out the latest technology before you buy a machine.
Some financial benefits of renting or leasing equipment:
*Subject to approval. Terms and conditions apply.
Performing routine preventative maintenance can help you save time and money by being proactive about repairs and replacing damaged components. A Cat® Customer Value Agreement is the best way to lock in your maintenance costs. Contact your local Cat dealer to discuss your options.
The financial benefits of maintaining your equipment:
Maintaining your equipment is one of the best things you can do for your business financially. Regular inspections and maintenance allow your business to keep its equipment ready to work.
When looking to save money, it's helpful to consider heavy equipment financing rates to ensure you get the best rate available. To put it simply, the higher the interest rate, the more you are paying for your equipment.
You'll want to monitor interest rates, which can vary depending on the following:
Loan terms are also important. It's essential to choose a term based on what you can afford. Loan terms can range from one year to a few years, depending on the type of equipment. Monitoring financing rates is essential because doing so makes it possible for your business to improve expense planning and preserve capital.
In general, heavy equipment interest rates can vary from as low as 8% to as high as 30%. However, limited-time promotions can help decrease the rate at which you are financing equipment. Special offers are typically offered to qualified customers for:
View current special offers and contact your local Cat dealer to find out more.
The following are some of the monetary advantages of equipment financing:
When you choose Cat® equipment, you have access to flexibility. At Cat Financial, we understand your business and the industries you work in, and our financial solutions are developed specifically for Cat customers. When your business is facing unexpected challenges, you can count on our team to support you and offer the flexibility you need to keep moving forward.
Explore the following ways Cat can help you save money and make the most of every dollar spent:
Not all preowned equipment is the same and Cat Certified Used equipment is a great alternative when you need reliable equipment for less than the price of a new machine. For equipment to qualify for Cat Certified Used status, each machine must undergo a rigorous 140-point inspection. Here are the key advantages of buying Cat Certified Used equipment:
There are tax benefits when leasing and buying used heavy equipment. It's important to familiarize yourself with how to minimize your tax payments and write off as many of your expenses as you can. We also recommend that you consult your accountant or tax professional to find out what tax benefits you qualify for.
When running a business that relies on heavy equipment to get the work done, it's essential to take all the risks into consideration and protect your company. An Equipment Protection Plan (EPP) for your machines is beneficial to protect your investments. An EPP can provide the following:
You can transfer the EPP when you sell your machine in the same region you obtained the plan.
You can also protect your investment by insuring your equipment. With physical damage insurance, you can help make sure you're protected from total or partial losses and the costs to rent replacement equipment. This coverage can help protect your equipment from unpredictable events including:
The Cat® Card account is the smart way to get what you need to get the job done. Buy parts and pay for service. Purchase work tools and attachments. Pay for a repair or rebuild. Rent equipment. Need extended protection or a Customer Value Agreement? You can put those on your account, too.
Shop with the Cat® Card account to access special offers, plus eligible accountholders are auto enrolled in Cat Vantage Rewards, the Caterpillar rewards program, and earn Cat® Vantage Points on every qualifying Cat Card purchase. Earn even more of these reward points when you shop on parts.cat.com and the Cat Central app.
When you enroll in autopay through MyCatFinancial, your business can make payments on your card automatically for your convenience and peace of mind. Plus, you won't have to worry about late fees because your payments will be made on time every month.
You can also use MyCatFinancial to:
Find in-depth articles to answer your questions about construction equipment financing, and expert tips to help you navigate today's economy as a successful business.
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