When searching for new construction equipment, it’s critical to consider the awards presented by industry analysts. Industry-leading data researcher EquipmentWatch recently highlighted the highest retained value and lowest cost of ownership products in the current marketplace within their 2021 awards. The winner of these awards was construction equipment from the manufacturer Volvo.
Within this new post, we’ll explore the EquipmentWatch awards, analyze the award-winning Volvo construction equipment and give more information about the value these systems can bring to your work sites. We’ll also explain how you can retain the value of your current equipment and save money on repair and maintenance for the years ahead.
EquipmentWatch has a precise methodology for analyzing construction equipment and presenting its findings to industry stakeholders. First, their analysts review the most popular options in the resale market within each of the 30 awards categories. EquipmentWatch experts sort the models according to their relative popularity and market performance. Then they remove any model not currently in production in North America.
Once this filtration process is complete, their experts choose six of the top models within the industry as finalists. They then calculate the residual values according to the market depreciation standards.
This process involves using EquipmentWatch’s FMV (Fair Market Value) and the FLV (Forced Liquidation Value) then examining the year-over-year depreciation for more than 12,000 models that each has over 30 years of model background data. Their team then uses an algorithm on the depreciation data to predict residual values up to 84 months into the future.
Analysts reviewed 60 months of residual value data to pinpoint the Highest Retained Value Winners.
The recent Volvo awards are due to equipment such as their Wheel Loaders which offer features such as Reverse By Braking. Reverse by Braking enables operators to consolidate their expenditures over time. It’s part of the reason that Volvo’s large and medium wheel loaders earned the Highest Retained Value Award for 2021.
Reverse by Braking slows the machine down when the operator wants to change direction, reducing engine RPM. The system automatically applies the service brakes to reduce the impact on the drivetrain. The design also extends the life of other connected components, as there’s limited wear and tear on the overall engine.
Volvo won the Medium Wheel Loaders category with a retained value of over 53% over five years. Meanwhile, they won the Large Wheel Loaders category with a retained value of 33.2% over a five-year timespan.
Their Compact Wheel Loaders also feature ground-level greasing points which help reduce operating costs and significantly lower overall downtime. This commitment to reducing costs earned the Compact Wheel Loaders the Lowest Total Cost of Ownership Award for 2021.
Another winner for Volvo was their articulated haulers which held a retained value of 69.8% over five years.
Beyond investing in the highest quality, award-winning equipment from experts such as Volvo, your team must have a comprehensive understanding of the maintenance and management requirements for operating heavy machinery.
Take the time to complete the following steps to achieve a higher return for your investment in used construction equipment:
The quality of your equipment is only as good as your record keeping. If you’re not able to keep up with the documentation requirements for each piece of equipment, you can’t be sure about the safety and performance of your machines.
Keep clear logs of all maintenance and repair work on your equipment. Ensure your team members are involved in this process and that all users understand how to log potential equipment issues during the workday. This record-keeping will help keep the equipment running more efficiently and protect the value of your machines for the years ahead.
How often are your machines inspected for issues? Do they undergo a regular inspection from a mechanic? Ensure that each system within the facility goes through a comprehensive maintenance routine regularly. This process involves checking oil levels and ensuring proper tire inflation. It also includes booking time with a mechanic to check component wear and ensuring that each part is working to the manufacturer’s specifications.
By establishing an inspection and maintenance routine, you can mitigate issues with downtime. Each team member will know exactly when the machine will be unavailable and will be able to adjust their schedules accordingly.
When bringing in a new piece of construction equipment, make sure that your employees have a clear understanding of both the value the equipment offers and the most efficient means of using the equipment.
Employees should spend a few days training to use the equipment as part of their regular workday. And they should learn the proper safety and maintenance protocols for working with the equipment. For example, they should know how to use new technology such as the Reverse by Braking system within Volvo’s wheel loaders before using these machines in their day-to-day working role on the site.
Storage is one of the most under-considered and yet vital elements when maintaining your construction equipment. Store all equipment in a cool and dry environment away from the elements. Try to keep machinery away from moisture to mitigate the risk associated with rust and corrosion. Ensure that you check your storage area regularly for structural damage, as any leaks, broken glass or interior damage may impact your equipment.
Our trusted and experienced team at Great West Equipment can guide you in choosing quality, award-winning equipment options from the leading manufacturers in the construction systems marketplace. To discover more about Volvo construction equipment, call Great West Equipment at 1-888-492-4365 or contact us here.