Purchasers of construction equipment have shifted attention to new machines from used, according to a report from Purchasing.com. The report suggests that equipment condition has led buyers to look at new machines, and lists three trends.
- Tier 4-Final engines.
- New technologies, such as joystick controls, quick-change couplers, and ergonomic cab design.
- Telematics and remote monitoring.
Its whitepaper, "Tech Innovations Drive Increases in Heavy Equipment Leases and Rentals," highlights trends and analysis from an in-depth survey of business owners, managers, and procurement professionals spanning a four-year period.
The report builds on findings from two time periods: January 2011 to August 2012 and January 2013 to August 2014. Respondents were asked the same two questions regarding their heavy equipment purchasing preference: 1) How do you plan to finance your machine?, and 2) Do you have a preference for a new or used machine?
"Our research and editorial team analyzed more than 71,000 inquiries related to the financing and condition preferences of heavy construction machinery. We wanted to provide both decision makers and suppliers with an in-depth look at past purchase activity and insight into future trends. Our hope is that by reading the survey results and forecast, both will have a better understanding of exact needs and motivating factors," says Jesse Semchuck, General Manager of Purchasing.com.
The whitepaper shares other conclusions:
- With few exceptions, rental preference has soared in popularity
- Multifunctional equipment is becoming more and more important
- Compact track loaders are being used to replace larger single-function items like bulldozers
- Companies are more likely to purchase new equipment versus used