Pricing Construction Equipment
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1 Pricing Construction Equipment
2 Equipment Categories 1. Hand Tools: accounted for as an add-on at end of estimate 2. Equipment used for variety of work tasks (e.g. generators, compressors, tower cranes, pickup trucks): accounted for as a General Expense under Site Equipment 3. Equipment used for specific tasks (e.g. excavation equipment, cranes): Priced against the work item on which it will be used.
3 Rent or Buy Equipment? Advantages of renting equipment: Do not have to maintain a large pool of specialized equipment Provides access to new and most efficient equipment No storage requirements Simplifies accounting of equipment cost Advantages of buying equipment: Financial advantage Indicates contractor s stability and qualification
4 Owning Cost of Equipment When comparing ownership against rental the following costs of ownership must be accounted for: 1. Equipment Depreciation 2. Maintenance & Repair 3. Financing Expenses 4. Insurance 5. Storage 6. Fuel & Lubricants cost
5 Depreciation Depreciation is related to the allocation of the cost of acquisition of an equipment over its life. (Different from market value depreciation, obsolescence, or physical depreciation) There are several depreciation methods. We will consider these three: The straight-line method The declining balance method The production or use method
6 Straight-Line Depreciation Most common because of its ease Depreciation is uniform over the equipment life: Annual Depreciation = (Initial Cost Estimated Salvage Value)/ Estimated Life (years) Example: Excavator price= SR 500,000; Useful Life = 5 years Salvage Value = SR100,000 Annual Depreciation = (500, ,000) / 5 = SR 80,000
7 Declining Balance Depreciation Recognizes that depreciation diminishes over time. Need to determine Average annual rate of depreciation (AARD) 1 / (Estimated Useful Life) Book value (end of year n) Initial Cost Accumulated Depreciation or Book value (end of year n-1) Depreciation of year n Depreciation in Year n Book Value (end of year n-1) x AARD
8 Declining Balance (Example) End of Year Depreciation Rate Depreciation Book Value , , , , , , , , , , ,000
9 Production or Use Depreciation Production depreciation depends on equipment usage. Procedure: Estimate total production units over the useful life of equipment (P) Determine depreciation per unit of production (Initial cost Salvage value) / Total production units Determine depreciation in Year n depreciation per unit x Year n production units
10 Production Depreciation Example Production Depreciation Price SV units per unit 500, ,000 10, End of Year Units Produced Depreciation Book Value M 3 SR SR , , , , , , , , , , ,000
11 Rubber-Tired Equipment Tires are treated separately from the equipment because the life of the equipment is longer than the life of tires. Therefore, the price of tires is separated from the price of the equipment. Depreciation and Repair & Maintenance costs for the equipment is determined separately from the Depreciation and Repair & Maintenance costs for the tires.
12 Maintenance & Repair Costs May vary depending on equipment type and job conditions Cost allocation is based on a percentage of depreciation cost When straight-line method is used depreciation is constant and so maintenance charge will also be constant. More realistic is that depreciation decreases and maintenance increases. The assumption is that the increase in one is offset by the decrease in the other Cost Depreciation Maintenance Cost Time
13 Financing Expenses Estimated based on the Average Annual Investment in the equipment Average Annual Investment is equal to: (Total Initial Cost + Salvage Value) / 2 Annual Financing Expenses = (Average Annual Investment) x (Interest rate)
14 Insurance & Storage Expenses If information about these expenses is available they should be used If expenses are not known they can be estimated as a percentage of the Average Annual Investment (similar to the financing costs) In the second case the percentage is added to the interest rate to estimate an equipment overhead rate for the financing and & insurance and storage expenses combined.
15 Fuel & Lubricants Expenses Best to use historical data from previous projects when available Otherwise it can be estimated based on: engine type, engine size, operating factor, atmospheric pressure and temperature. At 29.9 in of mercury pressure and 60º F fuel consumption: Gasoline engine: 0.06 gal per hp-hour Diesel engine: 0.04 gal per hp-hour
16 Fuel & Lubricants Expenses The operating factor is a percentage of the engine rated power. Equipment do not operate at full power constantly. The factor is the ratio of the average power used to the full power rating. Lubricants: Estimate cost as a percentage of fuel costs (text uses 10% in examples)
17 Equipment Operator Costs Operator expenses are also added to the equipment cost as follow: Hourly wage: 80 SR/hour Productivity: 50 m 3 per hour Amount to be charged for operator cost: SR 80 / 50 m 3 = 16 SR/m 3
18 Company Overhead Costs Mark-up for Company overhead costs on the equipment are applied to the equipment rate if the purpose is to quote a rental rate. If the equipment rate is to determine the cost of using the equipment on a project then the mark-up is not added to the equipment rate. In this case mark-up is added to the bid at the end of the estimate.
