Do plan ahead for the entire life cycle.
Brian: Mines and mining contractors typically write off their equipment over five to seven years, but some companies will extend that to ten years or longer. To ensure that the equipment maintains its value over that period, it's essential to maintain it properly. Equipment components all have benchmarks for hours of operation, and it's important to keep track of each component and plan ahead for replacements and repairs. Unexpected maintenance costs can be incredibly challenging for contractors who can't afford to shut down during a contract and may not have the cash flow for component changeouts during the off-season. The funding for maintaining the asset, therefore, should be factored in when the equipment is purchased. Because components on the equipment have different wear cycles, meticulous record-keeping is also required.