Times have changed for the used equipment market in many ways, not only in the methods of buying and selling, but also in where a machine can be sold and what a potential buyer is looking for. As one experienced construction machinery expert put it, "Twenty years ago, you could see the market was pretty much 'I know what I need, and I know what it will cost, more or less'. Through the years you see that the decision making is changing." There are many reasons for these changes, and he cited total cost of ownership, or lifecycle cost, as one. "Price is no longer dominant," he said. "More dominant is how much the machine costs during its life - that's what everybody is talking about. Yes, you still need to know what you want, but now you are you going to look at the other parameters - repair and maintenance, residual value, availability, fuel." He added, "Residual value becomes the most important parameter in total cost of ownership."
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