19 Summary Equipment Cost Item Depreciation Maint. & Repairs Financing Expenses Insurance & Storage Fuel / Lubricants Equipment Operator Method of Determination Method (SL, DB, Production) % of Depreciation Average Annual Investment x interest rate % of Average Annual Investment Formula (0.06/0.04 gal per hphour) Based on Operator wage
20 Example Calculate ownership cost per hour for a crawler-type excavator powered by a 250-hp diesel engine based on the following data Vehicle Excavator 250-hp Diesel Operating Factor 50% Purchase Price 850,000 Freight 10,000 Salvage Value 350,000 Life Expectancy 6Years Hours per Year 2000 Maintenance & Repair 110% Tire Cost NA (track vehicle) Tire Life NA (track vehicle) Maintenance & Repair (Tires) NA (track vehicle) Equipment Overhead 11% Average Annual Investm Fuel Cost 1.5 Per Gal Average Annual Investment (Price + SV) / 2 605,000 Fuel Consumption 250 hp x 50% x 0.04 gal/hp-hr 5 Gal per hour Annual Cost Depreciation Vehicle: (Price - SV) / Life 85,000 Maint & Repair: (110% of Dep) 93,500 Equipment OH: 11% of AAI 66,550 Vehicle Fixed Cost 245,050
21 Freight 10,000 Salvage Value 350,000 Life Expectancy 6 Years Hours per Year 2000 Maintenance & Repair 110% Tire Cost NA (track vehicle) Tire Life NA (track vehicle) Maintenance & Repair (Tires) NA (track vehicle) Equipment Overhead (Finance, Ins, & Storage) 11% Average Annual Investm Fuel Cost 1.5 Per Gal Average Annual Investment (Price + SV) / 2 605,000 Fuel Consumption 250 hp x 50% x 0.04 gal/hp-hr 5 Gal per hour Annual Cost Depreciation Vehicle: (Price - SV) Life 85,000 Maint & Repair: (110% of Dep) 93,500 Equipment OH: 11% of AAI 66,550 Vehicle Fixed Cost 245,050 Hourly Cost: Vehicle Cost Tire Depreciation 0 Maintenance & Repair on tires 0 Fuel: Consumtion x Price 7.50 Oil: 10% of Fuel 0.75 Cost per Hour
22 Vehicle Dump truck 120 hp Gasoline Operating Factor 40% Purchase Price 370,000 Freight 5,000 Salvage Value 50,000 Life Expectancy 5 Years Hours per Year 1,800 Maintenance & Repair 130% Tire Cost 20,000 Tire Life 4,000 Maintenance & Repair (Tires) 15% of tire depreciation Equipment Overhead 11% Average Annual Investm Fuel Cost 4 Per Gal Average Annual Investment (Price + SV) / 2 212,500 (Price includes tires) Fuel Consumption 120 hp x 40% x 0.06 gal/hp-hr 2.88 Gal per hour Annual Cost Depreciation Vehicle: (Price - SV) Life 61,000 Maint & Repair: (% of Dep) 79,300 Equipment OH: 11% of AAI 23,375 Vehicle Fixed Cost 163,675 Hourly Cost: Vehicle Cost Tire Depreciation 5
23 Freight 5,000 Salvage Value 50,000 Life Expectancy 5 Years Hours per Year 1,800 Maintenance & Repair 130% Tire Cost 20,000 Tire Life 4,000 Maintenance & Repair (Tires) 15% of tire depreciation Equipment Overhead 11% Average Annual Investm Fuel Cost 4 Per Gal Average Annual Investment (Price + SV) / 2 202,500 Fuel Consumption 120 hp x 40% x 0.06 gal/hp-hr 2.88 Gal per hour Annual Cost Depreciation Vehicle: (Price - SV) Life 61,000 Maint & Repair: (% of Dep) 79,300 Equipment OH: 11% of AAI 22,275 Vehicle Fixed Cost 162,575 Hourly Cost: Vehicle Cost Tire Depreciation 5 Maintenance & Repair on tires 0.75 Fuel: Consumtion x Price Oil: 10% of Fuel Cost per Hour
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